Its retaliation brings the world to the brink of a fully fledged trade war, as massive economies \u2014 including the EU \u2014 weigh tough responses to the White House announcement.<\/p>\n
The news sent fresh shockwaves through global financial markets, which had hardly recovered from an initial slump on Wednesday and Thursday. Crude oil prices, a rough proxy for global economic activity, slumped over 7 percent to their lowest level in over three years, while futures on the benchmark S&P 500 index lurched another 2.5 percent lower to their lowest in nine months. <\/p>\n
Along with the retaliatory tariffs, China also raised the bar for exports to the U.S. of critical raw materials, such as samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium.<\/p>\n
These metals are used in magnets, nuclear technology, cancer research, oil drilling and other high-tech sectors. In recent trade disputes with the U.S. and EU, China has already restricted trade in more common materials such as graphite, gallium and germanium.<\/p>\n
\u201cThis practice of the U.S. is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice, \u201d the Chinese Finance Ministry said in a statement. <\/p>\n
Small window for de-escalation<\/p>\n
However, Beijing balanced that with a suggestion that it\u2019s open to negotiate a walk-back from what is becoming a intensifying U.S.-China trade war.<\/p>\n","protected":false},"excerpt":{"rendered":"Its retaliation brings the world to the brink of a fully fledged trade war, as massive economies \u2014…\n","protected":false},"author":2,"featured_media":2936,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[521,1395,32,13,12,479,14,1219,1771,1772,49,1773],"class_list":{"0":"post-2935","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-asia","9":"tag-china","10":"tag-donald-trump","11":"tag-headlines","12":"tag-news","13":"tag-tariffs","14":"tag-top-stories","15":"tag-trade-war","16":"tag-u-s-foreign-policy","17":"tag-u-s-politics","18":"tag-united-states","19":"tag-xi-jinping"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114283629982227206","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/2935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=2935"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/2935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/2936"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=2935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=2935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=2935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}