China’s Foreign Ministry spokesman Lin Jian said during a regular press briefing this Monday that if the US is determined to follow its own path, China will firmly take appropriate measures to safeguard its legitimate rights and interests. Lin said China urges the US to immediately correct its wrong practices and work with the US on the basis of equality, respect and mutual benefit.
This comes in response to US President Donald Trump’s threat on Friday to impose additional 100% tariffs on Chinese goods effective November 1.
Market reaction:
Market sentiments have been well supported by reduced fears of worsening trade conflict between the world’s two largest economies – the US and China. Meanwhile, the US dollar (USD) has reversed a large part of Friday’s retracement slide, while Dow Jones futures held on to strong intraday gains of more than 1%.
