The American administration added 10% to existing tariffs, which led to Beijing’s response.
China introduced 10-15% return duties for American agricultural products, beef, corn and wheat.
In addition, Beijing made 10 American companies and imposed export restrictions to 15 enterprises, including prohibiting the sale of Illumina biotechnological equipment to China.
The stock exchanges reacted with a decrease: HANG Seng index lost almost 2% per day and CSI decreased by 300% 0.1%. The American S&P dropped by 1.6%, NASDAQ -1.4%. Barclays analysts believe that investors are afraid of slowing down in the US economy and even stagnation.
Against this background, Canada and Mexican pesos weakened the US dollar and the European Commission warned of risks for global delivery and investments.
Source: Ferra
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