"The Chinese view this as an exercise in self-flagellation, meaning that the country that wins a trade war is the country that can endure most pain,” Andrew Polk of research firm Trivium China says. China “thinks it can outlast the U.S. They don’t have to worry about an election in November, let alone two years from now.” (Bloomberg)
"China does not want the trade war, but facing a capricious Washington, China has no choice but to fight back vigorously in defense of its national interests, the trend of globalization and the world’s multilateral trading system," according to commentary in the state media Xinhua. "When it comes to defending national interests, China means business."
The nations moved closer to a trade war on Friday after the Trump administration announced new tariffs on imports. Later that day, China threatened tariffs of the “same scale and intensity” on goods from the U.S., struck back with tariffs on soybean imports.
S&P 500 futures are currently -0.5%. Stock markets in China, Hong Kong and Taiwan are closed today.
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