Reaktioner på Trumps tullar

The pass from China: “The market has spoken”

“The market has spoken.” This is what Chinese Foreign Ministry spokesman Guo Jiakun wrote on Facebook along with a picture of the US stock markets.

Friday’s fall on world stock markets came in part as a reaction to China making it clear that the country would respond by imposing a 34 percent tariff on goods from the US, escalating the trade war between the world’s two largest economies.

“Now is the time for the US to stop doing wrong things and resolve differences with its

trading partners through consensus,” writes Guo Jiakun.

When the week was summed up, the Dow Jones industrial average fell 7.9 percent, the S&P 500 index 9.1 percent and the Nasdaq composite index 10 percent, reports TT.

China: Will continue to protect our interests

China has taken and will continue to take “resolute steps” to protect its sovereignty, security and development interests. The State Department said in a statement on Saturday, Reuters reports.

The US is also urged to “stop using tariffs as a weapon to suppress China’s economy and trade”. The US tariffs are also accused of risking undermining the global, rules-based trading system.

This week, Donald Trump announced that China would be subject to tariffs of an additional 34 percent, which means a total tariff rate of 54 percent. China responded by imposing a 34 percent tariff on all imports from the US. The tariff games have caused world stock markets to plummet.

Republican opposes – proposes new law on tariffs

A Republican congressman intends to propose a change in the law that would give Congress the ability to block Donald Trump’s tariffs, Axios reports.

The proposal means that the president would have to inform Congress of new tariffs 48 hours before he imposes them. Congress would then have to approve or reject the tariffs within a period of 60 days.

Politico reports that the lawmaker behind the bill, Don Bacon, is the first Republican to openly challenge Trump in his massive trade war. The newspaper describes it as an unusual step in the deeply pro-Trump Congress.

Axios writes, however, that the chances of the law passing are low.