Summary
- Trump threatens additional 50% tariff for China
- Beijing censures escalation as “blackmail”
- EU floats 25% counter-tariffs on US
- Asian, European equities regain ground after sell-off
China refused to bow to what it called “blackmail” from the United States as a global trade war ignited by President Donald Trump’s sweeping tariffs showed little sign of abating on Tuesday, even as battered stock markets steadied.
Beijing’s rebuke came after Trump threatened to ratchet up tariffs on U.S. imports from the world’s No. 2 economy to more than 100% on Wednesday in response to China’s decision to match the “reciprocal” duties Trump announced last week.