China Unveils Strong Countermeasures as US Tariff War Hits a Dead End

On the 2nd local time, the US government announced that it would impose "reciprocal tariffs" on all trading partners. The US side's practice does not conform to the rules of international trade, seriously damages China's legitimate rights and interests, and is a typical unilateral bullying practice, which not only harms the interests of the United States itself, but also endangers global economic development and the stability of the supply chain. China immediately expressed its intention to take countermeasures and safeguard its legitimate rights and interests. A day later, a series of countermeasures were implemented, including imposing a 34% tariff on all imports originating in the United States, prosecuting the United States for related practices under the WTO dispute settlement mechanism, and placing a number of U.S. entities on export control and control lists. Once the news broke, U.S. stock futures plummeted, with Dow futures, Nasdaq 100 futures and S & P 500 futures all falling more than 3%. Market analysts are worried that if the US government does not change its tariff policy, US economic growth will slow down significantly. China has long said it is not willing to fight a trade war or a tariff war, but it is not afraid to fight it, and must fight it when necessary.  There are no winners in tariff wars and trade wars, and this is a consistent principle.