- Financial markets across Asia make gains after Donald Trump announced a 90-day pause for countries hit by higher US tariffs
- But the trade war between Beijing and Washington deepens, as the US president increases tariffs on goods from China to 125%, citing a “lack of respect”
- China’s retaliatory tariffs of 84% on all US imports have taken effect, with the government reiterating it will not back down to Trump
- Trump’s “universal 10%” levy on all imports remains in place
- In the US, Wall Street made historic gains on Wednesday following days of economic turmoil
- Speaking at a Nascar event at the White House, Trump maintains that “fair deals” will be made with China and every other country
China’s Foreign Ministry Spokesperson Mao Ning has taken to social media to declare that her government is “not afraid of provocations.”
She posted a video of former Chinese Communist Party leader Mao Zedong during the Korean War telling the United States that “no matter how long this war lasts we will never yield.”
Above the video, she wrote “We are Chinese. We won’t back down.”
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The latest sanctions from China and the United States have both now come into force and are so high that many analysts believe that they are already capable of wiping out much of the trade between the world’s superpowers.
But there’s still been no indication of how negotiations might take place between Beijing and Washington.
