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China stated “It has to fight back” against US tariffs of 25% on $34 bn of Chinese imports as the US tariffs implemented this morning will be set on over 800 Chinese goods, notes the research team at TD Securities.

Key Quotes

“China has said it will retaliate in kind, while further tariffs could be implemented over coming weeks, with both sides preparing lists of up to $50bn in imports and President Trump warning that he was prepared to impose tariffs of as much as $500bn. Chinese officials also noted they will maintain stability in financial markets and CNY.”