The administration of US President Donald Trump has slammed China after it imposed retaliatory tariffs against the United States on a number of goods.
Beijing has imposed fresh tariffs of up to 25 percent on 128 US products such as frozen pork, wine, and certain fruits in response to Trump’s decision to slap duties on aluminum and steel imports.
China’s Foreign Minister Wang Yi has warned that the United States will itself suffer from the protectionist policies that it has adopted in trade relations with China.
Following the Chinese announcement, US stocks plunged sharply and Asian shares traded lower as fears of a trade war between the US and China rise. The S&P 500 Index fell 2.2 percent, while the Dow Jones Industrial Average lost 1.9 percent.
In Asia, Japan’s Nikkei 225 opened down about 1.5 percent on Tuesday. The Shanghai Composite was down by 1 percent and the Hang Seng down by 0.6 percent in afternoon trading.