New US tariff targeting tens of countries
Washington - Saba:
Additional tariffs imposed by US President Donald Trump on imports from approximately 60 countries took effect on Wednesday, with China particularly targeted, as its products are now subject to a 104% tax.
The new additional tariffs on US trading partners range from 11% to 50%, with the exception of China, whose products are now subject to a 104% tax.
As a result, the Nikkei 225 index on the Tokyo Stock Exchange fell 5%, accelerating its losses, while the yen strengthened against the dollar.
By 04:30 GMT, the Nikkei 225 index had fallen 5.14% to 31,314, and the Topix index lost 4.54% to 2,321.
Meanwhile, the Japanese yen rose 1.06% against the US dollar, reaching 144.71 yen per dollar.
China vows retaliation
In response to the decision, the Chinese Ministry of Commerce announced on Wednesday that Beijing has a "firm will" to fight the trade war waged by the United States, according to the official Xinhua News Agency.
Xinhua quoted the ministry as affirming that China has "a firm will and sufficient means" and "will resolutely take countermeasures and fight to the end if the United States insists on continuing to escalate economic measures and trade restrictions."
On the eve of the implementation of US tariffs on Chinese and European imports, European Commission President Ursula von der Leyen called for "avoiding escalation" during a phone call with Chinese Premier Li Keqiang.
The EU said in a statement that during the call, von der Leyen called for "a negotiated solution to the current situation."
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