Companies brace for Chinese retaliation against Trump tariff hikes as economists warn growth likely to suffer.
A woman walks by a bench painted with an American flag outside a fashion boutique selling U.S. brand clothing at the capital city's popular shopping mall in Beijing, Monday, May 13, 2019. Companies waited Monday to see how China decides to retaliate for President Donald Trump's latest tariff hike while forecasters warned their escalating fight over technology and trade might disrupt a Chinese economic recovery.
“We are determined and capable of safeguarding our legitimate rights and interests,” said the spokesman, Geng Shuang. “We hope the United States will meet China halfway to address each other’s legitimate concerns.” Forecasters warned that Friday’s hikes could disrupt a Chinese recovery that appeared to be gaining traction. Growth in the world’s second-largest economy held steady at 6.4% over a year earlier in the latest quarter, supported by higher government spending and bank lending.
The chief Chinese envoy, Vice Premier Liu He, told state TV the remaining issues had to do with principles and “we will make no concessions on matters of principle.” Trump’s surprise May 5 tariff announcement renewed anxiety in financial markets about global economic growth.
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