China has been knocked from its throne as the world’s No. 2 stock market — and it’s all thanks to anxieties over trade friction with the United States, according to analysts.
Bloomberg reports that a Thursday slump in China’s stock market left the country’s equities worth $6.09 trillion.
That’s less than Japan, where the equities are valued at $6.31 trillion. The United States is No. 1 with $31 trillion.
China’s stock market had previously replaced Japan’s market in the No. 2 spot in 2014. In 2015, China saw the value of its equities rise to $10 trillion.
However, both the market and Chinese currency have been on a downward trend as of late, in part thanks to China’s trade dispute with the Trump administration. – READ MORE
[divider][/divider]China said Friday it is poised to impose retaliatory tariffs on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals, if Washington goes ahead with its latest trade threat.
China’s Finance Ministry accused the Trump administration of damaging the global economy after the U.S. proposed increasing duties on $200 billion of Chinese goods in the second round of a dispute over technology.
“China is forced to take countermeasures,” said a ministry statement.
It said retaliatory duties of between 5 and 25 percent will be imposed on 5,207 products “if the U.S. side persists in putting its tariff measures into effect.”
Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology. Beijing retaliated by imposing similar charges on the same amount of U.S. products. – READ MORE
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