Global markets reeled on Thursday after President Donald Trump unveiled sweeping new tariffs on imports. China immediately threatened countermeasures, and Asian markets dropped sharply on trade war fears.
What Happened: Trump announced tariffs on all Chinese imports on Wednesday as part of his “Liberation Day” reset of American trade policy, calling Apr. 2 “the day American industry was reborn” and a “Declaration of Economic Independence.”
“China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests,” a Chinese Commerce Ministry spokesperson said on Thursday, according to CNN. The spokesperson characterized the move as “typical unilateral bullying” and urged the U.S. to “immediately cancel its unilateral tariff measures.”
Asian markets tumbled in response, …