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ECONOMY

Analysts React to Escalating Trade Tensions

U.S. President Donald Trump holds up a signed executive memorandum targeting China on trade at the White House on Thursday. Photo: IC/UPI
U.S. President Donald Trump holds up a signed executive memorandum targeting China on trade at the White House on Thursday. Photo: IC/UPI

Both Chinese and U.S. stocks plunged in response to increasing trade tensions between China and the U.S., as Beijing unveiled a reprisal list Friday morning targeting $3 billion in U.S. imports, coming shortly after Trump’s decision to slap punitive new tariffs on up to $60 billion of Chinese goods.

Trump signed Thursday’s memorandum, which is likely to target Chinese exports in the high-tech and communication industries, after an investigation by the U.S. under the rarely used Section 301 of the 1974 Trade Act identified alleged misappropriation of intellectual property by China.

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