Imports in March exceeded expectations, which somewhat softened investors’ reaction to the data, suggesting that domestic demand could mitigate economic shock, in particular, the trade conflict with the US.
The US President fulfilled his promise to “punish” China for an unfair trade policy and signed a resolution on the tariff introduction on Thursday. Beijing promised that in the likely event of a trade war, they will fight till the end.
It was naive to expect that Trump would limit himself to steel tariffs after Gary Cohn resigned. Rex Tillerson, the US Secretary of State has also resigned, and the news hit the wire that Trump plans to tax the Chinese imports with 60 billion dollars.