“ECONOMIC BULLYING”
The US exported US$144.6 billion in goods to China in 2024, much less than the US$439.7 billion it imported, Commerce Department data shows.
Among its exports, key sectors include electrical and electronic equipment and various fuels, alongside oilseed and grains.
Beijing’s foreign ministry on Monday condemned what it called “typical unilateralism, protectionism and economic bullying” by Washington.
“The US is seeking hegemony in the name of reciprocity, sacrificing the legitimate interests of all countries to serve its own selfish interests, and prioritising the US over international rules,” spokesman Lin Jian said.
Trading floors were overcome by a wave of selling on Monday, in response to the showdown.
The selling in Asia was across the board, with no sector unharmed – tech firms, car makers, banks, casinos and energy firms all felt the pain as investors abandoned riskier assets.
Among the biggest losers, Chinese e-commerce titans Alibaba tanked more than 14 per cent and rival JD.com shed 13 per cent, while Japanese tech investment giant SoftBank dived more than 10 per cent and Sony gave up 9.6 percent.
Source: CNA
