(Yicai Global) March 23 -- US President Donald Trump has ordered tariffs on Chinese goods worth some USD50 billion, sparking concerns over a global-scale trade war.
Trump signed a presidential memorandum yesterday to levy tariffs on Chinese imports and limit Chinese companies' investment and mergers and acquisitions in the country following the Section 301 investigation.
China will not sit back and watch its legitimate rights and interests being compromised and will take all necessary measures to resolutely defend its legitimate rights and interests, the Chinese commerce ministry said in response.
The Office of the US Trade Representative will come up with a detailed plan of tariff imposition on Chinese goods within 15 days and will also a World Trade Organization case against China regarding the relevant issues. The US Treasury Department will propose new restrictions on Chinese investment and M&A activity in the US within days.
US stock markets plunged on the news, with the S&P 500 losing 2.52 percent or 68.24 points -- its biggest daily loss since Feb. 8 -- falling to 2,643.69, its lowest close since Feb. 9.
The Dow Jones Industrial Average shed 2.93 percent or 724.42 points to 23,957.89, its lowest close since Feb. 8. The Nasdaq Composite Index slipped 2.43 percent or 178.61 points -- its biggest daily decline since Feb. 8 -- to finish at 7,166.68.