Tokyo — The rumblings of a global trade war shook stock and currency markets on Friday after US President Donald Trump announced long-promised tariffs on Chinese goods and China retaliated with a pledge to fight to the end any such war. Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60bn of imports from China, although the measures have a 30-day consultation period. Investors fear that the US measures could escalate into a trade war, with potentially dire consequences for the global economy. Beijing urged the US on Friday to "pull back from the brink". "China doesn’t hope to be in a trade war, but is not afraid of engaging in one," the Chinese commerce ministry said in a statement. China unveiled its own plans on Friday to impose tariffs on up to $3bn of US imports in retaliation against US tariffs on Chinese steel and aluminium products. MSCI broadest index of Asia-Pacific shares outside Japan fell 2.2% as stocks across the region dropped. Sh...
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