Uncertainties on how escalating tensions will unravel have hurt markets this week.
China’s promise to strike back after U.S. President Donald Trump increased tariffs on US$200 billion worth of Chinese goods on Friday has heightened uncertainty on how escalating trade tensions between the two countries will unravel and raised fears among investors and analysts of worst-case scenarios that will hurt global growth.
“Dumping treasuries would be an ineffective weapon for China as that would send yields higher and hurt the positions of their own holdings in treasuries,” said Tan. Minutes after the U.S. raised tariffs from 10 percent to 25 percent on Friday, the Ministry of Commerce reiterated its tough stance in the trade war, saying in a statement, "we’ll have no choice but to take the necessary countermeasures".
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