China criticizes US tariffs on Chinese imports. Senior Chinese official warns of consequences on American farmers. UBS bank issues a trade relationship warning.
Xia Baolong, a senior Chinese official, stated on Wednesday that the new tariffs imposed by the US in a ruthless and irrational manner will harm American farmers. This reaction came after Trump administration increased import tariffs from China to 145 percent. Trump had previously announced the Freedom Tariff Plan starting at 10 percent for all countries, which was suspended for all countries except China for 90 days due to negative market reactions. UBS bank warned in a note that these actions could completely sever trade relations with China.
