Aug 1, 2018

China pledges retaliation against new Trump tariff threat

Chinese President Xi Jinping. Photo: Andy Wong/AFP via Getty Images

The Chinese government's response to the Trump administration's new threat to hike a proposed tariff on $200 billion worth of Chinese imports from 10% to 25%.

"U.S. pressure and blackmail won't have an effect. If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights."
— Chinese Foreign Ministry spokesman Geng Shuang to reporters

The backdrop: China has responded the same way to every threat from the Trump administration, indicating that Beijing is not shying away from an escalating trade war. This latest threat comes as Treasury Secretary Steven Mnuchin and Chinese President Xi Jinping's economic adviser Liu He are reportedly restarting talks to reach a trade deal, per Bloomberg.

Go deeper: There's a growing threat of a full blown China trade war

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Situational awareness

Photo: Win McNamee/Getty Images

Catch up on today's biggest news:

  1. Roger Stone sentenced to 40 months in prison
  2. Elizabeth Warren refuses to disavow new super PAC
  3. Record 20 million watched last night's debate
  4. Bloomberg campaign spent over $220 million in January
  5. Top NSC official reassigned to Energy Department amid "Anonymous" fallout

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.

Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,100 people and infected over 75,000 others, mostly in mainland China, where the National Health Commission announced 114 new deaths since Wednesday.

Go deeperArrowUpdated 5 hours ago - Health