China Rebukes US Tariff Tactics Amidst Global Market Decline

China's Foreign Ministry criticized US tariffs as unjustified, leading to a global market drop. The Dow, S&P 500, and Nasdaq fell significantly. In response, China announced a retaliatory 34% tax on US imports. China accuses the US of economic bullying, advocating for multilateral trade resolution.

In a bold move, China's Foreign Ministry spokesperson Guo Jiakun took to Facebook to highlight a sharp decline in major US stock indices, including the Dow Jones, S&P 500, and Nasdaq, falling by over 5 percent. The commentary: "The market has spoken," encapsulates China's stinging reproach to US-initiated trade hostilities.

US President Donald Trump's sweeping tariff increases have ignited a trade war, sending ripples through global markets. In retaliation, China declared a punitive 34 percent tariff on US imports set to begin next week. This measure underscores the escalating tit-for-tat responses between the two economic powerhouses.

On Saturday, the Chinese government ramped up its critique via the official Xinhua News Agency, labeling the US tariffs as an act of "unilateralism, protectionism, and economic bullying." The statement reiterated China's commitment to open economic policies and the pursuit of global justice over protectionism.

(With inputs from agencies.)