Beijing said that it has no choice but to retaliate after US raises new tariffs.
After the working dinner between U.S. and Chinese negotiators in Washington ended after only 90 minutes and without a last-minute deal, President Donald Trump's threat to raise tariffs on $200 billion worth of Chinese goods went into effect at 12:01 a.m. Friday.
A final agreement was expected soon, at least until the U.S. side accused the Chinese of backtracking on commitments -- angering Trump, who issued a Twitter threat to raise tariffs by the end of this week. The Shanghai Composite even rallied in the afternoon session after an initial dip, closing up 3.1%. But, according to a Bloomberg News report, Chinese state-backed funds, often dubbed the"National Team," were active in buying up domestic Chinese stocks after the tariffs went into effect, propping up the market.
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