The Chinese Ministry of Commerce said in a statement today that it will take “further actions” to balance the impacts of the US section 232 steel and aluminum tariffs. It condemns the US of using “national security” as excuse for practicing trade protectionism. And criticized the steel tariff measures are a ” a serious damage to multilateral trade rules and undermine the legitimate rights and interests of WTO members”. Further then that, the US “refused to respond” to Chin’s WTO complaints.
The news apparently gives Yen a lift. But a bit more time is needed to gauge if China is getting out from the quiet mode against the US on trade war.
