BEIJING: China said on Saturday “the market has spoken” in rejecting US President Donald Trump’s tariffs, and called on Washington for “equal-footed consultation” after global markets plunged in reaction to the trade levies that drew Chinese retaliation.
State-run Xinhua news agency also published the Chinese government’s stance, saying the US should “stop using tariffs as a weapon to suppress China’s economy and trade.”
Hong Kong Financial Secretary Paul Chan told public broadcaster RTHK, however, Hong Kong would not impose separate countermeasures, citing the need for the city to remain “free and open.”
“The market has spoken,” Chinese foreign ministry spokesperson Guo Jiakun said in a post on Facebook on Saturday. He also posted a picture capturing Friday’s falls on US markets.
Trump introduced additional 34 percent tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54 percent.
Trump also closed a trade loophole that had allowed low-value packages from China to enter the US duty-free.
This prompted retaliation from China on Friday, including extra levies of 34 percent on all US goods and export curbs on some rare earths, escalating the trade war between the world’s two largest economies.
Global stock markets plummeted following China’s retaliation and Trump’s comments on Friday that he would not change course, extending sharp losses that followed Trump’s initial tariff announcement earlier in the week and marking the biggest losses since the pandemic. For the week, the S&P 500 was down 9 percent.
“Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation,” Guo wrote in English on Facebook.
In a separate statement published by state-run Xinhua news agency, the Chinese government urged the US: “Stop using tariffs as a weapon to suppress China’s economy and trade, and stop undermining the legitimate development rights of the Chinese people.”
“China has taken and will continue to take resolute measures to safeguard its sovereignty, security and development interests,” said the government.
Washington “seriously undermines the rules-based multilateral trading system, and seriously undermines the stability of the global economic order,” it added.
Earlier on Saturday, several industry chambers of commerce ranging from those representing traders in metals and textiles to electronics, issued statements condemning the tariffs.
China’s chamber of commerce, representing traders in food products, called on “China’s food and agricultural products import and export industry to unite and strengthen cooperation to jointly explore domestic and foreign markets.”
Hong Kong’s Chan said it strongly opposes Trump’s actions and would continue to be “free and open.”
“Allowing a free flow of capital and acting as a free port are our advantages, and this will not change,” Chan told public broadcaster RTHK.
“The rules-based multilateral trading system is our core,” he said.
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China to US: ‘Market has spoken’ after tariffs spur selloff
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China to US: ‘Market has spoken’ after tariffs spur selloff
- State-run Xinhua news agency also published the Chinese government’s stance, saying the US should “stop using tariffs as a weapon to suppress China’s economy and trade“
- “The market has spoken,” Chinese foreign ministry spokesperson Guo Jiakun said
Greece backs coast guard after latest deadly migrant crash
ATHENS: The Greek government has firmly backed its coast guard, insisting it is “not a welcoming committee” as questions grow over a collision in the Aegean Sea this week that killed 15 asylum seekers.
The deadly crash occurred late Tuesday when the high-speed boat the migrants were traveling in collided with a coast guard patrol vessel off the Greek island of Chios, not far from the Turkish coast.
Four women were among the dead, while 24 survivors have been admitted to hospital in Chios.
Rights groups and international media have repeatedly accused Greece of illegally forcing would-be asylum seekers back into Turkish waters, backing their claims with video and witness testimonies.
Greek media and opposition parties have questioned the details of Tuesday’s crash, and the country’s ombudsman has called for “an impartial and thorough investigation,” stressing that the priority should always be “the protection of human life.”
On Thursday, the government said it fully backed the maritime agency.
“We have full confidence in the coast guard and we support them,” government spokesman Pavlos Marinakis told reporters.
Conservative Prime Minister Kyriakos Mitsotakis said he was expecting “a full investigation” into the crash.
In the meantime, he argued that preliminary details showed that “essentially, our coast guard ship was rammed by a much smaller boat.”
“This is a situation that happens quite frequently in the Aegean,” he told Foreign Policy, arguing that smugglers were endangering migrants’ lives.
Had Greek authorities not been present, more people would probably have died, he alleged.
The coast guard was “not a welcoming committee” for people seeking asylum in the European Union, he told the magazine.
- Questions -
Following the crash the coast guard said the pilot of the migrant boat had ignored signals and “made a U-turn maneuver” before colliding with the Greek patrol boat.
“Under the force of the impact, the speedboat capsized and then sank, throwing everyone on board into the sea,” the agency said.
So far, none of the hospitalized survivors have testified directly.
One of them, a 31-year-old Moroccan man, was to be questioned by police as a possible smuggler.
Several Greek media outlets, including To Vima and private TV channel Mega, have reported the victims died of severe head injuries.
Some news organizations have questioned why the patrol boat’s thermal camera was not switched on.
“The captain of the patrol boat judged it unnecessary because the migrants’ speedboat had already been detected by a camera on shore and a spotlight,” government spokesman Marinakis said.
The port police released photos of the coast guard patrol vessel showing minor damage, but no images of the asylum seekers’ boat.
- ‘Obvious distress’ -
Abusive pushbacks have become the “norm” in Greece, medical charity Doctors Without Borders (MSF) said in 2023.
The crash off Chios was “not an isolated incident,” the Refugee Support Aegean charity said this week.
“Based on the available information and the initial announcement of the Hellenic Coast Guard, it appears that, instead of a search and rescue operation, an interception operation was deployed from the outset,” RSA said in a statement.
“This occurred while the refugees’ boat was in obvious distress, was overcrowded and was located at a short distance from the Greek coast,” the statement added.
It is far from the first time that international organizations have pointed the finger at Greece over how it treats migrant boats.
Eighteen of its coast guard members are being prosecuted for involuntary manslaughter due to negligence in the sinking of the trawler Adriana in June 2023.
The United Nations said around 750 people died in that tragedy — one of the worst migrant shipwrecks in the Mediterranean in the past decade.
In 2022, the European Court of Human Rights condemned Greece for its responsibility in the capsizing of a migrant boat off the islet of Farmakonisi in the Aegean Sea.
Eleven people died, including eight children.
The deadly crash occurred late Tuesday when the high-speed boat the migrants were traveling in collided with a coast guard patrol vessel off the Greek island of Chios, not far from the Turkish coast.
Four women were among the dead, while 24 survivors have been admitted to hospital in Chios.
Rights groups and international media have repeatedly accused Greece of illegally forcing would-be asylum seekers back into Turkish waters, backing their claims with video and witness testimonies.
Greek media and opposition parties have questioned the details of Tuesday’s crash, and the country’s ombudsman has called for “an impartial and thorough investigation,” stressing that the priority should always be “the protection of human life.”
On Thursday, the government said it fully backed the maritime agency.
“We have full confidence in the coast guard and we support them,” government spokesman Pavlos Marinakis told reporters.
Conservative Prime Minister Kyriakos Mitsotakis said he was expecting “a full investigation” into the crash.
In the meantime, he argued that preliminary details showed that “essentially, our coast guard ship was rammed by a much smaller boat.”
“This is a situation that happens quite frequently in the Aegean,” he told Foreign Policy, arguing that smugglers were endangering migrants’ lives.
Had Greek authorities not been present, more people would probably have died, he alleged.
The coast guard was “not a welcoming committee” for people seeking asylum in the European Union, he told the magazine.
- Questions -
Following the crash the coast guard said the pilot of the migrant boat had ignored signals and “made a U-turn maneuver” before colliding with the Greek patrol boat.
“Under the force of the impact, the speedboat capsized and then sank, throwing everyone on board into the sea,” the agency said.
So far, none of the hospitalized survivors have testified directly.
One of them, a 31-year-old Moroccan man, was to be questioned by police as a possible smuggler.
Several Greek media outlets, including To Vima and private TV channel Mega, have reported the victims died of severe head injuries.
Some news organizations have questioned why the patrol boat’s thermal camera was not switched on.
“The captain of the patrol boat judged it unnecessary because the migrants’ speedboat had already been detected by a camera on shore and a spotlight,” government spokesman Marinakis said.
The port police released photos of the coast guard patrol vessel showing minor damage, but no images of the asylum seekers’ boat.
- ‘Obvious distress’ -
Abusive pushbacks have become the “norm” in Greece, medical charity Doctors Without Borders (MSF) said in 2023.
The crash off Chios was “not an isolated incident,” the Refugee Support Aegean charity said this week.
“Based on the available information and the initial announcement of the Hellenic Coast Guard, it appears that, instead of a search and rescue operation, an interception operation was deployed from the outset,” RSA said in a statement.
“This occurred while the refugees’ boat was in obvious distress, was overcrowded and was located at a short distance from the Greek coast,” the statement added.
It is far from the first time that international organizations have pointed the finger at Greece over how it treats migrant boats.
Eighteen of its coast guard members are being prosecuted for involuntary manslaughter due to negligence in the sinking of the trawler Adriana in June 2023.
The United Nations said around 750 people died in that tragedy — one of the worst migrant shipwrecks in the Mediterranean in the past decade.
In 2022, the European Court of Human Rights condemned Greece for its responsibility in the capsizing of a migrant boat off the islet of Farmakonisi in the Aegean Sea.
Eleven people died, including eight children.
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