Microeconomics

Beijing fires back: China "firmly opposes" the US's proposed 7.5% tariff. 🇨🇳 New MOFCOM spokesperson Huang Ling used her first press conference (Aug 27) to slam Washington's plan, calling the Section 301 probe into 16 economies — including China — on "overcapacity" grounds "a typical act of unilateralism and protectionism." Her line: China reserves the right to take any countermeasure. Context that matters: The extra 7.5% would push total US tariffs on Chinese goods to ~20% — back to pre-February levels, before the Supreme Court struck down Trump's original tariffs. It lands right ahead of the Xi–Trump summit next month — negotiation-by-tariff, again. This follows July's Section 301 levies (10–12.5%) on China and 59 others over forced labor. Both sides are drawing lines in the sand before they sit down. Markets should expect headline risk, not resolution — every tweet from Beijing or Washington moves the trade-sensitive tape (semis, EVs, shipping) before the summit. Diplomacy first, tariffs as the opening bid. Watch the summit. 👀 #chinaopposesusproposed7.5%tariff #BankOfKoreaHikesRatesTo3% #XRPLeadsCryptoPullbackDropsNearly7% #DollarPostsBiggestGainInNearlyFourWeeks #NvidiaRises4%OnRevenueBeat $XAU $XRP $BZ