global trade war sparked by U.S. President Donald Trump.
The European Union is also preparing its own retaliatory measures for later on Wednesday.
Trump nearly doubled duties on Chinese imports, which had been set at 54% last week, in response to previous counter-tariffs from Beijing.
China’s currency has faced heavy downward pressure, with the offshore yuan at record lows due to the tariffs, but sources told Reuters the central bank has asked major state-owned banks to reduce U.S. dollar purchases and will not allow sharp yuan declines.
“The situation has dangerously escalated. ...As one of the affected members, China expresses grave concern and firm opposition to this reckless move,“ China said in a statement to the WTO on Wednesday that was sent to Reuters by the Chinese mission to the WTO.
Since Trump unveiled his tariffs last Wednesday, the S&P 500 has suffered its deepest loss since the benchmark’s creation in the 1950s. It is now nearing a bear market, defined as 20% below its most recent high.
European shares fell and U.S. stock futures pointed to more pain ahead, following a grim session for most of Asia.
European Union countries are expected to approve the bloc’s first countermeasures against Trump’s tariffs on Wednesday, joining China and Canada in pushing back.
They are to enter into force in stages.
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