The World War of Commerce is looming while China strikes all American imports with a 34% price – Politico

The news sent new shock waves via global financial markets, which had hardly recovered during an initial crisis on Wednesday and Thursday. The prices of crude oil, an approximate indicator of global economic activity, fell by more than 7% at their lowest level in more than three years, while the term contracts on the S&P 500 reference index allowed 2.5% more to their lowest in nine months.

With reprisal prices, China has also lifted the export mark to the United States of critical raw materials, such as samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium.

These metals are used in magnets, nuclear technology, cancer research, oil drilling and other high -tech sectors. In recent trade disputes with the United States and the EU, China has already limited the trade of more common materials such as graphite, gallium and germanium.

“This practice in the United States does not comply with the rules of international trade, seriously undermines the legitimate rights and interests of China, and is a typical practice of unilateral intimidation,” the Chinese finance ministry said in a statement.

Small window for de -escalation

However, Beijing has balanced this with a suggestion that it is open to negotiate a return of what becomes an intensification of the American-Chinese trade war.

Beijing and Washington should “resolve commercial differences through consultations equally, respectful and mutually beneficial,” said the press release.