In 2014, China’s central bank declared that credit outflows to oversupplied industries would be curtailed, including certain chemical industry segments. In June 2018, the United States announced it would apply a 25% tariff on $50 billion worth of Chinese imports over two phases. China replied by placing a similar tariff levy on US products worth $50 billion.
Asian markets plunge with Japan’s Nikkei diving nearly 8% after the big meltdown on Wall St
Asian shares nosedived on Monday after the meltdown Friday on Wall Street over U.S. President Donald Trump’s tariff hikes and the backlash from Beijing.