Tariff retaliation

China prepares its response to fresh U.S. tariffs. Economists are confident of another U.S. rate cut next month. Alibaba defies a slowing Chinese economy. Here are some of the things people in markets are talking about today.

China blasted looming U.S. tariffs of 10% on a further $300 billion of Chinese imports as a violation of accords reached by Presidents Donald Trump and Xi Jinping. In a short statement the State Council Tariff Committee said China “has no choice but to take necessary measures to retaliate.” Meanwhile Trump said a phone call with Xi was on the cards to discuss the trade war. That could give him an opportunity to expand upon his advice on how China might resolve the protests that have rocked Hong Kong for two months. “If President Xi would meet directly and personally with the protesters, there would be a happy and enlightened ending to the Hong Kong problem,” he tweeted. China, however, isn’t too keen on “foreign forces” interfering in the issue.