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Investing.com-- Chinese policymakers have discussed measures to support the economy and stabilize markets in the face of U.S. President Donald Trump’s heightened trade tariffs, including accelerated stimulus measures, Bloomberg reported on Monday.
Focus in the discussions was largely on stimulus measures to boost consumption, the Bloomberg report said, citing people familiar with the matter.
Top Chinese policymakers and senior government officials, including financial regulators, met in the last three days and considered accelerating measures that were planned even before Trump unveiled his latest round of tariffs.
China is set to be among the worst hit by Trump’s new reciprocal tariffs, which will bring U.S. tariffs on Chinese imports up to a cumulative 54%. The tariffs are set to take effect on Wednesday.
Beijing decried the measures, retaliating with 34% tariffs on American goods, while also introducing more export controls on critical goods and minerals to the U.S.
China is expected to ramp up its stimulus measures in the face of economic headwinds from U.S. tariffs. Beijing had recently outlined plans for more fiscal support, especially through measures aimed at supporting consumer spending.
Beijing has vowed to fight “till the bitter end” with the U.S. in a rapidly escalating trade war.