China's Foreign Ministry urges US to act on the basis of equality, respect, and mutual benefit

China Foreign Ministry spokesperson Lin Jian said during a regular press briefing this Monday that if the US is determined to go its own way, China will resolutely take corresponding measures to safeguard its legitimate rights and interests. Lin added that China urges the US to promptly correct its wrong practices, and the US to act on the basis of equality, respect, and mutual benefit.

This comes in response to US President Donald Trump's threat on Friday to impose additional 100% tariffs on Chinese goods effective November 1.

Market Reaction:

The market sentiment remains well supported by easing fears of a worsening trade conflict between the US and China – the world's two largest economies. Meanwhile, the US Dollar (USD) reverses a major part of Friday's retracement slide, while the Dow Jones futures stick to strong intraday gains of over 1%.