China Braces for Worst as It Becomes Punching Bag in US Election [BNN Bloomberg (Canada)]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: BNN Bloomberg
China's restraint was on display last week after President Joe Biden blasted Beijing as “xenophobic” and vowed to triple tariffs on Chinese steel and aluminum exports, during a campaign stop in a swing state where rust-belt jobs are on the line. On the same day, Washington opened a probe into its rival's shipbuilding sector, causing stocks of Chinese firms in that industry to tumble. Congress also fast-tracked efforts to force TikTok to divest from its Chinese parent ByteDance Ltd., by bundling the decision into an aid bill that passed Saturday. China's response to all this has been relatively muted. In a largely symbolic measure, Beijing imposed tit-for-tat tariffs on propionic acid, an export market worth $7 million to America last year, according to customs data. Officials brushed off the shipping probe as being about “domestic politics,” and deflected criticism of their immigration policies, asking if Biden was really talking about the US. After a meeting between Xi and Bid
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