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Traders work on the floor of the New York Stock Exchange on July 12, 2018 in New York City.
As tensions between the two largest economies in the world slap tariffs on each other’s goods, the Chinese commerce ministry said Thursday the country hopes the U.S. will take steps to correct its behavior.
The comments come after the U.S. administration announced Monday it would inflict 10 percent tariffs on $200 billion worth of Chinese imports, which would rise to 25 percent by year-end. China retaliated Tuesday by announcing levies targeting over 5,000 American products worth $60 billion and to go into effect next week. The country has also filed a complaint with the World Trade Organization about the U.S.’ latest round of duties.
However, the levies imposed by both countries were seen as less than previously feared, helping lift sentiment on Wall Street. The Dow is up more than 1 percent over the past two days. The S&P 500, meanwhile, has risen more than 0.6 percent in that time period.
J.P. Morgan Chase CEO Jamie Dimon also played down the conflict between the U.S. and China, calling it a skirmish and not a trade war.
General Electric shares fell 2 percent after an analyst at J.P. Morgan slashed his price target on the company to $10 from $11. The analyst noted he expects “weaker results at power and some franchise value impact.”
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