China's Ministry of Commerce has announced it is implementing counter tariffs against the U.S. on multiple products. The measures include a 15% tariff on coal and liquified natural gas products, as well as a 10% tariff on crude oil, agricultural machinery, and large-displacement cars. The announcement came just after the close of the ASX trading session but Asian markets saw their gains trimmed after the announcement. More market reaction is expected with Wall Street futures in negative territory. Business reporter David Chau explains the implications of the escalating trade tensions.
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