China Says US Measures ‘Seriously Undermine’ Trade Truce

China on Monday countered President Donald Trump’s earlier remarks that the country had violated the trade truce struck between Washington and Beijing last month in Geneva, saying the U.S. had introduced measures that “seriously undermine” their deal.

According to a translation, a Chinese Ministry of Commerce spokesperson vowed to “take resolute and forceful measures to safeguard its legitimate rights and interests.” The spokesperson said that following last month’s Geneva talks, the U.S. had “successively introduced a number of discriminatory restrictive measures against China, including issuing export control guidelines for AI chips, stopping the sale of chip design software (EDA) to China, and announcing the revocation of Chinese student visas.”

“These practices seriously violate the consensus reached by the two heads of state on January 17, seriously undermine the existing consensus of the Geneva economic and trade talks, and seriously damage China’s legitimate rights and interests,” the spokesperson added.

The response by Beijing follows a post by Trump on Friday saying that “the bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!”

The escalation of trade tensions between the two nations weighed on global stocks. The Stoxx Europe 600 index is about 0.4% lower, while Japan’s Nikkei closed down 1.3% and Hong Kong’s Hang Seng—where the biggest Chinese companies are listed—dropped 0.6%. U.S. stock futures are pointing lower, with those associated with the Dow Jones Industrial Average down 0.3%, Nasdaq futures 0.6% lower, and S&P 500 futures down 0.5%.