China says WTO has already ruled against tariffs directed at them

Comments by China's commerce ministry in a faxed statement

• Cites WTO ruling in reference to Trump tariffs
• Urges US to correct the abuse of trade measures
• Doesn't comment directly on the $60 billion tariffs reported earlier

The comments here is in response to the earlier story that Trump is preparing $60 billion worth of tariffs against China by the end of this week. Eamonn had that here.

They are arguing that WTO gave the US a deadline of 22 August to implement a prior ruling faulting the anti-dumping measures taken against Chinese products - which China argues that is unfair to them, but notes that the US has taken no actual action to implement the ruling.

Looks like this one is going to carry on for a bit. And the more it escalates, the tensions built up surely won't ease the jitters in the market - but at this point it feels like we've all gotten used to it.

"Hi! Here's our response, Mr. Trump".