The European Union (EU)'s recent protectionist measures against China have severely undermined Chinese enterprises' confidence in bilateral cooperation, a Chinese commerce official said on Monday.
Lin Weilong, director of the Policy Research Office at the Ministry of Commerce, rejected the EU protectionism in response to the bloc's trade defense tools.
"The EU has recently introduced a series of protectionist measures against China, seriously undermining Chinese enterprises' confidence in cooperation with Europe. While the scale of Sino-EU cooperation is vast and differences or frictions are inevitable, such disagreements should not be used as pretexts for fabricating false accusations, nor as excuses for imposing restrictions and pressure that undermine practical cooperation," he said.
China is willing to work with the EU to properly address differences and frictions through dialogue and consultation, Lin added.
China warns EU over protectionist measures
China warns EU over protectionist measures
Japanese and South Korean stock markets closed significantly lower on Tuesday amid wide tech sell-offs following an overnight sharp decline in U.S. semiconductor stocks.
South Korea's benchmark KOSPI plunged 10.84 percent to close at 6023.66. The index opened sharply lower and dived more than 8 percent during the trading session, triggering a circuit breaker, the eighth time this year that the country's stock markets had witnessed.
Besides, the tech-heavy KOSDAQ lost 7.72 percent to close at 705.85.
In Japan, the 225-issue Nikkei Stock Average ended down 2,566.27 points, or 3.95 percent, to close at 62,364.92. The index once plunged over 4 percent during Tuesday's trading session.
The broader Topix index, meanwhile, shed 102.48 points, or 2.52 percent, to close at 3,963.59.
U.S. stocks ended mixed on Monday as a sell-off in semiconductor equities was offset by falling oil prices.
The Dow Jones Industrial Average rose 262.83 points, or 0.51 percent, to 52,210.08. The S and P 500 added 1.2 points, or 0.02 percent, to 7,413.18. The Nasdaq Composite Index shed 43.74 points, or 0.18 percent, to 24,932.08.
Investors weighed escalating concerns over circular financing within the AI ecosystem, prompting a widespread retreat across chipmakers.
Nvidia led the downward move, tumbling 4.99 percent. Peer semiconductor firms Advanced Micro Devices and Teradyne dropped more than 5 percent and more than 4 percent, respectively, while Micron Technology shed 2.25 percent.
Japanese, South Korean stocks plunge amid wide tech sell-offs
