After a day in which global stock markets were routed on worrisome economic data and fears of an escalation in the trade war between the U.S. and China, Beijing said it would retaliate against the U.S. if the Sep. 1 List 4A tariffs go into effect and scheduled military exercises near Hong Kong in a clear warning to demonstrators. Both were clearly intended to show China’s resolve not to back down under U.S. pressure on the trade front and the independence of Hong Kong.

China didn’t specify what measures it might take, but it did call the U.S. move a violation ... Log in to view full article.