China signals no trade thaw

Beijing said today that it would “have to take the necessary countermeasures” should President Trump carry out his threat to impose more tariffs starting Sept. 1.

The announcement reiterated China’s previous stance but came days after Mr. Trump said he would hold off on some of the tariffs. The news sent markets down, a day after one of Wall Street’s worst days of the year.

What’s next: A strong U.S. economy has been one of Mr. Trump’s greatest assets in his trade war with China, but domestic growth is slowing and is predicted to slow further.

Closer look: The trade war is only part of the concern, our senior economics correspondent writes. A warning from the bond market suggests something bigger is going on.

Related: Mr. Trump said on Wednesday that China should “humanely” settle unrest in Hong Kong before a trade deal is reached.