China's MOFCOM says US 301 tariffs violate WTO rules, urges the US to correct wrong practices and return to dialogue

• China is analysing and assessing the situation. 
• Will take necessary measures to safeguard legitimate rights and interests.

China's MOFCOM's statement regarding US 301 tariffs highlights escalating tensions in trade relations, suggesting a potential for retaliatory measures. This moves the narrative from mere complaints to a more confrontational stance, which could impact markets, particularly in commodities and currencies linked to trade. Watch for developments in dialogue, as shifts here could influence overall risk sentiment and economic forecasts.