Four of China’s largest state-owned banks said on Sunday they plan to raise a combined 520 billion yuan ($71.60 billion) in private placements from investors, including the finance ministry, after Beijing pledged to help them support the economy.

BEIJING (Reuters) -Four of China's largest state-owned banks said on Sunday they plan to raise a combined 520 billion yuan ($71.60 billion) in private placements from investors, including the finance ministry,

The fundraising comes after the National People’s Congress vowed earlier this month to recapitalise major state banks.

As Donald Trump’s April 2 “Liberation Day” for announcing “reciprocal” tariffs on America’s trading partners approaches, the question in Beijing is whether this will be the moment when its nascent trade war with the US really escalates.

Seoul, Beijing and Tokyo are major U.S. trading partners, although they have been at loggerheads among themselves over issues, including territorial disputes.

China, Japan, and South Korea made a rare show of public cooperation to combat President Donald Trump’s tariffs on foreign goods. The countries are looking to offset costs associated with Trump’s steep tariffs on automobile imports,