Trump tariffs: Markets fall as trade war fears mount

Trump escalates China trade war with extra tariffs

Trump escalates China trade war with extra tariffs

The Hang Seng index in Hong Kong lost 2.8 per cent.

Some of the US's biggest exporters were among those most affected.

President Trump announced Monday that $200 billion in additional Chinese goods will be hit with a 10 percent tariff, deepening the likely free fall in prices that producers of soy and soy products are feeling directly in their wallets and which threaten the stability of their market long-term.

If China looks to raise its tariffs on U.S. goods again, President Trump plans to tack additional tariffs on another US$200bn worth of goods. China responded by saying it would hit 659 usa products worth $50 billion.

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods".

China's Commerce Ministry on Tuesday criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community". It said with retaliatory tariffs imposed by American trading partners added in, the total rises to $181-billion, or 1 per cent of global trade.

Navarro also disputes any notion that the trade standoff would damage the broader relationship with China. Concerns about a trade war between the US and China have limited the momentum behind the recovery attempt.

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It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalised or conduct a legal review.

Trump moved forward with measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over the soaring trade imbalance and China's aggressive industrial development policies.

The treatment of intellectual property remains a disputed issue between negotiators from both sides.

In a speech to the Detroit Economic Club on Monday, Secretary of State Mike Pompeo accused China of "an unprecedented level of larceny," NPR's Michelle Kelemen reports.

By contrast, Palmer noted, the United States exported only about $130bn worth of products to China in 2017.

The US announced plans for tariffs this spring, after an investigation into China's intellectual property practices. He said he told Xi that the current system is "not fair competition". Interior Minister Horst Seehofer, who heads the Bavaria-only Christian Social Union, wants Germany to refuse migrants who were previously registered as asylum-seekers in other European countries. All have significant worldwide revenue exposure and global supply chains that could be upended by tariffs and trade wars.

Is it now a US-China trade war? Hai Do was the editor. "We can no longer be the stupid country".

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