Escalating trade war between US & China sends shock waves through markets

Saudi Arabia’s energy minister may face his toughest test when OPEC members meet. Bloomberg’s Heesu Lee reports

China has underestimated President Donald Trump's resolve to press ahead with tariffs unless Beijing changes its "predatory" trade practices, a top US trade advisor said on Tuesday, in comments that undercut the chances of a negotiated settlement to a looming trade war between the world's economic superpowers.

The Trump administration said Friday that it will impose a 25% tariff on $50 billion of Chinese exports.

On Friday, I announced plans for tariffs on $50 billion worth of imports from China. The fact that America imports more from China will make it harder for Beijing to match Trump's attacks, according to Derek Scissors, a resident scholar at the conservative American Enterprise Institute in Washington who focuses on China.

President Trump said the new tariffs will go into effect unless China ends its malicious trade practices. Trump said at the time he would impose even more duties if China retaliated, which the Asian nation immediately said it would do.

Trump is ratcheting up the pressure on China as he's trying to convince USA lawmakers to let Chinese telecom company ZTE Corp. remain in business. "China seeks to acquire the crown jewels of American technology", says Peter Navarro, a White House trade advisor.

Stock markets have fallen around the world in the wake of President Trump's latest tariffs threat to China. He did not say when the target list of Chinese goods would be unveiled.

Benchmark U.S. crude lost 88 cents to $64.97 per barrel in electronic trading on the New York Mercantile Exchange.

China's commerce ministry said Beijing will fight back with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods.

Russia sour Salah's return to close in on last 16
Egypt , on the other hand, suffered a cruel 0-1 defeat to Uruguay after being on level terms for much of the duration of the game. Free-scoring Russia's World Cup dream continued with an emphatic 3-1 victory over Egypt in their second Group A match in St.

China had offered to ramp up purchases of American goods by only $70 billion to help cut the yawning trade imbalance with the United States, whereas Trump had demanded a $200 billion deficit cut. Instead of "inching toward a trade war" with a series of new taxes and trade-agreement re-negotiations, "we might just have stumbled face first into one".

Trump, pursuing his "America First" policy, has been insisting that China has been unfairly benefitting from a massive trade imbalance with the USA, now estimated to be Dollars 376 billion.

"As I've said from the beginning, China will back off its industrial plans only when U.S. trade measures are large and lasting enough to threaten the influx of foreign exchange", he said.

Cook's effort to keep Apple on the positive sides of both governments has included talks with US and Chinese leaders, including an effort to work with China's Xi Jinping that employees of Apple's manufacturing partner Foxconn dubbed "Red Apple", referring to the official color of the Chinese Communist Party.

To escalate the trade war, China would have to turn to non-tariff measures. Even an internal report from the White House Council of Economic Advisers reported by the New York Times found that Trump's trade agenda would hurt the USA economy.

In the separate dispute about steel and aluminium tariffs, he also has to contend with the politically targeted retaliation that other countries such as Mexico, Canada and the European Union have in hand, meant to hit important states in the mid-term elections. "The trade relationship between the United States and China must be much more equitable", Trump said.

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

Related News:



Most liked

Thomas Markle Reveals Warning He Gave To Prince Harry Before Wedding
Markle also claimed that he discussed politics with his new royal son-in-law, including the USA president and Brexit . She opted for an extravagant white hat with black structured detailing on the brim by milliner Philip Treacy.

All 5 first ladies speak out against family-separation immigration policy
Fox News hosts Laura Ingraham said the detention centres were "essentially summer camps" for migrant children. Top conservatives, including key Trump allies, have introduced bills to keep the migrant families together.

Denying it has lost war on drugs, United Kingdom rules out legalizing cannabis
She said: "Today, a few moments ago in the House of Commons, the government commissioned a full review of medicinal cannabis". May's government said on Monday it would look into possible changes to rules on the use of cannabis-based medicines.

Salah declared fit to face Russian Federation
Real Madrid and Spain captain Sergio Ramos was the man who inflicted the shoulder injury that put Salah's World Cup at risk. But the 25-year-old is expected to return to Egypt's stating line up when they take on hosts Russian Federation on Tuesday.

Disney Seen Adding Cash To Fox Bid; Pivotal Fears Comcast Bidding War
Under the proposed plans, Sky News would receive guaranteed funding of £100 million ($132 million) a year. Sky said this afternoon that it welcomed Mr Hancock's statement.

Harry Kane goal: WATCH Kane put England ahead against Tunisia
Rio Ferdinand singled out Harry Maguire for his assured performance at both ends of the pitch. You can not trust us to recover from a bad result in the opening game.

Melania Trump "Hates to See" Children and Families Separated at Borders
Former first lady Michelle Obama is adding her voice to the rising chorus of criticism of the Trump administration's policy of family separation at the border.

1 dead, several injured in Trenton cultural event shooting
"And the people fighting and shooting got mixed with the crowd that was running and they went out the door shooting". The group Moms Demand Action had a table and volunteers at the festival when the shooting happened.

Croatia drop Nikola Kalinic after he declines to enter as substitute
Let us know in the comments. "The team consists of 23 players, and everyone has to live for it, otherwise there is no atmosphere". The 30-year-old can not be replaced, meaning Croatia will have to make do with only 22 players for the rest of the tournament.

Arsenal To Confirm Bernd Leno Signing On Tuesday
Arsenal will announce the signing of Bayer Leverkusen goalkeeper Bernd Leno on Tuesday, according to reports in Germany . New Arsenal boss Unai Emery has identified Leno as the club's long-term replacement for Petr Cech .

Amazon Prime launches in Australia, but shoppers won’t see same-day delivery
Prime starts here with a 30-day free trial, then $6.99 a month, or save 30% with an annual payment of $59. Prime is already available in several countries and has 100 million members.

Doctor Suspended After Video Shows Her Mocking Black Student Having Anxiety Attack
An El Camino Hospital spokesperson told the news outlet that, "Obviously we take this very seriously". As they continued to argue about Bardwell's care, the doctor asked him whether he needed narcotics.

Dries Mertens scores screamer for Belgium against Panama
With Panama forced to throw more bodies forward, they were punished on the break a quarter of an hour from the end. Panama , conversely, are one of the real underdogs not only in Group G but in the tournament as a whole.

Saudi Arabia land safely after plane fire
Flames were seen from the engine as the Russian Airlines Airbus was en route to Rostov where they take on Uruguay on Wednesday. However, the Saudi Arabian Football Federation was quick to release a statement saying that the players are safe.

FBI won't repeat Clinton probe mistakes, director tells panel
We'll stop it", Strzok replied. "Documents provided to the Committees show foreign actors obtained access to some of Mrs. Republicans seized on the messages to push Horowitz on whether bias actually did affect the Clinton email investigation.