China warns of retaliation after Trump’s threats of fresh tariffs

21 June, 2018, 00:50 | Author: Teresa Adams
  • Trump proposes new tariffs on $200B worth of Chinese goods

He criticized China's trade policies as "predatory". The yuan fell to its lowest level against the dollar in five months.

The President said that he had ordered US Trade Representative Robert Lighthizer to identify a second tranche of goods imported from China for tariffs of 10 per cent.

Investors sought safer investments, such as high-dividend companies like utilities and companies that make and sell household goods.

"Given the size of China's economy, the demonstrable extent of its market-distorting policies, and China's stated intent to dominate the industries of the future, China's acts, policies, and practices of economic aggression now targeting the technologies and [intellectual property] of the world threaten not only the USA economy but also the global innovation system as a whole", the report concluded.

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Despite the Chinese government's repeated pledges to further open its economy, 46 percent of respondents in the European Union Chamber of Commerce in China's annual business survey said they thought the number of regulatory obstacles they face in China would increase over the next five years. As of 8:25 p.m. ET, S&P 500 futures were down just over 0.5% and Nasdaq futures were off just over 0.65%.

Sixty-two percent of companies in all industries said they had less favourable market access in China than their Chinese competitors had in Europe. Boeing's stock shed 3.6 per cent, Caterpillar 3.7 per cent and GE 1.7 per cent.

The tariffs were the result of an investigation by Commerce Department into the theft of United States intellectual property by Chinese companies. The trade tensions have also raised concerns over a possible decline in energy demand. Commodities such as oil, copper and soybeans fell.

The Dow Jones industrials are down 318 points, or 1.3 percent, to 24,668.

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President TrumpDonald John Trump20 weeks out from midterms, Dems and GOP brace for surprises Sessions responds to Nazi comparisons: "They were keeping the Jews from leaving" Kim Jong Un to visit Beijing this week MORE's trade adviser Peter Navarro says that he doesn't have any knowledge about conversations between Trump and Apple CEO Tim Cook on allegedly exempting the iPhone from future US tariffs. China has already said it will retaliate for last week's move and said it would escalate its response if further tariffs were imposed. China threatened to retaliate, leading Trump to propose broader penalties.

USA stock markets fell sharply Tuesday morning, with investors increasingly nervous about the impact of the escalating fight.

Oil prices headed sharply lower on expectations that OPEC and other major oil producers will announce a decision to raise production at a meeting later this week.

"The tit for tat brings the two sides closer to a full-blown trade war", Louis Kuijs, head of Asian economics at research firm Oxford Economics, wrote in a note to clients.

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USA stock markets are set for a sharply lower open as tensions over trade between the US and China seem closer to a boil.



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