China warns of retaliation after Trump’s threats of fresh tariffs
21 June, 2018, 00:50 | Author: Teresa Adams
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.
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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Open champion succumbed to Shinnecock Hills' awful terrain of unevenness, from bunkered fairways to up-and-down greens. Mike Davis, chief executive officer of the USGA, conceded that the greens got away from the course setup people.
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They weren't the only favourite to struggle, with Brazil drawing with Switzerland while Germany lost to Mexico . With this disappointing start by the Germans, it is yet to be seen if they can match Brazil's long-held record.
They lost 6-5 after extra time against Brazil in their 1938 debut before twice finishing third, in 1974 and 1982. Poland coach Adam Nawalka gave his talisman a rest at halftime, but the team continued to score in his absence.
Boyd said his officers have dealt with the driver before, adding he was scouting the area earlier to try and pick up immigrants. He said his deputies are often involved in chases pursuing people suspected of smuggling undocumented immigrants and drugs.
Germany struggled to break down the El Tri defense, too often settling for crosses against a well-set defense. Germany , meanwhile, face an uphill task to become the first team to win back-to-back World Cups in 56 years.
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