President Trump Not Stepping Back, New Tariff Thread for China

Markets drop over trade war fears

In Beijing, China's Commerce Ministry responded swiftly to Trump's latest threat, warning that if the usa imposed fresh tariffs, China would have to adopt "comprehensive measures combining quantity and quality to make a strong countermeasure".

It gave no details.

But Beijing faces challenges in retaliating directly: China ships far more goods to the United States ($505 billion a year ago, according to U.S. figures) than come back in the opposite direction ($130 billion). "The United States will no longer be taken advantage of on trade by China and other countries in the world".

In early trading, stocks in France, Germany and the United Kingdom also fell, while Asian markets also declined.

The Standard and Poor's 500-stock index was down almost 0.5 per cent and the tech-heavy Nasdaq Composite lost 0.7 per cent.

Trump said he hopes to cut the trade deficit with the increased tariffs.

The small-cap Russell 2000 index, whose components are relatively more insulated to a global trade war, was down 0.51 percent.

China slapped a 25 percent tariff on 545 American imports including agricultural products, seafood, cars and whiskey.

Mounting concerns over the U.S.

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Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, spelled out the reality of the situation when he said that Beijing has almost exhausted United States imports to target.

Trump said that if China responds to this fresh round of tariffs, then he will move to counter "by pursuing additional tariffs on another $200bn of goods". Apple representatives did not immediately respond to a request for comment on the report.

Chinese regulators also have the option of broadening their retaliation by tying up American companies in tax or anti-monopoly investigations or by denying or revoking licenses. "With the Trump team apparently of the view that the USA can win trade wars, and China determined to fight one if it ensues, it increasingly looks like we cannot preclude a full-blown trade war between the world's two largest economies".

He added, however, that China has far more to lose than the U.S.in the trade dispute.

Economists warn Washington might be undercutting its negotiating position by alienating potential allies. The total number of goods imported to the United States from China in 2017 amounted to around $505.6 billion.

The news sent global stock markets lower and pulled down both the dollar and the Chinese yuan in the offshore market. That response prompted President Trump to threaten an additional $200 billion of tariffs. And Beijing says it would impose tariffs on $16 billion more if the United States does so, too.

"The trade war waged by the United States is against both the law of the market and the development trend of today's world".

The commodities market also took a hit from the latest tariff threat. A punitive duty the Trump administration applied to lumber imports from Canada has raised the price of a new home by $9,000, according to the National Association of Home Builders.

Trump's former economic adviser, Gary Cohn, has warned that a continuing trade dispute could result in higher inflation and personal debt.

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