China vows to fight back as the trade war escalates

Shipping containers are seen at a port in Shanghai

Trump has recently introduced tariffs on $34 billion worth of Chinese products and, while hundreds of products have been affected, certain goods were conveniently spared from this enactment - including the products made for Ivanka's internationally manufactured fashion brand.

The public will have a chance to comment on the list before the new tariffs - to be imposed at 10% -come into effect.

The announcement was a response to China's decision to impose 25 per cent tariffs on US$34 billion of American goods last Friday in response to a similar U.S. levy.

Stocks in China and the rest of Asia tumbled overnight, spreading to Europe after markets opened.

Europe's main bourses, also taken aback as Trump kicked off a North Atlantic Treaty Organisation summit in Brussels by accusing Germany of being a "captive" of Russian Federation, then saw similar falls.

U.S. ambassador Dennis Shea, who was among the first to speak at the closed-door review, argued that China had exploited its membership to take advantage of other nations and that if unchecked Beijing's misconduct would ruin the WTO. "If we can get a level playing field.who wouldn't want the president to accomplish that?" he said on CNN's News Day.

U.S. trade representative Robert Lighthizer announced that the United States was acting because China had not heeded previous warnings.

It was industrial metals prices though that took the heaviest hit over worries that the dispute could ultimately dent China's commodity-hungry economy. Copper was down 3 per cent at $6,141.50.

"The last thing America's manufacturing workers need is an escalating trade war", said NAM President and CEO Jay Timmons.

Balaise Matuidi back in France's only change for semis
While Asterix is a Frenchman, Tintin - the daring journalist - has Belgium as his home. Deschamps insists Giroud is crucial to their system.

Woman killed in crash of helicopter into Va. condo
The Williamsburg Fire Department worked through the night to put out hot spots within the structure. State Police say the confirmed fatality inside the residence is not the pilot of the helicopter.

Poland braces for Supreme Court rebellion as judicial reform kicks in
Besides Warsaw , demonstrations have also been held in several other Polish cities in defense of the country's constitution. However, Gersdorf plans to go to work as usual on Wednesday, a court spokesman said soon after Duda's announcement.

President Donald Trump had ordered him last month to draw up the list in the event China retaliated against a previous round of USA tariffs.

"China's failure to fully embrace the open, market-oriented policies on which this institution is founded must be addressed, either within the WTO or outside the WTO", Shea said according to prepared remarks released by the U.S. mission. "But the unpredictability of the situation continues to rattle the markets", said Varathan. The London FTSE 100 dropped 1.2 per cent, while the Dow Jones Industrial Average was down almost 0.6 per cent in early trading.

The yen, often sought in times of political tensions and market turmoil, gained against a number of peers.

"The dollar has managed to gain even against the yen due to ongoing trade concerns, with commodity-linked currencies having slid along with the downturn in commodities and providing a broad lift for the dollar", said Ichikawa at Sumitomo Mitsui Asset Management.

The Shanghai Composite index fell 1.8 percent, and the blue-chip CSI300 index dropped 1.7 percent. However, analysts say there's little chance China will back down on the plan, which it considers crucial for developing its huge economy.

Elsewhere in markets, yields on 10-year Treasurys fell to 2.837% from 2.873% on Tuesday.

Investors had been taking the trade war in stride but Tuesday's announcement appeared to dent that optimism.

The retaliatory tariffs that China enacted Friday targeted United States cars and major agricultural goods, such as soybeans and meat.

Related news:

Hot News

isis-killer-beheading-video-story-top Carmelo Anthony met with Rockets, Heat
Jul 11, 2018 - 02:26
ESPN's Adrian Wojnarowski is reporting the Houston Rockets are "determined" to sign Carmelo Anthony once he becomes free. The 31-year-old forward played in 61 regular season games, averaging 7.5 points and at least one steal a game.

isis-killer-beheading-video-story-top Williams back in Wimbledon semi-finals
Jul 11, 2018 - 02:24
Serena Williams recaps her battling win over Italy's Camila Giorgi to advance to the semifinals of Wimbledon. The two met last month in the second round at the French Open, with Williams winning in straight sets.

isis-killer-beheading-video-story-top Trump to Announce His Supreme Court Nominee Tonight
Jul 11, 2018 - 01:54
This time , the Republicans have a simple majority in the Senate (51 votes needed), but in an election year anything can happen. Court of appeals that ultimately ruled on an immigrant girl's right to have an abortion while she was in USA custody.

isis-killer-beheading-video-story-top Brett Kavanaugh '90 Nominated to US Supreme Court
Jul 11, 2018 - 01:42
Gorsuch's nomination became possible because McConnell blocked Obama's nomination of Merrick Garland to fill a vacancy in 2016. He also has taken an expansive view of executive power and has favored limits on investigating the president.

isis-killer-beheading-video-story-top Justin Bieber reportedly engaged to Hailey Baldwin
Jul 10, 2018 - 01:37
The duo, who earlier dated in 2016, had fuelled speculations of reunion among fans in recent weeks by appearing together. Justin's mother also made a comment on Twitter Saturday, writing, 'Love Love Love Love Love Love Love '.

isis-killer-beheading-video-story-top Infinity War's Thanos inspires one of the biggest bans in Reddit history
Jul 10, 2018 - 01:07
ThanosDidNothingWrong members didn't sit idly by, however, creating a script that could in fact ban half of the subreddit. There's still plenty of time to subscribe to the Thanos Did Nothing Wrong subreddit to see if you make the cut or not.

isis-killer-beheading-video-story-top Maisie Williams says goodbye to ‘Game of Thrones’ with bloody photo
Jul 10, 2018 - 00:58
Does this mean all other female characters are dead? Maisie Williams gave a Game of Thrones farewell that was straight out of Westeros.

isis-killer-beheading-video-story-top Insider attack kills US service member in Afghanistan
Jul 10, 2018 - 00:56
A U.S. service member has been killed and two others injured in what appears to be an insider attack in Afghanistan , Nato says. O'Donnell told RFE/RL that the last insider attack in Afghanistan occurred in August 2017, leaving a Romanian soldier injured.

isis-killer-beheading-video-story-top Syrian govt., rebels reach ceasefire deal
Jul 10, 2018 - 00:34
Rebels who did not wish to return under Mr Assad's rule would leave for the insurgent stronghold in north-west Syria, they said. An Islamic State group affiliate, which holds a small pocket in the southwest of Daraa, is excluded from the deal.

isis-killer-beheading-video-story-top Trump Administration Seeks More Time To Reunify Migrant Families
Jul 08, 2018 - 02:18
Officials said about 40 parents of the 101 children under age 5 are in federal immigration custody, while another nine are in U.S. Sabraw in San Diego , Calif., ordered the government to return children under the age of 5 to their parents by next Tuesday.

isis-killer-beheading-video-story-top Lovren’s Croatia set up World Cup semi-final with England
Jul 08, 2018 - 01:50
Croatia are through to the semi-final of the World Cup after beating Russia/Croatia following a nerve-wracking penalty shootout. And it was Lovren's team that prevailed 4-3 in the shootout when Barcelona star Ivan Rakitic netted the decisive kick.

isis-killer-beheading-video-story-top Oil near US$74 amid Trump tweets, forecast drop in U.S. stockpile
Jul 08, 2018 - 01:36
USA tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday and Beijing has vowed to respond in kind. Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, June 22, 2018.

isis-killer-beheading-video-story-top Scott Pruitt's Resignation Partly Caused by Morocco Trip
Jul 08, 2018 - 01:23
Trump tweeted Thursday that EPA deputy Andrew Wheeler would "assume duties as the acting administrator of the EPA". Republicans say Wheeler is well-qualified to lead the EPA, having worked at the agency early in his career.

isis-killer-beheading-video-story-top Trump and USA delegation to bring up election meddling with Putin
Jul 08, 2018 - 01:18
Trump hasn't ruled out recognizing Russia's seizure of Crimea and suggested the USA has too many troops in Germany. But Hutchinson, and the US ambassador to Russia Jon Huntsman , gave upbeat assessments of the upcoming meetings.

isis-killer-beheading-video-story-top Federer, Serena in Wimbledon masterclass as Wozniacki crashes
Jul 08, 2018 - 00:23
Milos Raonic slammed 34 aces as the 2016 Wimbledon finalist won 7-6 (4), 7-6 (4), 7-6 (4) against Australia's John Millman . Canadian Raonic won the match 7-6 (7-4), 7-6 (7-4), 7-6 (7-4) and he will play qualifier Dennis Novak next.