China strikes back with higher tariffs on USA goods

U.S. President Donald Trump and Chinese President Xi Jinping meet after the G20 in Buenos Aires

The Dow Jones Industrial Average fell more than 475 when markets opened, and stretched that loss to 530 points by mid-morning.

Following a trade war headline-fueled sell-off last week, United States equities benchmarks plunged Monday morning as markets digested the news of China's retaliation.

The result has been a volatile week-long roller coaster with no end in sight.

Last Thursday morning the Dow skidded 580 points, only to regain almost 470 by close of trading on Friday. "He claimed that it had been "proven recently" that out of the 25 percent increase, "only 4 points were paid by the U.S." while "21 points" were paid by China".

The response was announced after Trump warned Beijing not to retaliate.

President Donald Trump say Americans benefit from such tariffs, crediting them in a tweet on Monday for boosting US economic growth.

The U.S. -China standoff is reducing global trade and creating uncertainty for companies deciding where to buy supplies, locate offices and build plants, paralyzing investment. Trump tweeted that Beijing "had a great deal, nearly completed, & you backed out!"

Trump has repeatedly slammed China for indulging in what he says are unfair trade practices, particularly with regards to access to its giant market, intellectual property and technology transfers.

The announcement came less than two hours after Trump warned Beijing not to retaliate after China said it "will never surrender to external pressure".

Bank of America Merrill analysts said the new Chinese tariffs posed a downside risk of between 1% and 3% for S&P 500 company earnings in 2019.

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China said it will be forced to retaliate, though the government hadn't specified how as of 6:45 p.m.in Beijing. The Dow is down more than 900 points this week since Trump's tariff threat and the S&P 500 is down 3.7%.

China has said it will impose tariffs on $60bn (£46bn) of United States goods from 1 June, extending a bilateral trade war.

And as a result, USA soybean exports to China plummeted from August to January.

"Fair enough. In fact, both sides will pay in these things, and of course it depends", he said when asked "if it's a tariff on goods coming into the country, the Chinese aren't paying".

He added that U.S. consumers could avoid the tariffs by buying the same products from other sources.

Others were more pessimistic, noting Washington said it was preparing to raise tariffs on all remaining imports from China, worth approximately $300bn.

A new aid program would be the second round of assistance for farmers, after the Department of Agriculture's $12 billion plan previous year to compensate for lower prices for farm goods and lost sales stemming from trade disputes with China and other nations. -China Business Council, an industry group.

That still compares favorably with a 20% fall between Oct.3 and Christmas of a year ago, but it has traders again talking about the end of a decade-long rally that dates back to the aftermath of the 2008 financial crash. He emphasized the talks' ongoing nature and discouraged the term "trade war", saying the tariffs were simply part of the negotiations. To date, tariffs have largely affected raw materials like chemicals and wooden beams used to make other products, so the cost increases appear incremental to the consumer. Over the weekend, however, White House chief economic adviser Larry Kudlow conceded that U.S.

Kudlow was considerably more measured on Fox News Sunday.

Kudlow also said that Trump and China's President, Xi Jingping, may meet in late June at the G20 global conference in Japan.

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