Dow Tumbles 300 Points As Trump Escalates Trade War With China
Dow Tumbles 300 Points As Trump Escalates Trade War With China
Trump threatens extra tariffs on US$200b of Chinese goods
20 June, 2018, 00:41
China, claiming the United States had "launched a trade war", retaliated nearly immediately, outlining its own tariffs on U.S. goods worth $50 billion.
"Although many think this might be another bluff from Trump, markets are likely to stay nervous to trade-related headlines for now". Trump said at the time he would impose even more duties if China retaliated, which the Asian nation immediately said it would do.
Analysts say the Chinese government could target trade in services between the two countries rather than physical products.
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China has underestimated President Donald Trump's resolve to move forward with tariffs unless Beijing changes its "predatory" trade practices, a top USA trade advisor said on Tuesday, in comments that diminished the chances of a negotiated settlement to a looming trade war between the world's economic superpowers. "The United States initiated a trade war and violated the laws of the market. It did not meet the current development trend of the world, harmed the interests of the people and enterprises of China and the United States, and harmed the interests of the people of the world". Many investors feel smaller and more USA -focused companies are less vulnerable in the event of a major trade dispute.
He saidhe would pursue additional tariffs on another $200 billion worth of goods, for a grand total of $450 billion.
President Trump announced today that he's retaliating for China's retaliation against last week's tariff announcement. In 2017, the United States trade deficit with China was a record $375.2 billion, but that did not include services.
The small-cap Russell 2000 index was down 0.5 percent, a smaller drop than its large-cap peers, as its components are relatively more insulated to a global trade war.
The growing US trade conflict with China hit financial markets hard, and Beijing vowed a firm response.
Tariffs on other USA goods will be announced at a later date, the Xinhua news agency reported.
Investor concerns surrounding the implications of confrontation between China and the USA returned just as the Federal Reserve this month signaled a faster pace of policy tightening and the European Central Bank said it will maintain it key rate until the second half of next year.
The Dow and S&P were modestly lower on Monday, having recovered from earlier lows, as gains in energy shares helped curb declines stemming from trade war concerns after China's retaliation to United States tariffs.
Trump had announced a 25 percent tariff on up to $50 billion in Chinese imports.
Baker says that if China were really determined to strike back at the United States, it would employ what he describes as the "nuclear option" of totally disregarding American companies' intellectual property rights.
"President Donald Trump's unwillingness to back down became apparent this morning, once again sinking markets into a risk-off atmosphere", Jingyi Pan of IG said in a report.
The White House said it would consult on tariffs on the other $16bn of products, and would apply these later.
According to U.S. data, China imported $129.89 billion of USA goods past year, while the United States purchased $505.47 billion of Chinese products.
"I understand where President Trump's coming from", he said.
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Those include 818 products, worth $34 billion a year, remaining from a list of 1,333 the administration released in April. The tariffs were in response to complaints that China requires or pressures foreign companies to hand over technology.
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