Trump Moves to Retaliate Against China's Retaliation for New Tariffs

Trump Moves to Retaliate Against China's Retaliation for New Tariffs

In retaliation, China is imposing its own tariffs on $50 billion on USA imports, focusing on goods out of areas of the USA that supported Mr Trump at the 2016 presidential election.

In turn, China says their new import taxes are in response to an earlier set of tariffs by the USA, also of $34 billion at a 25 percent rate. Oil prices too dipped as investors anxious that the dispute would damage economic growth.

us stocks fell on Tuesday and the Dow Jones Industrial Average turned negative for the year as a sharp escalation in U.S.

Apple CEO Tim Cook has been hard at work trying to make peace before the brewing trade war with the USA and China blows up.

Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said that means China will soon run out of imports of U.S. goods on which to impose retaliatory tariffs.

"And as a USA soybean farmer with the prices below break even now, it's definitely not good for us, either".

If the trade war escalates, and destabilizes the global economy, the good vibes might not last much longer. In other words, theoretically at least, all could be well and good, as long as USA oil makes sense for those other buyers. More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6.

U.S. tariffs that affect more than 800 Chinese products worth $34bn in annual trade are due to come into effect on 6 July. But the rhetoric is intensifying, with Trump lashing out at Beijing over its threat to retaliate against the administration's latest proposed tariffs.

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"Asian countries that have close trade ties to China such as South Korea and Japan are bracing for side effect of the trade war", Park Jin-woo, researcher at Center for Trade Studies under Korea International Trade Association. It injected another 200 billion yuan (US$31 billion) into the economy via its medium-term lending facility on Tuesday, pushing its net injections so far in June to the most in any month since December 2016. -China trade spat escalated and base metal prices slid. A counter punch was swift in coming, with a statement from Beijing on Friday night that it would "strike back forcefully".

The US president released a statement on Monday night saying "these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".

U.S. stocks fell on Tuesday (June 19) as a sharp escalation in the trade dispute between the United States and China rattled the markets, though the three major indexes pared losses from earlier in the session.

Its study says that uncertainty acts like a non-tariff barrier to impede trade and investment by encouraging American companies to move factories back to the U.S. and reduce incentives for USA firms to invest overseas.

Chinese President Xi Jinping is not happy with the moves on trade, with China labelling it "blackmail". The Senate passed legislation on Monday evening that would restore penalties on ZTE.

The Trump administration said the penalties will be applied if China goes through with its promise to retaliate against United States tariffs announced last week.

The news hit stock markets in Asia, where Shanghai shed three percent in the morning, Hong Kong lost more than two percent and Tokyo was one percent lower.

"All they can do is impose higher tariffs on a smaller subset of products", he said.

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