Markets Right Now: Asian stocks fall as trade war escalates

Markets Right Now: Asian stocks fall as trade war escalates

Trump warned Xi on Twitter that China "will be hurt very badly" if it doesn't agree to a trade deal. Soybean exports to China collapsed past year when the trade war began, and agricultural exports will be hit harder when, or if, the new tariffs are imposed.

On Monday, the Dow Jones Industrial Average fell 2.4% and the tech-heavy Nasdaq lost 3.4% in its biggest drop of the year.

Stocks plunged in trading Monday after China announced retaliatory tariffs on US goods and as prospects for a deal to avert a trade war seemed more remote.

Here are four reasons why Holtz-Eakin, the former director of the U.S. Congressional Budget Office and current president of the American Action Forum, believes Trump's approach could backfire.

At a briefing on Tuesday, China's foreign ministry spokesman Geng Shuang said: "The two heads of state maintain contact through various means".

Beijing is running out of US imports to penalize due to their lopsided trade balance.

Kudlow says negotiations are ongoing as his boss calls for higher tariffs on about $300 billion more in Chinese imports.

However, the onshore yuan weakened 0.1% to its lowest level since December 27, 2018, trading at 6.8874 per dollar, after the foreign ministry said it hoped the United States would not underestimate China's determination to defend its interests.

"Investors are increasingly anxious an anticipated second-half profit rebound may now evaporate as President (Donald) Trump's threat to tariff the remaining $325 billion in Chinese imports would disproportionately target consumer products like iPhones, thereby posing a greater threat to the consumption-driven United States economy", said Alec Young, managing director of global markets research at FTSE Russell.

Downer was down 1.13 per cent after the engineering firm said it had won a $220 million contract with Chorus Limited to build and maintain network infrastructure for New Zealand's largest telecommunications company.

Tim Conway of 'McHale's Navy,' 'Carol Burnett Show' dead at 85
Patton Oswalt shared an old clip from The Carol Burnett Show and said watching Conway "destroy his castmates is pure joy". Conway also had a modest but steady movie career, appearing in such films as " The Apple Dumpling Gang ".

State of emergency declared, evacuations ordered amid central B.C. wildfire
As of Sunday morning, fire crews had managed to create guards, or fuel breaks, using machinery around 70 per cent of the fire. As of Saturday night, it was estimated to be about 260 hectares in size and was considered to be zero per cent contained.

NASA says the moon is shrinking and experiencing "moonquakes"
These regions, known as thrust faults, may still be growing today, and the overall size of the Moon may be shrinking as a result. The astronauts also examined boulders and boulder tracks on the slope of North Massif near the landing site.

Republican Sen. Roy Blunt told VOA, "If there's a trade fight worth having, it's a trade fight with China".

New York Fed President John Williams told Bloomberg Television earlier on Tuesday that the levies were already starting to push up USA inflation and will have a greater impact as they rise, though the US economy is in a "good place" right now.

"This is only too belatedly they've accepted the fact that it is a trade war", he said.

"We hope the United States will meet China halfway to address each other's legitimate concerns". For example, they've been stealing US secrets for a long time. "So we've got to confront China on that".

"I don't think Americans understand that". Obviously, Americans and American consumers are paying more and more by the day.

"We are now a much bigger economy than China, and have substantially increased in size since the great 2016 Election".

"In the short term, it looks like volatility is here to stay and we could see this risk-off, risk-on going on for a long time".

However, the higher prices will also harm American companies that will need to pay more for the parts they use and the goods they sell, and that could lead to job losses.

"It includes a mounting arms race and includes diplomatic competition around the world, with China operating in Latin America and Venezuela and so forth, Middle East, in places where we've traditionally seen ourselves as dominant", Lampton said.

Related Articles

  • New Leak Confirms the Next iPhone Will Be Ugly as Sin

    New Leak Confirms the Next iPhone Will Be Ugly as Sin

    That bump will house three cameras, as well as a flash and be arranged in a big square on the back, according to the report. The bump has three circular slots for the triple rear cameras placed in a triangular position.
    Iran, U.S. dismiss possibility of war

    Iran, U.S. dismiss possibility of war

    On Monday, U.S. benchmark crude oil added 78 cents to $62.44 per barrel in electronic trading on the New York Mercantile Exchange. The Times reported that the president's top national security aides met on Thursday to discuss updated war plans with Iran.
    Manchester City Facing Possible Champions League Ban

    Manchester City Facing Possible Champions League Ban

    With City and Liverpool locking horns throughout the campaign for top spot, it marked the end of an unforgettable title race.
  • Bill Nye drops the F-bombs in exasperated climate change plea

    Bill Nye drops the F-bombs in exasperated climate change plea

    Nye first shows up at the 10:20 mark of the video below to explain "the complicated logic behind carbon pricing ". Bill Nye wants to remind you of the seriousness of global warming and he's not mincing words.
    ‘Mortal Kombat’ Movie to Start Filming in Australia Later This Year

    ‘Mortal Kombat’ Movie to Start Filming in Australia Later This Year

    The much rumored James Wan-produced Mortal Kombat film appears to have officially gotten the green light at New Line Cinema. Now we get to experience South Australia with its scenic locations and a wealth of artistic talent to work with.
    Disney gets control of Hulu in deal with Comcast

    Disney gets control of Hulu in deal with Comcast

    Now it seems that Disney+ (and to a lesser extent ESPN+) aren't the only streaming services the House of Mouse will control. Disney's $71.3 billion takeover of 21st Century Fox combined their stakes, and gave Disney a majority hold over Hulu .
  • Bayer to appeal $2 billion verdict in Roundup cancer lawsuit

    Bayer to appeal $2 billion verdict in Roundup cancer lawsuit

    Since acquiring Monsanto in a $63 billion deal, Buyer has inherited thousands of lawsuits over the weed killer. The latest verdict may be the most expensive nightmare to hit Bayer this month, but it's not the only one.
    Felicity Huffman pleads guilty in college admissions scandal

    Felicity Huffman pleads guilty in college admissions scandal

    Singer pleaded guilty in March to racketeering, money laundering; conspiracy to defraud the U.S. , and obstruction of justice. In court, she wore a gray dress and a sweater and sat flanked by her attorneys while her brother watched from the front row.
    Dodgers' Urias arrested on suspicion of domestic violence

    Dodgers' Urias arrested on suspicion of domestic violence

    The Mexican-born Urias has spent his entire Major League career with the Dodgers, pitching for them since 2016. After battling injuries over the past two seasons, Urias has played a big role for the Dodgers this year.
  • Netflix to make videogames show debut at E3 2019

    Netflix to make videogames show debut at E3 2019

    The totally out-there series The OA seems like it's loaded with opportunities to explore corners of its story in game form. That's all entirely speculation on my part, but we're extremely curious to see what Netflix actually has in the works.
    Man charged with three counts of murder

    Man charged with three counts of murder

    Sheriff Newman would add that police are looking for other possible victims, since Wright traveled up and down the East Coast. Authorities continue to search for the body of Hopson, which Wright claimed to have thrown into the river.
    What if the Philadelphia 76ers win the NBA Draft Lottery?

    What if the Philadelphia 76ers win the NBA Draft Lottery?

    According to the league, the actual lottery procedure will take happen inside a separate room moments ahead of the broadcast. That's assumed to be Duke's Zion Williamson, a potential franchise-altering talent.