Friday, 17 August, 2018

U.S. stocks skid as trade war worsens with new tariff threats

New round of tariffs targets $200 billion of Chinese goods Trump readies tariffs on another $US200m of Chinese goods
Jodi Jackson | 15 July, 2018, 13:05

President Donald Trump has therefore ordered the trade department to "begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports", Lighthizer said in a statement.

The US trade representative directly tied the proposed tariffs to China's imposition of tariffs on US$34 billion in US exports to China on July 6, in retaliation for America's imposition of tariffs on Chinese exports to the US on goods with the same value.

The first US tariff list focused on Chinese industrial products, an attempt to reduce the direct impact on American consumers.

The Chinese government vowed Wednesday to take "firm and forceful measures" against US threats to expand tariff hikes to thousands of products like fish sticks, apples and French doors as their trade dispute escalates.

The commerce ministry statement issued Monday said Beijing will use the increased revenue to "alleviate the impact on enterprises and employees".

After months of threats and negotiations, the trade war between the USA and China officially launched on Friday with both countries imposingtit-for-tat tariffs.

The Trump administration has planned more tariff increases in case of continued Chinese retaliation that could ultimately cover the entire worth of imports from China, $505 billion. -Chinese trade war spreads.

For now, the USTR continues to work on the process of finalizing an additional $16 billion in goods to face 25-percent tariffs to bring the total up to $50 billion.

Trump had earlier said he would upscale the aggression on China if there were any effort to suppress U.S. exports.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent. They are trying to make up for the loss of US and European sales following higher tariffs imposed over complaints they sell at improperly low prices.

Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach".

"Tariffs at the end of the day are a tax, and companies are going to have to figure out how they're going to pay that tax and it's mostly going to come through higher pricing, which is going to slow the economy down", Bergh said.

Stocks and commodities recovered slightly on Thursday as markets tried to consolidate from the previous session's steep losses when fears of an escalation in the U.S.

The clock now starts ticking on a two-month period of public comment before the levies are imposed.

The overall blow from Friday's tariff hikes to the world's second-largest economy should be limited, according to private sector analysts. -China trade war made markets topsy-turvy on Wednesday, with USA stocks breaking a four-session winning streak and Brent crude prices seeing their biggest one-day drop in two years. He said that "must be addressed" by the trade body or others.

Most economists say the direct effect on the USA economy will likely be small.

"The U.S.is not only opening fire to the whole world, but also firing at itself", Hua said. During a visit to Germany this week by Chinese Premier Keqiang Li, the countries signed business deals worth more than $23 billion.

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