China calls Trump's new tariff threats "blackmail"

Trump said that if China responds to this fresh round of tariffs then he will move to counter

US President Donald Trump has threatened to impose tariffs on an additional $200 billion worth of Chinese goods in a escalating trade row with Beijing, which on Tuesday accused Washington of "blackmail" and warned it would "strike back hard".

The rhetoric weighed on Chinese stocks on Tuesday, with the Shanghai Composite Index plunging to a two-year low and the yuan coming under pressure. China's Commerce Ministry has already responded, saying they will adopt counter measures.

Beijing matched that total with a tax on US goods. The first round of penalties announced by both nations is set to take effect on July 6. (Seipi), the largest organization of foreign and Filipino electronics companies in the Philippines, concedes that the country's $33-billion electronics exports, which yearly account for at least half of outbound goods, would be severely affected by a US-China trade war. Beijing said it would respond with "comprehensive measures" if that happens. Those tariffs were matched by China's threat to penalize on USA exports, a move that drew the president's ire.

Those concerns saw European bourses start the week in the red, after Asian shares fell early today to a 2-1/2 week low. Boeing and Caterpillar fell more than 3% apiece.

The immediate fallout from the dispute was limited in currency markets although the escalation appeared to encourage some risk aversion as the safe haven Japanese yen recovered from three week lows against the dollar.

The contribution of the Chinese factories in this process is estimated to be only 3.6% of the shipping price, yet USA trade statistics attribute 100% of the value of imported iPhones to China and so hugely overstate the size of the U.S.

"The focus shifts from central banks back to trade", observed Craig Erlam, senior market analyst at Oanda trading group.

The battle between Trump and Beijing has kicked into high gear over the past week. China immediately promised to retaliate.

Shares of large USA companies with significant overseas business were hit especially hard. The contract lost $1.83 to settle at $65.06 per barrel on Friday.

The dollar index rose 0.01 percent, with the euro up 0.07 percent to $1.1615.

CURRENCIES: The dollar inched down to 110.47 yen from 110.62 in late trading Friday.

Steel companies also took sharp losses.

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US long-dated Treasury yields were volatile after a hectic week when the Federal Reserve struck an upbeat tone on the USA economy.

USA stocks are mostly higher Wednesday as technology and media companies lead a recovery from the turbulent trading seen the day before.

In London, shares in British engines maker Rolls-Royce soared almost 10 percent. Other media companies are rallying as investors hope for more deals. The yield on the 10-year Treasury note fell to 2.88 percent from 2.92 percent. -Chinese dispute but share the complaints of their American counterparts about market barriers and unfair regulation.

The tariffs would start to slow US growth, economists warn. Markets in China and Hong Kong were closed for a holiday.

The president also said Canada "treats us horribly". Brent crude, used to price global oils, gained 66 cents to $74.10 in London.

USA crude futures dropped 1.6 percent to $63.99 per barrel, briefly touching their lowest levels since April 10.

There were still a few gainers to be found on Wall Street.

Investors sought safer investments, such as high-dividend companies like utilities and companies that make and sell household goods. American Electric Power rose 1.7 percent to $66.60 and Kimberly-Clark gained 1.8 percent to $102.57. Other companies say the approval process for licenses has slowed down. The service will cost $4.99 and deliveries will be made in one or two days.

Within the United States equity market, investors have targeted smaller companies with a domestic focus.

The Dow slid 42.41, or 0.2 percent, to 24,657.80. The Russell is up nearly 10 percent this year while the S&P has risen 3 percent and the Dow is flat.

Tariff worries dragged FedEx Corp down 2.0 percent.


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