China will counterpunch United States with $34 billion in tariffs

Donald Trump

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.03 percent after declining 0.4 percent the previous day.

U.S. markets are closed for Independence Day following a move lower on Tuesday.

US stock futures were marginally higher, pointing to a stronger open for Wall Street later in the day.

Japan's Nikkei was down 0.1 percent, South Korea's KOSPI was flat and Australian stocks rose 0.4 percent.

Chinese newspapers described the move as a counterstrike in an escalating trade war.

In the brewing trade war between the U.S. and China, Beijing officials consistently seek to portray their nation as simply being on the defensive against Donald Trump's aggressive tactics.

China said it will not "fire the first shot" in the event of its trade dispute with the United States moving beyond threats and into the realm of concrete action.

President Donald Trump has accused China of unfairly acquiring US technology and limiting market access for finance and technology firms - claims that China denies.

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But the European Union has warned the United States that imposing import tariffs on cars and auto parts would harm its own automotive industry and likely lead to counter-measures by its trading partners on $294 billion of US exports.

The euro was off by 0.1 percent at $1.16450 EUR= while the dollar was good for 110.52 yen JPY=, down 0.1 percent. The single currency fell to as low as Dollars 1.1630 overnight after weaker confidence in the euro zone overshadowed better-than-expected data on business activity.

The Chinese yuan was slightly lower, its recovery from an 11-month low stalling. China appears broadly comfortable with a weakening yuan and would intervene only to prevent any destabilizing declines or to restore market confidence, policy insiders told Reuters.

The dollar was flat at 110.500 yen, trapped in a narrow range the previous day due to the United States holiday.

The pan-European STOXX 600 index was last down 0.1 percent, see-sawing from positive to negative territory during the day. -China trade deficit that has soared in recent years.

LME zinc was at $2,707.50 a ton after dropping to $2,687.50 overnight, the lowest since June a year ago.

"U.S. citizens visiting or residing in China have been arbitrarily interrogated or detained for reasons related to 'state security, ' " the State Department advisory said.

Brent oil prices rose, driven higher by a threat from an Iranian commander and a drop in USA crude inventories for the second week in a row caused by an outage at a Canadian facility.

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