Markets hit as Trump threatens new tariffs on China

Markets hit as Trump threatens new tariffs on China

China, which imports 60 per cent of the soybeans traded worldwide, bought 32.9 million tonnes from the U.S. previous year, accounting for 34 per cent of the total purchases.

"Special Report" panel reacts to the strategy behind the Trump administration's new charges on Chinese products.

"A trade war is not going to solve it".

You can follow global stock markets live at Markets Insider. His determination to renegotiate trade deals has targeted not only competitors on the world market such as China, but longtime friends and allies such as the European Union or Canada.

A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating". The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global markets last week. They warned tariffs on imports raise consumer prices and expose USA farmers and manufacturers to retaliation. They criticize Trump's tactics but share US complaints about Beijing's industrial policies.

Global markets are rattled this morning after America escalated the deepening trade war between the two countries.

And added, "China's export sector will, therefore, suffer a significant deterioration in export competitiveness to the USA compared to other emerging markets' manufacturing exporters, such as Vietnam, South Korea, Thailand, Bangladesh, Mexico, and Brazil,".

Orrin Hatch, the Republican Senate Finance Chairman, condemned the move as "reckless" and not "targeted", while United States stock index futures fell in early Asian trading. Only about 1% of the items on the list were consumer goods.

The US administration late on Tuesday released a huge list of new tariffs on $US200 billion worth of goods from China.

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So far Republicans in Congress have been more talk than walk on trade.

For more than a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition.

Trump has said continuously that China has taken advantage of the USA economy, and he has vowed to hit almost all the country's products with tariffs, as much as $450bn.

Morgan Stanley told clients in a research note on Wednesday that the trade conflict is "creating earnings noise and eroding gains from fiscal stimulus, which we think was already in the price".

Chinese-made teddy bears carrying American hit movie Avengers characters are displayed inside an arcade game at a shopping mall in Beijing, Wednesday, July 11, 2018.

China's government has criticised the latest U.S. threat of a tariff hike as "totally unacceptable" and vowed to retaliate in their escalating trade war.

"This type of irrational behavior is unpopular", the statement said, adding China would tack on the case to its suit against the USA at the WTO.

Seems like President Trump is looking out for his little girl.

As a leading grain trader in these regions, Cofco could help to meet domestic demand, he said.

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