Published: Tue, June 19, 2018
Markets | By Noel Gibbs

U.S. stock markets fall sharply amid fears of global trade war

U.S. stock markets fall sharply amid fears of global trade war

In Beijing, China's Commerce Ministry responded swiftly to Trump's latest threat, warning that if the usa imposed fresh tariffs, China would have to adopt "comprehensive measures combining quantity and quality to make a strong countermeasure".

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018.

China, claiming the United States had "launched a trade war," retaliated nearly immediately, outlining its own tariffs on USA goods worth $50 billion.

Hostility over trade between the world's two largest economies intensified on Tuesday when Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods, prompting a swift warning from Beijing of retaliation.

"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions", the ministry said in a statement. But Louis Kuijs, head of Asia economic at Oxford Economics, said Beijing could increase the tariff levy to make up for the smaller raw amount of goods.

"The fundamental reality is that talk is cheap", Navarro told reporters on a conference call, again accusing China of "predatory" trade policies.

"The trade relationship between the United States and China must be much more equitable", Trump said.

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Monday's announcement came days after Beijing announced tariffs on $50 billion worth of United States goods in a tit-for-tat response to those finalized by Trump earlier Friday.

Also caught in the crossfire was Chinese telecoms company ZTE Corp, (0763.HK) (000063.SZ) whose rescue by Trump in a deal with Chinese President Xi Jinping appeared in doubt after a U.S. Senate vote on Monday.

However, he emphasized no additional duties would be imposed until they have gone through a legal vetting process, which includes taking comments and holding a public hearing.

Two decades ago, China's economy was largely fuelled by exports, but it has made progress in rebalancing towards domestic investment and consumption since the global financial crisis erupted last decade - limiting the damage trade tariffs could inflict on Beijing.

China responded with a 178.6 percent tariff on all imports of sorghum to the United States.

"The United States will no longer be taken advantage of on trade by China and other countries in the world", he said.

China's Commerce Ministry lambasted Trump's new tariff threat, saying it violated prior negotiations between the two countries.

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Meanwhile, global stock markets fell Tuesday amidst the global concern over a tit-for-tat trade war between the U.S. and China.

Some of the US's biggest exporters were among those most affected.

"President Donald Trump has raised the stakes once more".

Monday's announcement comes just three days after Trump officially announced that tariffs on $50 billion worth of Chinese goods would be subject to a new 25% tariff starting July 6.

Trade-sensitive companies like Boeing Co. and Caterpillar Inc., China-exposed stocks like Acacia Communications Inc. and NXP Semiconductors, and steel producers and metals companies like Alcoa Corp. and United States Steel Corp. are among the hardest hit in NY trading, while the Dow Jones Transportation Average is down 1.9 per cent, the most since May 3. That means things like tourism and education, industries from which the United States benefits a lot more than China does.

The new tariff threat marks the latest escalation in the ongoing trade dispute between Washington and Beijing.

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