Trump Threatens Tariffs on $200B in Chinese Goods

The trade relationship between the United States and China must be much more equitable     
       President Trump
The trade relationship between the United States and China must be much more equitable President Trump

22 June, 2018

The US Dow Jones Industrial Average, which has been under pressure since the start of this year, plunged for the sixth straight session.

US President Donald Trump said late on Monday he had directed US Trade Representative Robert Lighthizer to target $ 200 billion worth of Chinese imports for a 10 per cent levy, citing China's "unacceptable" move to raise its own tariffs.

Mr Trump added: "These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".

Trump previously ordered 25 percent tariffs on $50 billion in Chinese goods in retaliation for Beijing's forced transfer of USA technology and for intellectual property theft.

China's response came after Trump threatened to impose tariffs on an additional Dollars 200 billion worth of Chinese goods, days after slapping USD 50 billion tariffs on Chinese imports to the US. Among m, according to analysts, is possibility of maneuvering to tilt in favor of China balance of services-it is now United States that registers surplus in this category-with measures that hinder tourism or education of citizens Chinese in this country, complicate operations of American companies in ir territory, play with value of ir currency or change pace of purchases of US public debt.

The US lists have now been released and include aerospace parts and machinery, and it too has $16bn-worth of other Chinese goods "under review". "The trade relationship between the United States and China must be much more equitable".

Separately, the Chinese Commerce Ministry has hit back accusing the U.S. of blackmailing by threatening to slap additional tariffs on United States dollars 200 billion of Chinese goods and warned that it would hit back with comprehensive measures if Washington went ahead with the plan.

Stock markets of both countries are posting big losses. But with these exemptions expiring at the beginning of the month, nations have been hitting back at the U.S. The blue chip CSI300 index fell 3.6 percent to 3,621.12.

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Spot gold dropped 0.3 percent to $1,274.66 an ounce.

Meanwhile, the Commerce Department said building permits plunged by 4.6 percent to an annual rate of 1.301 million in May after falling by 0.9 percent to a revised rate of 1.364 million in April. In Europe, all the major markets fell, with the FTSE down 31 points (0.42%) and Germany's DAX down over 1%.

Despite the Chinese government's repeated pledges to further open its economy, 46 percent of respondents in the European Union Chamber of Commerce in China's annual business survey said they thought the number of regulatory obstacles they face in China would increase over the next five years.

Transportation, semiconductor, and computer hardware stocks also saw notable weakness, while biotechnology and utilities stocks showed strong moves to the upside.

US stock markets are opening sharply lower Tuesday as tensions over trade between the USA and China seem closer to a boil.

"There are trade frictions not only between the U.S. and China but also between the U.S. and its allies". Search engine Baidu dropped 3.6 percent.

Within hours of USTR's June 15 tariff announcement, China harshly condemned the USA action and announced its own list of US products subject to tariffs.

Investors are also assessing the impact of tightening monetary policy by central banks after the US Federal Reserve raised interest rate last week and the European Central Bank said it planned to end its bond-purchase program at year-end.

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