Dow falls 350 points as trade war fears escalate

Markets drop over trade war fears

Markets drop over trade war fears

"Further action must be taken to encourage China to change its unfair practices, open its market to United States goods and accept a more balanced trade relationship with the United States", Trump said in a statement.

It gave no details.

If Trump does impose these additional tariffs, the USA will have imposed tariffs on $450 billion in Chinese goods.

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods", Trump said about China's retaliatory tariffs.

Asian stock markets fell following Trump's announcement. The S&P and the Nasdaq also fell.

The White House said it would consult on tariffs on the other $16bn of products, and would apply these later. The fact that America imports more from China will make it harder for Beijing to match Trump's attacks, according to Derek Scissors, a resident scholar at the conservative American Enterprise Institute in Washington who focuses on China.

"None of these efforts by the president and his team have resulted in any progress on the two core issues facing the U.S".

Last week, Mr Trump confirmed that the USA would impose 25% tariffs on $50bn worth of Chinese goods.

China accused the United States of "extreme pressure and blackmailing" in response to Trump's move to prepare new tariffs on $200 billion of Chinese goods.

Chinese regulators also have the option of broadening their retaliation by tying up American companies in tax or anti-monopoly investigations or by denying or revoking licenses. Many investors feel smaller and more USA -focused companies are less vulnerable in the event of a major trade dispute.

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Trade frictions between the United States and Canada have been particularly strained in recent weeks, with Trump taking umbrage at remarks by Canadian Prime Minister Justin Trudeau that were critical of the heavy USA tariffs.

Economists warn Washington might be undercutting its negotiating position by alienating potential allies.

Combined, the potential tariffs on Beijing could reach $450 billion - an amount equal to 89 percent of Chinese goods imported to the USA a year ago. China buys around $1 billion worth of American sorghum each year. But it appears that Trump and Kudlow were more interested in Cook's promise that Apple will contribute $350 billion to the USA economy over the next five years.

The United States has now imposed tariffs on up to $450bn in Chinese goods, out of a total of $500bn.

Beijing has offered to narrow its politically volatile trade surplus with the United States but has resisted changing technology development tactics its leaders see as a path to prosperity and to restoring China's rightful role as a global leader.

The first round of penalties announced by both nations is set to take effect July 6.

Alarm bells rang across global markets as trade tensions between the United States and China escalated further. Among others, Marios is delivering weekly trading webinars.

Freeland met last week with Trump's trade czar Robert Lighthizer, and said Canada, Mexico and the USA will continue negotiating the North American Free Trade Agreement through the summer.

"That would lift to 10 per cent if Mr Trump followed through with his threats", Dr Oliver said.

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