President Trump threatens to withdraw USA from WTO

Trump wants tariffs on $200 billion of Chinese goods next week sources say

Trump wants tariffs on $200 billion of Chinese goods next week sources say

US Treasury yields fell further on Thursday as investors moved to safe havens following the report of Trump's tariffs plan and the Argentine peso's tumble.

A public comment period on the proposal is set to end on September 6, and Trump plans to impose the tariffs after that deadline, Bloomberg said. The official Purchasing Managers' Index (PMI) on Friday showed growth in China's manufacturing sector unexpectedly picked up in August, after a two-month slide. "The scale is enormous and once the tariffs materialise, they will definitely send jitters through financial markets". The cautious mood helped lift the yen against the dollar, which slipped 0.1 percent at 110.86.

"The spillover from the resurfacing emerging-market turmoil in the Argentina peso and Turkish lira is weighing on EM Asia currencies", said Ken Cheung, senior FX strategist at Mizuho Bank in Singapore.

Bloomberg said some of the sources it spoke with warned that Trump's decision is not final yet and there are a number of possibilities that may happen.

It was also noted that the tariffs will be "a serious escalation in a trade war" between Washington and Beijing. The next stage of tariffs on US$16 billion of goods took hold last month.

China has threatened to retaliate by slapping duties on $60 billion of USA goods.

The Trump administration is finalising the list of Chinese targets and tariff rate, which could range from 10per cent to 25 per cent, following six days of public hearings earlier this month.

Trump has credited his electoral success to his hard line on trade, which he has argued hurts USA workers and favours foreign competitors.

Nazanin Zaghari-Ratcliffe collapses in Iran's Evin prison
Beyond that, she is a prisoner of conscience who has been unjustly jailed and must be released immediately and unconditionally. Her supporters confirmed she collapsed this morning after suffering several panic attacks.

China hawks have been on the ascendancy in the Trump administration. In a breakthrough on Monday, the United States and Mexico announced a bilateral deal to replace Nafta.

Global markets had started the week on a high, fueled by hopes for a new Canada-US-Mexico trade pact and easing Brexit fears.

Earlier, European shares fell on concerns over the effects on trade tensions between the United States and China, including reduced Chinese demand for exports.

"The European Union is nearly as bad as China, just smaller", Trump said.

MR TRUMP, who pulled the U.S. from the 2015 worldwide nuclear accord with Iran in May, accusing the Islamic republic of threatening Middle East security as it expands its regional influence.

At a time when Trump's protectionist policies have sparked a wave of trade wars, the institution best placed to help settle trade differences is facing a deepening crisis. "Their relationship and bond remain very strong", Mr Trump said on Twitter. Nafta "is clearly a personal triumph for Lighthizer".

Putting him in charge of China talks, were it to happen, "at least opens the door to a serious negotiation with China which we have not seen yet", Mr Alden added.

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