Trump Threatens Another $200 Billion in Chinese Tariffs as US Stocks Plunge


The president earlier ordered 25 percent tariffs on $50 billion in Chinese goods as punishment for Beijing's forced transfer of USA technology on companies doing business in China, and for intellectual property theft. That's 90 percent of everything China exports to the USA, from electronics, clothing, toys, tools, you name it.

Trump has previously said Canada slaps 270 per cent tariffs on dairy.

Baker says that if China were really determined to strike back at the United States, it would employ what he describes as the "nuclear option" of totally disregarding American companies' intellectual property rights.

To retaliate for that move, Trump is calling for 10 percent duties on an additional $200 billion in Chinese products.

"Trump appears to be employing a similar tactic he used with North Korea, by blustering first in order to gain an advantage in negotiations", said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.

The tariffs were quickly matched by China on USA exports, a move that drew the president's ire. A delegation of Trump officials initially reached a preliminary deal with their Chinese counterparts on a preliminary trade deal that would have postponed the USA tariffs in exchange for Chinese purchases of American goods.

China has yet to announce the specifics of those fresh threats, but analysts expect them to go beyond tariffs to service trade and investment policies.

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US President Donald Trump has threatened to impose tariffs on an additional United States dollars 200 billion worth of Chinese goods unless Beijing ceases its "unfair practices", escalating a trade war between the world's two largest economies that jolted the global stock markets. He noted that China's Ministry of Commerce has already promised to retaliate with "comprehensive quantitative and qualitative measures" if the US imposes more tariffs. That would leave about $120-billion available for a tariff hike, falling short of Trump's $200-billion target.

Curtin University economics lecturer Yixiao Zhou said under every scenario she had examined, Australia was a substantial loser from a trade war between China and the US.

The president said the only acceptable result for his administration is a significant reduction in the trade deficit and balanced fair trade between both countries.

Kim Hyo-sun tells us more.

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

"If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the statement said.

The US-China trade frictions escalated further over the weekend and we are unfortunately moving away from the "Grand Bargain" scenario towards the "trade war" scenario.

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The White House hasn't set a date for the imposition of any new tariffs beyond the initial list.

Chinese companies listed in the USA took sharp losses.

But Asia's other trade-reliant economies and companies plugged into China's supply chains are anxious they will suffer collateral damage if world trade slows down, hurting global growth and dampening business confidence.

In every case, China's standard of living is reduced by United States tariffs which in turn cuts Chinese demand for a range of commodities, including Australian iron ore. China responded by saying it would hit 659 usa products worth United States dollars 50 billion.

Restrict tourism to the U.S. Retail sales meanwhile expanded at their slowest rate in 15 years, partly as President Xi Jinping's measures to reduce debt started to bite.

He said China's recent claims of "openness and globalization" are "a joke".

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