China retaliates on tariffs, stock markets go into a slide

US-China relations

On Friday, the administration raised tariffs on $200 billion in Chinese imports from 10 percent to 25 percent, prompting Beijing to say it would take countermeasures.

Sen. Rand Paul, R-Ky., told ABC's "This Week" on Sunday that he advised the president to finalize a trade deal with China soon, "because the longer we're involved in a tariff battle or a trade war, the better chance there is that we could actually enter into a recession because of it".

On Friday Mr Trump tweeted that tariffs on $250bn of goods coming into the U.S. were being paid "by China".

Trump tweeted Monday after the countries failed to reach a deal in recent talks. Their actions come after Donald Trump hiked tariffs on $200billion worth of Chinese goods on Friday.

President Donald Trump is warning Chinese President Xi Jinping that China "will be hurt very badly" if they don't agree to a trade deal.

China has hit back in its trade war with the United States, announcing plans to impose tariffs on $60bn of American imports.

Trump defended his trade policy Monday morning in a series of Tweets, both crediting tariffs for economic growth and providing advice for consumers to find ways around paying higher prices. "We are determined and capable of safeguarding our legitimate rights and interests". He said the tariffs can be completely avoided if purchases are made from other non-tariffed countries or if products are purchased in the U.S.

The Trump administration has rolled out up to $12 billion in aid for US farmers hurt by Chinese tariffs during the 10-month trade war, and indicated that more help could be on the way.

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Gasoline stocks declined by 596,000 barrels in the week, while distillate inventories dropped by 159,000 barrels. Late Tuesday, the API reported that US crude oil supplies rose by 2.8 million barrels for the week-ended May 3.

Analysts have also warned that a national security review process for foreign investments in China might enable Beijing to freeze out United States investment to an even greater extent than before, as another form of retaliation.

Chris Wallace, host of "Fox News Sunday", asked him, "It's USA businesses and us consumers who pay, correct?" An unverified Twitter post purportedly by China's Global Times suggested the possibility of selling some of Treasuries holdings.

The latest talks ended with no word of progress after Washington accused Beijing of trying to backtrack on earlier commitments.

The market, meanwhile is "responding psychologically", Gingrich said, but if US manufacturing is rebuilt under Trump and American-made products substitute for those made in China, "you may actually see a bigger American economy, not a smaller one".

"We would like to see these corrections in an agreement which is codified by law in China, not just a State Council announcement".

The effect of higher tariffs on Taiwanese networking firms would only last for a short period, as some of them - like Accton Technology Corp (智邦), Wistron NeWeb Corp (啟碁), Sercomm Corp (中磊), Gemtek Technology Co Ltd (正文) and Arcadyan Technology Corp (智易) - started relocating operations in the third quarter of previous year, Yuanta analysts said. That's why China wants to make a deal so badly!

"Buyers of products can make it themselves in the US, or buy it from non-Tariffed countries".

A greater concern would be whether global trade shrinks as a result of the escalating trade dispute, Yuanta analysts said.

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