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.

Iran Using All Resources to Sell Oil in 'Grey Market': Deputy Minister
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.

Related News:



Most liked

Sir Keir Starmer: Cross-party Brexit deal needs to include second referendum
A source said: 'You need the executive to change its mind and then you need the party to change its mind. But the prime minister has lost heavily on three attempts to get it through parliament.

On Gambhir’s ‘filth’ tweet, Kejriwal responds with a defamation notice
Gambhir has rejected the allegation of circulating the derogatory pamphlet, saying that he would "quit politics" if proven guilty. Gambhir, however, denied the allegations that he got the pamphlet distributed.

Rihanna, LVMH launch new fashion brand 'Fenty'
Furthermore, it illustrates the potential still to be tapped by famous figures and the loyal followings they've cultivated. We can expect to see the first looks from her LVMH-incubated brand, now dubbed Fenty Maison , later in May.

Korea missile launch, says Trump
North Korea's state media said that leader Kim Jong Un had overseen a rocket and tactical guided weapons test. NPR reported that a missile tested over the weekend bore some similarity to Russia's Iskander missile.

Slipstreams already causing problems in Fortnite Season 9
These are the progressive outfits for Fortnite season 9, with the final tier 100 reward for the Battle Pass the new Vendetta skin. Will you be dropping into Season 9 today? Fortbytes were introduced to Fortnite alongside the Season 9 battle Pass on Thursday.

Crtics could destroyed Man City if we fail, says Guardiola
From our point of view, there could be a big football moment for us as well on the weekend. He's hugely respected for the way he goes about everything he does.

Kanye West And Kim Kardashian’s Surrogate Has Reportedly Entered Labor
No, I would say two percent", she said during an episode of Watch What Happens Live with Andy Cohen . Kim Kardashian and Kanye West already has three children, North West, Saint West, and Chi.

Who Is the Hooded Figure in the New Game of Thrones Trailer?
According to a new report , Starbucks gained nearly $2.3 billion in free advertising thanks to this mishap. She said: "My house is just littered with teas everywhere".

Philadelphia centre Joel Embiid has become the 76ers lightning rod
Mark Jackson said 'Joel Embiid , you're one of the greatest big men, can you step up to the challenge?' He's not doing that. Follow the Heavy NBA Facebook page for all the latest stories, rumors and viral content! "It just happened.

Durant will miss remainder of Warriors series with Rockets
Curry must re-emerge as the alpha scorer and lead playmaker, running more pick-and-rolls and taking on a heavier shot load. Kerr said the coaching staff would use time on the flight to Texas on Thursday to reconfigure the rotation without Durant.

LeBron James trade rumors swirl as Lakers' negotiations for new coach stall
As a coach, he and Lakers star LeBron James won a championship together with the Cleveland Cavaliers in 2016. Despite James' addition, the Lakers missed the playoffs for a franchise-high six consecutive seasons.

Google's Pixel 3a series of phones go on sale in Taiwan | Tech
Why Pixel 3a and 3a XL? The search giant will take advantage of augmented reality to make user navigation more interactive. Once a security update is available, Google says it will push the update to all devices that support this mechanism.

Led Senate Intel Committee Subpoenas Trump Jr
Barr refused to testify before the Democratic-controlled committee last week after a dispute over the hearing's format. After the release of Mueller's report, the White House began to actively fight back the Democrat-led inquiries.

Samsung asks Galaxy Fold buyers to confirm pre-orders or risk cancellation
We understand you are excited to get your hands on the category-changing Galaxy Fold, and we apologise for the delay. Would you want to keep your pre-order at this point? Samsung's troubled Galaxy Fold is running into more problems.

China’s Tencent drops hugely popular combat game PUBG
The company is now placing its bets on Game for Peace , a different game that it did manage to get approvals for. PBUG users can pull their profiles and in-app purchases to the new game as they switch to " Game for Peace ".