China announces new round of retaliatory tariffs on USA goods

President Donald Trump's flip-flop comes after recent market volatility and economic uncertainty and amid a debate about whether the United States is heading for a slowdown that would imperil his reelection chances. — AFP  File

"China's announcement of imposing additional tariffs on $75 billion of US imports signals more trouble for American agriculture".

Trump already imposed steep tariffs on $250 billion in Chinese goods, with a further $300 billion in imports targeted in the coming rounds.

The news from Beijing rekindled concerns about the world's two largest economies and a global growth outlook that's already looking shaky.

The Dow Jones Industrial Average fell 547.71 points, or 2.09%, to 25,704.53, the S&P 500 lost 65.23 points, or 2.23%, to 2,857.72 and the Nasdaq Composite dropped 215.03 points, or 2.69%, to 7,776.36.

China is set to impose a tariff of up to 10% on $75bn of goods imported from the United States in a move that will increase tensions between the two superpowers.

China will also go ahead with previously postponed import duties on US -made autos and auto parts, the Finance Ministry announced.

President Donald Trump and China escalated their 13-month trade war Friday, sending financial markets tumbling and intensifying worries about the health of the global economy.

"China was forced to take countermeasures". "Chinese trade standoff as a major bearish consideration that will likely be requiring additional downward oil demand adjustments as this year proceeds", said Jim Ritterbusch, president of Ritterbusch and Associates. He noted that retailers' presence in China allows them to reach Chinese customers and also develop overseas markets.

White House trade advisor Peter Navarro told Fox Business News that trade negotiations with China would still go on behind closed doors.

Tesla, which is building a plant in China, now gets about 12% of its revenue by exporting about 14,300 electric cars and SUVs from California to China, according to Barclays.

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Mr Trump today said in a series of tweets that he will respond in hours to an announcement Friday (local time) that China was retaliating to U.S. tariffs with a slate of its own protective measures.

In his latest attempt to bring electronics manufacturing back to the US, President Trump is flat out calling on all US companies to stop assembling their products in China.

But he also vowed to "act as appropriate" to sustain the sustain the U.S. economy.

China's Commerce Ministry said on August 5 that Chinese companies stopped buying US farm products in the latest escalation of the trade war between the world's two largest economies.

She also is anxious about the trade war which seems to be affecting a broad swath of American companies.

Myron Brilliant, Executive Vice President and Head of International Affairs, U.S. Chamber of Commerce says that President Trump has the Chamber's support, but a more constructive approach is suggested. Also, I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE all deliveries of Fentanyl from China (or anywhere else!).

China has announced a tariff hike on $75 billion of USA goods in retaliation for tariffs Donald Trump has threatened to levy on China as of next September 1.

Former Gov. Christine Todd Whitman, R-N.J., on President Trump's handling of the trade with China.

The latest salvo was in response to Trump's plans to impose 10 per cent tariffs on a final US$300 billion list of Chinese-made consumer goods on Sept 1 and Dec 15, including cell phones, toys, laptop computers and clothing.

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