Thursday, 13 December, 2018

China calls Trump trade escalation 'blackmail'

Trump promises Apple he won’t put tariff on iPhones Trump escalates China trade war with extra tariffs
Jeannette Daniel | 20 June, 2018, 08:28

On Monday (Tuesday NZ time) US President Trump threatened tariffs on almost all of China's products shipped to the United States unless Beijing agrees to sweeping trade concessions.

Analysts warned that the risks are growing of an increasingly damaging clash that will ripple around the globe.

U.S. stocks are set to open lower on Tuesday with Dow futures indicating heavy losses of over 300 points.

Stock markets across the region fell Tuesday, with Shanghai closing down 3.78 percent, its biggest drop in two years, and Shenzhen down 5.31 percent.

Read the full report at the New York Times.

This is what a trade war looks like.

Mr Trump said yesterday if China reacted again to his tariffs he would double the impost. Trumps Tariffs spread pain to non-Chinese companies.

"We absolutely understand the centrality of the automotive sector to our economy, to our relationship with the USA and to NAFTA", Freeland said.

Meanwhile, Canadian officials have stressed the two countries' extensive trading relationship and pointed out that Canada is the top export destination for 35 USA states and that 9 million jobs in the United States depend on trade with its northern neighbor.

There are dangers for the USA economy too.

Dr Zhou and her team had looked at the United States imposing tariffs on China without any retaliation, China imposing tariffs on USA goods, and an all-out trade war between the two. Higher prices on imported goods could dampen consumer sentiment and pressure inflation.

Its study says that uncertainty acts like a non-tariff barrier to impede trade and investment by encouraging American companies to move factories back to the USA and reduce incentives for U.S. firms to invest overseas.

More news: Brady hints retirement age in Instagram comment

China said today it would respond with "comprehensive measures" that could target American companies.

Monday night's move sent global stock markets sharply lower and the Dow followed suit when it opened, dropping over 340 points (1.37%) in early trading.

U.S. President Donald Trump announced Monday that he had asked the U.S. trade representative to identify a list of products to subject to 10 percent tariffs on $200 billion worth of goods. In a forcefully worded statement, it said Beijing is ready to "defend the interests of the Chinese people and enterprises".

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage", Trump said.

"The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the USA, but of the world", the ministry said in a statement.

The US announced plans for tariffs this spring, after an investigation into China's intellectual property practices.

President Donald Trump just raised the stakes in the fight with China over trade.

Shares in ZTE dived after the Senate passed legislation on Monday evening that would restore penalties.

China and the United States traded goods and services worth over $650 billion in 2016.

That move comes after his decision to slap a tariff of up to 25 per cent on $50 billion of Chinese imports, including including heavy equipment and medicines.

He says Canada imposes such onerous tariffs on US products - shoes, for instance - that people are forced to "scuff 'em up" in order to "smuggle" them home. Pan said market attention turned to China for "signs of further retaliation".

-With assistance from Kevin Hamlin.

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