Trump tariffs: Markets fall as trade war fears mount

22 June, 2018, 02:26 | Author: Eric Barnett
  • China and US trade talks

Trump said that Canada produced energy and timber but that it was time for them to stop taking advantage of the United States on trade.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology". They say those violate Chinese market-opening commitments under the World Trade Organization. Weaker Chinese growth will have repercussions for big trading partners, such as the United States and Europe, and for global companies who do business there.

Global stock markets fell Tuesday after U.S. President Donald Trump escalated a dispute with China over technology policy by threatening a tariff hike on an additional $200 billion of Chinese goods. The administration has identified $200 billion in Chinese exports it plans to add tariffs to, on top of the original $50 billion in products it first made a decision to go after. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.

The Canadian government believes a deal to update NAFTA is still possible despite a US move to impose tariffs on Canadian and Mexican steel and aluminum, Foreign Minister Chrystia Freeland said in Ottawa on Tuesday. "This method leads to the loss of people's trust and harms the interests of people and enterprises from both China and the US and harms the interests of the people of the entire world".

Tariffs on other U.S. goods will be announced at a later date, the Xinhua news agency reported.

These penalties would take effect, the White House said, "if China refuses to change its practices" and proceeds with its plans for retaliatory tariffs. The United States sold only $130 billion of goods to China past year.

Trump says in a speech before a small business group that Mexico hasn't done enough to address the flow of drugs through the southern border.

Trump's announcement fuelled fears that economic losses, limited so far to companies hit by US or Chinese tariff hikes, might spread if the dispute chills global trade.

The index remained close to 95.131, though, a peak scaled on Friday, thanks to the dollar soaring more than 1 per cent last week after the US Federal Reserve gave a hawkish signal on interest rates while the European Central Bank struck a dovish tone.

If the tariff hike goes ahead, "China will have to adopt comprehensive measures that combine quantity and quality", the statement said. For that to happen though, it is important that the iPhone be allowed to cross the USA and China borders unfettered by tariffs.

But a top White House trade adviser reportedly said he didn't have any knowledge of such an exception.

"It may not be the end of the matter as U.S. officials are looking at another US$100 billion of Chinese imports on which they could impose tariffs if desired", he said. Chips from non-Chinese wafer fabs sold to American companies that pass through those facilities likely would not be hit.

Separately, the Chinese Commerce Ministry has hit back accusing the U.S. of blackmailing by threatening to slap additional tariffs on Dollars 200 billion of Chinese goods and warned that it would hit back with comprehensive measures if Washington went ahead with the plan.

Moments before Freeland's testimony, Trump unleashed a fresh attack, accusing Canadians of sneaking their American shopping back home - all because of what he calls "massive" tariffs on American goods.


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