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.

Recommended:

  • Daria and Made Being Revived at MTV

    Daria and Made Being Revived at MTV

    The Real World's last season, subtitled " Bad Blood ", debuted in 2016 and aired its last episode in early 2017. The original series, a spinoff of Beavis and Butt-Head, ran for five seasons from 1997-2002 on MTV .
    Parents brawl at youth softball tournament

    Parents brawl at youth softball tournament

    The clip shows almost a dozen adults involved in the altercation, as punches are thrown, while others tussle on the ground. Both teams were disqualified from the tournament at Brickyard Park in Kingsport, Tenn.
    Ant McPartlin latest: Anne-Marie 'romance' branded 'violation of girl code'

    Ant McPartlin latest: Anne-Marie 'romance' branded 'violation of girl code'

    She also said that she'd only found out about the relationship when the story broke in the press on Sunday . There has been no official confirmation from Ant or Anne-Marie on whether the claims are true.
  • Denmark, Australia share the spoils

    Denmark, Australia share the spoils

    Instead, Denmark fell victim to the system, which has worked well so far in the World Cup but isn't flawless . Celtic playmaker Rogic could not help Australia earn all three points against Denmark .
    Algeria goes offline to stop students cheating

    Algeria goes offline to stop students cheating

    Last year, the authorities tried to stop it by shutting down social media access - but that was not thought to be tough enough. Ms Benghrabit also said surveillance cameras and mobile phone jammers had been installed at exam printing presses.
    McLaren F1 courting Red Bull's Daniel Ricciardo with $20 million offer

    McLaren F1 courting Red Bull's Daniel Ricciardo with $20 million offer

    The Aussie's name was in the news again today as reports of McLaren offering $20 million for his services came out of Germany. If he does go, they probably want a more experienced driver to come in.
  • Verizon to stop selling phone location data to third parties

    Verizon to stop selling phone location data to third parties

    Sprint, in a statement to The Verge , confirmed that it would be ending the sale of subscriber location data as well. Privacy advocates called the carriers' decision a small victory, but called for further safeguards on consumer data.
    Morocco Caused Portugal a Lot of Trouble: Coach Santos

    Morocco Caused Portugal a Lot of Trouble: Coach Santos

    Cristiano Ronaldo became Europe's top global scorer, but Portugal were lucky to come out on top against a resilient Morocco. Morocco officially is eliminated from World Cup 2018 contention with its second loss in as many games.
    Prices Dip Slightly on Reports Iran May Agree to Small Production Hike

    Prices Dip Slightly on Reports Iran May Agree to Small Production Hike

    OPEC will discuss possible changes to the supply-cut deal in the Austrian capital later this week. Zanganeh was due to attend a ministerial committee on Thursday, two sources said.
  • Koko, the Bay Area gorilla who knew sign language, dies at 46

    Koko, the Bay Area gorilla who knew sign language, dies at 46

    Koko was born on the Fourth of July, 1971, at the San Francisco Zoo; her full name, Hanabi-Ko, is Japanese for "fireworks child". Five years later, the Gorilla Foundation was created in the Santa Cruz Mountains, about 40 kilometers south of San Francisco.
    Lucky Costa goal sees Spain past dogged Iran

    Lucky Costa goal sees Spain past dogged Iran

    Following the Morocco win, thousands took to the streets in rare and wild celebrations including many women. We will wait and see if they can conjure up something even more spectacular against Portugal next week.
    The World's Best Restaurant Is Osteria Francescana

    The World's Best Restaurant Is Osteria Francescana

    Massimo Bottura accepted the award for the three-Michelin-star restaurant in Modena, Italy, saying, "This is unbelievable . It's also the best restaurant on the African continent . "I don't have the answers".


Popular

Melania Trump visits with immigrant children at Texas border
In allowing journalists to accompany her, Melania Trump ensured that her meetings with immigrants would be well publicised. On Wednesday, Grisham said that Trump urged her husband to end the family-separation policy.

'Love Island' 2016 star Sophie Gradon has died
While Geordie Shore starlet Holly Hagan wrote in disbelief: "You were only helping me battle the Twitter trolls yesterday". Co-star Olivia Buckland wrote on Twitter: "Awful terrible news this morning". "Awful terrible news this morning".

Ozark Season 2 Premiere Date, Trailer Revealed: What Is the Endgame?
Bateman's other Netflix series, Arrested Development , is still awaiting word on a release date for the second half of Season 5. The stakes are even higher than before and The Byrdes soon realize they have to go all in before they can get out.

Reporter groped, kissed during live FIFA World Cup broadcast in Russian Federation
Ms Theran said she had been working in sports reporting for a long time and she had never been attacked, even though she was "exposed to the fans and some insane people".

Confusion reigns over fate of detained migrant children
And it revises the longstanding preference for family visas in favor of a merit system based on education level and work skills. Because any illegal border crossing is prosecuted, parents and children are separated during the legal process.

Israel says indicts ex-cabinet minister over alleged spying for Iran
He tried to appeal this ruling and asked Minister of Health Yaakov Litzman to restore his license, but Litzman refused. But Segev's lawyers, Eli Zohar and Moshe Mazor, said some of the allegations in the Shin Bet statement were overblown.

Croatia boss Zlatko Dalic: Argentina will be our 'easiest game'
We are getting a good price on the draw and it is a fair result so it is the wager which I am going to suggest for this game. It's hard to tell my teammates something new about Messi, as he is an outstanding player.

Microsoft buys student social video platform Flipgrid
Flipgrid is a video tool that allows teachers and students to engage with one another, the way they know how. With this deal, Flipgrid's services will be integrated into the products offered by Microsoft .

Phillies fan injured when Phanatic shoots hot dog into stands
She's not considering legal action, she told ABC 6 News and understands why people might find her story slightly amusing. Using his customary launcher, the Phanatic sent a hot dog to fans behind home plate, where Kathy McVay was sitting.

Telstra hit by more mobile outages
Another Telstra mobile network outage on May 1 also disconnected mobile phones from the 4G network nationwide for two hours. MVNOs are telcos that use the Telstra network to sell phone plans on to customers.