Trade war with China: What you need to know

Trump said on Thursday he had ordered USA trade officials to consider tariffs on an extra $100 billion of imports from China, escalating tensions with Beijing. In response to Trump's moves, Beijing threatened to impose tariffs of its own on more than 100 USA goods, ranging from soybeans and cars to whiskey, tobacco, chemical products, and brewing and distillation dregs.

All three indexes opened with steep losses Friday following President TrumpDonald John TrumpPruitt directed staff to approve raises for top aides: report Trump's trade rep: Threat of new tariffs "appropriate response" to China GOP senator on tariff threat: Hopefully Trump is blowing off steam because "this is nuts" MORE's latest threat of more tariffs on China.

"The market is getting more concerned about the possibility of a trade war between the United States and China", said Tom Cahill, portfolio strategist at Ventura Wealth Management.

It's also more than the $200 billion or so of imports that Trump has threatened tariffs on.

"We don't expect a trade war", Edward Yardeni, president and chief investment strategist at Yardeni Research told his clients in a note earlier this week.

The strength among treasuries also came following the release of a report from the Labor Department showing USA job growth slowed by much more than anticipated in the month of March.

A US trade official said Wednesday that the administration was moved by concerns that China is increasing its use of unfair trade practices, expanding them from industries such as steel to high-tech industries where USA companies dominate. The CEPR's Baker, for one, concedes that China does appear to manipulate its currency to obtain an unfair trade advantage over the US, with whom the nation presently has a $375.2 billion trade surplus, according to the most recently available data.

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US officials sought to downplay the threat of a broader trade dispute, saying a negotiated outcome is still possible.

" Does not want a trade war because no one will emerge as a victor", said Wang Shouwen.

Nor has China set a date for imposing tariffs on the 106 products it has targeted. That came with the US considering duties on an additional $100 billion in goods imported from China.

Many Europeans also rail against cash-flush Chinese tycoons who have snapped up European companies, sports clubs and airports, all while foreigners are barred from investing in equivalent industries in China. The U.S. buys $506 billion worth of goods from China but only exports $130 billion, leaving a trade deficit of $375 billion between the two countries.

US stocks closed sharply lower Friday as Wall Street reacted to the latest escalation in the trade fight between the USA and China. In a statement the transit agency said, "CTA is looking into the possible impacts, if any, of the proposed tariffs on our current rail auto contract". Soybean prices fell to their lowest level in two years on Wednesday after China's list came out, Bloomberg reported.

"So we may take a hit and you know what, ultimately we're going to be much stronger for it", Trump said. "Now we only have one issue to deal with, and that's trade". Industry groups had lobbied hard against the tariffs, pointing out that imports of clothing are already heavily taxed at the border. "We represent 6 percent of the imports but account for 51 percent of the tariffs".

The US measures mainly goods that allegedly benefitted from China's theft of US intellectual property.



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