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.

NYPD Shot and Killed a Mentally Ill Black Man in Brooklyn
According to The New York Times , police had encountered Vassell before and classified him as emotionally disturbed. In all, three plainclothes officers and one uniformed officer fired 10 rounds between them, Monahan said.

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.

Related:

Comments

Latest news

UFC Fights Cancelled After Conor McGregor Attacks Rival Fighters' Bus
McGregor spent Thursday night in a Brooklyn police station, after surrendering, and was escorted to a criminal court in handcuffs. This is the furthest thing from a stunt. " This is way bigger than 'are you going to fire the guy?' This is criminal ", he said .

Long-lost daughter reunited with family after 24 years
On Monday, Mr Wang and Kang Ying spoke for the first time via a voice messenger app, thecover.cn reported (in Chinese). She had been told by her adoptive father that she was found on the side of the road and did not have a mother .

SnapChat is Releasing Special AR Lenses for iPhone X Users
Since, TrueDepth technology is limited to iPhone X only, the feature is exclusive for the owners of this smartphone. At the launch of the iPhone X , Craig Federighi's demo using some new Snapchat Lenses blew everyone's minds.

Remains Of Senator Bukar Laid To Rest In Daura
Senator Bukar, who represents Katsina North ( Daura Zone) in the Senate, died around 10.am on Wednesday following an illness. Bukar who was born in Daura , Katsina State, in December 1953 was 1978 graduate of Engineering of Ahmadu Bello University .

Fortnite vending machines locations: Your guide to finding them all
The locations are now spread out all over the island map and can be accessed on both the interior and shoreline of the island. And that's all you need to know to find hidden gnomes in Fortnite Battle Royale and tick the challenge off the list.

Apple will claim it invented the curved screen soon
There is also no word on whether Apple will actually bring these capabilities into the market. According to Bloomberg , the new features are touchless gesture controls and curved displays.

Brazil's Lula must start prison term, Supreme Court rules
However, numerous exceptions to the law, known as the " clean slate ", have been made since its introduction in 2010. An arrest warrant is reportedly expected in a matter of days.

President Trump blames state of DACA on Democrats
DACA stands for "Deferred Action on Childhood Arrivals". "It's frustrating because we're in limbo right now", Agustin added. Trump has previously called for the "nuclear option" - changing Senate rules to end the filibuster.

Facebook Live Captures Moment Houston Man is Shot in the Head
Holmes was nervous when Damper picked up the gun. " It ain't got no clip, bud ", the other man in the auto is heard saying. THIS is the horrific moment a man is accidentally shot in the head on Facebook Live while his pals mess about with guns.

Spotify soars in $26 billion stock debut
Since 2006, the firm has expanded to having 157mn users across the globe with 71mn people paying a monthly subscription fee. It's not really been a good time for technology stocks, but on the day of Spotify's debut the Nasdaq closed up 1 .06%.

Trump wants to withdraw US troops from Syria
The U.S. and Russian Federation are fighting two separate campaigns against ISIS in Syria. Sometimes referred to as land, taking it all back.

Winnie Mandela Should Have Been President, Says Head Of S.African Left
People pay their respects outside the home of Winnie Madikizela-Mandela in Soweto, South Africa, April 2, 2018. The couple were divorced in 1996, two years after Nelson Mandela became South Africa's first black President.

State Advisory Council To Explore Expansion Of Texas Medical Marijuana Law
They also recommend the legislature provide state protections for traveling families authorized to use of medical marijuana in other states.

Global shares recoil as China retaliates in U.S. trade war
Trump has also ordered his treasury secretary to weigh new limits on Chinese investment in the United States. With the arrival in 1995 of the Geneva-based World Trade Organization, Section 301 largely faded from use.

Trade hostilities escalate as China slaps 25% tariff on United States soybeans
The U.S says China treats American companies unfairly by restricting access to its markets and stealing proprietary technology. China has imposed tariffs of its own in response to Trump's actions and remains optimistic about its manufacturing potential.

Other news