The question marks over Trump's trade policies

Markets drop over trade war fears

The White House has warned that if China goes through with its promise to retaliate against the USA tariffs announced last week, the United States will impose tariffs on an additional Dollars 200 billion worth of Chinese goods.

Now, Trump has said if China does not change its "unfair practices related to the acquisition of American intellectual property and technology" new tariffs on another US$200 billion worth of Chinese goods will follow.

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods", Trump said about China's retaliatory tariffs.

A trade spat between the top two economies of the world began in April with Trump imposing tariffs on steel and aluminium imports into the United States from China, which also retaliated by imposing additional tariffs worth about Dollars three billion on 128 United States products. China imported $129.89 billion of US goods a year ago, while the United States purchased $505.47 billion of Chinese products, according to USA data.

Investors had hoped Mr Trump's loud threats were nothing more than bluster but as a trade war looms between the world's two biggest economies, global stocks markets sank.

Washington's dispute with China is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

An article on page two of the Communist Party's flagship newspaper said the fundamentals of the Chinese economy haven't changed despite shifts in the domestic and external environment, and a separate story touted the government's fiscal policies as pro-growth.

President Trump announced today that he's retaliating for China's retaliation against last week's tariff announcement.

On Wall Street, the Dow Jones Industrial Average closed down 1.1% on Tuesday.

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"It was a trade war that put the Great in the Great Depression".

USA stocks started Tuesday's session in a sea of red after President Donald Trump threatened to place tariffs on an additional US$200bn worth of Chinese imports.

"No Chinese leader is going to want to appear to be pushed around by any United States president so they are retaliating and digging their heels in", said Mark Avallone, President and Founder of Potomac Wealth Advisors.

"I have an excellent relationship with President Xi (Jinping), and we will continue working together on many issues".

Jacob Parker of the US-China Business Council in Beijing, said China would undoubtedly "begin looking at other ways to enforce action against US companies that are operating in the market".

But he admits Trump has a point when it comes to the export of United States dairy products to Canada.

Last week, Mr Trump confirmed that the USA would impose 25% tariffs on $50bn worth of Chinese goods. The tariffs were quickly matched by China on USA exports.

Since June 1, steel and aluminium imports from the European Union, Canada and Mexico have been hit with tariffs of 25 per cent and 10 per cent, respectively.

"Beijing will not panic in response to Trump's latest threat, but will be deeply concerned", said Eurasia Group in a report. "The rising risk of a disruptive trade conflict makes a bad situation tentatively worse".

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