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Stock market finally reflects negatively to Trump's trade war talk

Stock market finally reflects negatively to Trump's trade war talk

Less than a week into the trade war with China, President Trump is already thinking about levying more tariffs against goods imported from that nation to the U.S.

China's exports have mushroomed since it joined the World Trade Organisation in 2001, making it the world's second-largest economy and prompting widening criticism in recent years from trading partners that it has unfairly used global trade rules to its advantage. By expanding the list, the administration is beginning to hit products that United States households buy, including such things as electric lamps and fish sticks.

The additional tariffs could affect as much as $468bn in trade between the two countries, with the possibility of an ever more expansive levies that US President Donald Trump threatened to impose on China.

Goods to be targeted range from chemicals and construction materials to fabric and buttons to handbags and food products to boats and air conditioners - a sweeping inventory that would inflict economic pain across China's manufacturing sector while jacking up prices for US businesses and consumers.

"China's export sector will therefore suffer a significant deterioration in export competitiveness to the U.S. compared to other emerging markets' manufacturing exporters, such as Vietnam, South Korea, Thailand, Bangladesh, Mexico and Brazil", he added.

Senate Finance Committee chairman Orrin Hatch, a Republican, said the move "appears reckless and is not a targeted approach".

Last week, China and the USA imposed another round of tariffs on each other, and the USA said on Tuesday that it could impose tariffs on an additional US$200 billion worth of Chinese imports.

Trade negotiations in the previous months have failed and the trade war officially started last week when the two countries imposed 25 per cent of each other's products worth of US$34 billion. Beijing has retaliated with duties on the same value of USA imports, ranging from soybeans to cars, and has vowed to respond proportionally to any new U.S. tariffs.

"We will take firm and forceful measures", Hua Chunying, a Chinese Foreign Ministry spokesperson, said of the latest round of tariffs but gave no other details of what exactly Beijing plans to do in response.

China has imposed retaliatory tariffs on $US34 billion of American goods as a trade war begins.

Just days after firing the first shot in its trade skirmish with Beijing, the Trump administration unveiled a list of 6,000 Chinese products ranging from toilet paper to baseball gloves that will face a 10pc tariff.

"Concerns over trade and trade wars are really having an adverse effect, less so on the USA markets than the worldwide markets, but it is certainly taking a bite". There is no victor in a trade war.

"The Chinese side is shocked by the actions of the U.S.", it said in a statement, according to a translation by Google.

The US complains that China uses predatory practices in a push to challenge American technological dominance.

Auto parts retailers, which would also be affected by the latest tariff threats the US lobbed at China, fell more steeply than the broader market.

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent, while the main indexes in Hong Kong and Shanghai fell more than 2 per cent.

'Tariffs on $200 billion in Chinese products amounts to another multibillion-dollar tax on American businesses and families, ' trade lawyer Scott Lincicome said.


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