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China retaliates on tariffs; markets go into a slide

China retaliates on tariffs; markets go into a slide”

Going forward, however, the fallout from increased tariffs on Chinese goods will dampen global oil demand, as well as cause more stagnation in global growth, while Trump's indication that he could impose new tariffs on another $300 bn worth of Chinese goods could be severely damaging for global growth, especially still fragile emerging markets.

As US President Donald Trump made the case Monday on Twitter that tariffs were boosting the pace of US economic growth, Beijing finally announced its retaliation against the newest trade war escalation.

China's Global Times editor in chief Hu Xijin has reported Beijing is also considering stopping the purchase of U.S. agricultural products which could affect American farmers.

In Beijing, a spokesman for the Chinese Foreign Ministry said the country would "never surrender to external pressure".

Sen. Rand Paul, R-Ky., told ABC's "This Week" on Sunday that he advised the president to finalize a trade deal with China soon, "because the longer we're involved in a tariff battle or a trade war, the better chance there is that we could actually enter into a recession because of it".

White House economic adviser Larry Kudlow said on Sunday that China needs to agree to "very strong" enforcement provisions for an eventual deal and the sticking point in negotiations was Beijing's reluctance to put into law changes that had been agreed upon. Beijing has balked at USA demands that it use its legislative process to enshrine changes in law, saying it can use other state directives to accomplish its aims.

The move followed accusations by US President Donald Trump that Beijing "broke the deal" by reneging on earlier commitments.

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The "points" are a reference to the percentage increase in tariffs on Chinese goods, from 4 per cent to 25 per cent, compared to a more modest tariff hike the Chinese have recently enforced in the other direction. He said officials might be anxious companies may shift operations out of China in response to "aggressive retaliatory actions".

"The above measures by the United States have led to an escalation of Sino-US economic and trade frictions, contrary to the consensus between China and the United States on resolving trade differences through consultations, jeopardising the interests of both sides and not meeting the general expectations of the worldwide community". "Buyers of product can make it themselves in the U.S. (ideal), or buy it from non-tariffed countries".

The Ministry also said in another statement that importers and associations can apply for exemptions for goods on the tariff lists. What that means for soybean growers is that we're losing. "In fact, both sides will pay".

Beijing is running out of imports to penalize due to the lopsided U.S.

"Many tariffed companies will be leaving China for Vietnam and other such countries in Asia". "The Chinese will suffer (economic) losses and so forth with respect to a diminishing export market".

China's vice-premier, Liu He, listens to U.S. Trade Representative Robert Lighthizer as they exit the office of the U.S. Trade Representative on Friday. "It is no big deal". The Nasdaq added 0.1% to 7,916.94, while the Russell 2000 index of small company stocks picked up 0.2% to 1,572.99.

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