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China hits back in trade war with US

China hits back in trade war with US”

China's finance ministry said on Monday it planned to impose tariffs ranging from 5% to 25% on 5,140 USA products on a target list worth about $60 billion from June 1, striking back after the United States raised duties last week.

It is the threat to impose tariffs on the $300 billion or so remaining imports from China that cause the greatest concerns.

Such a move would send US borrowing costs soaring, strengthen the yuan and hurt Chinese exporters.

Shares of Uber Technologies Inc dropped 11.3%, more than doubling their losses since the ride-hailing giant's poorly received Wall Street debut on Friday.

The plunging of the Dow is in response to increasing tensions between Washington and Beijing.

US -imposed tariffs will put pressure on China to make a deal because they will make Chinese products more expensive for Americans, and Chinese manufacturers will therefore sell less.

"These retaliatory tariffs from China could not come at a worse time for family farmers and ranchers, who are already coping with depressed commodity prices, environmental disasters, and chronic oversupply", Johnson told Newsweek in an emailed statement.

The latest trade talks ended Friday with no word of progress after Washington accused Beijing of trying to backtrack on earlier commitments. After being pressed by Fox News Sunday anchor Chris Wallace, Kudlow said that "in fact, both sides will pay".

On Friday, Trump raised tariffs on $200 billion of Chinese goods, from 10 per cent to 25 per cent.

The latest US charges could knock 0.5 percentage points off annual Chinese economic growth, economists said.

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"The risk of a full blown trade war has materially increased", they said in a report.

Earlier on Monday, the United States president said China would be "hurt very badly" if the country did not make a deal with the US.

President Trump wrote on Twitter Saturday, "I think that China felt they were being beaten so badly in the recent negotiations that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win".

The flags of China, US and the Chinese Communist Party are displayed in a flag stall at the Yiwu Wholesale Market in Yiwu, Zhejiang province, China, May 10, 2019.

On Friday, a late-day rally spurred by upbeat comments by US officials pulled markets higher after an early slump triggered by the escalation in the trade war.

Less than two hours after Trump tweeted a warning that "China should not retaliate - will only get worse!" the Ministry of Finance in Beijing unveiled the measures on its website.

China's Vice Premier Liu He looks on as US President Donald Trump speaks.

Investors are losing faith that a U.S.

"It's no big deal".

The deteriorating trade negotiations follow what has been a mostly calm period of trading where solid economic data and corporate earnings helped push the market steadily higher. Chinese officials said they hoped that the US side would meet them halfway, describing the standoff as just a "setback". "Losing a valuable market, losing stable pricing, losing an opportunity to support our families and our communities", said Davie Stephens, president of the American Soybean Association.

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