China stocks face 'darkest hour' after fresh Trump tariff threat

China labels Trump tariff threat as ‘extreme pressure and blackmailing’ | TheHill

Trump agreed to end a ban on the sale of US parts to Chinese telecommunications firm ZTE, while celebrating China's offer to increase its importation of American farm products as a major trade victory.

The U.S. imported $505 billion of goods from China previous year.

With the world's two largest economies on the brink of a full-fledged confrontation, spooking markets and worrying business leaders, Trump on Monday said he was pushing forward with fresh punitive measures over Beijing's "unacceptable" move to raise its own tariffs.

Worries about a trade war between the US and China has been brewing for most of the year as the two countries have traded threats.

China has condemned Donald Trump's threat to impose 10 per cent tariffs on $200 billion worth of Chinese goods as "blackmail" and warned it was prepared to take countermeasures if Washington goes through with them.

For Trump, who has declared trade wars "easy to win", the escalating tariffs represent the fulfillment of a campaign promise to crack down on China and reduce the US trade deficit to support U.S.jobs.

"The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the US, but of the world", the ministry said in a statement.

The escalation in the dispute with China may also serve as a warning to other trading partners with whom Mr. Trump has been feuding, including Canada and the European Union.

China's commerce ministry reacted swiftly, saying: "If the USA acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures".

More news: Missing woman found inside Python's stomach in Indonesia

"The fundamental reality is that talk is cheap", Navarro told reporters on a conference call, again accusing China of "predatory" trade policies.

According to a report in Monday's New York Times, in the midst of the escalating trade war rhetoric between the USA and China, Apple CEO Tim Cook has allegedly been given a promise from the Trump administration that the Apple iPhone, assembled in China, will not be slapped with any tariffs for its trip across the us border. "At the president's direction, USTR is preparing the proposed tariffs to offset China's action".

Trade frictions between the United States and Canada have been particularly strained in recent weeks, with Trump taking umbrage at remarks by Canadian Prime Minister Justin Trudeau that were critical of the heavy USA tariffs.

"Any further action might include punitive measures against American companies operating in China, such as removing privileges and excluding them from any future deals", he said.

China does not import almost enough U.S. goods to hit back if Trump imposes the full tariffs on $450 billion worth if goods that have been threatened. None of the tariffs could take effect for 60 days.

"However, and unfortunately, China has determined that it will raise tariffs on Dollars 50 billion worth of United States exports".

Earlier this month, the US slapped new tariffs on aluminum and steel from countries, including Canada. Trump's June 15 tariffs came in response to a months-long investigation that documented trade practices from forcing US companies to share trade secrets to subsiding domestic industries which have been widely condemned as unfair.

"Trump appears to be employing a similar tactic he used with North Korea, by blustering first in order to gain an advantage in negotiations", said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.

However, "history shows that there are various other measures [China] could take to inflict pain on U.S. companies, especially those present in China, including scaled up health, safety and tax checks, delaying the imports of goods, and boycotts of United States goods", he said.

Related News:

  • 3 dead, dozens injured by quake in Osaka in western Japan

    3 dead, dozens injured by quake in Osaka in western Japan

    Multiple small aftershocks followed, and an official from Japan's meteorological agency warned residents to remain on guard. Scattered objects lie in the kitchen of a damaged house in Osaka, following an natural disaster Monday, June 18, 2018.
    South Carolina Primaries: Sanford Loses, Parnell Wins, McMaster Headed To Run-Off

    South Carolina Primaries: Sanford Loses, Parnell Wins, McMaster Headed To Run-Off

    Sanford also likened GOP support for Trump to a "cancerous growth" in the party in an interview with Rolling Stone magazine. Today, three hours before the polls closed, President Trump came out against Sanford , calling him "nothing but trouble".
    First lady Melania Trump

    First lady Melania Trump "hates" to see families separated

    Mr Trump has blamed a law "Democrats gave us" for the policy, but it is unclear which law he is referring to. They chanted "Families united!" and "Free our children now!", reported NPR.
  • Three Things We Learned From Day 1 Of The World Cup

    Three Things We Learned From Day 1 Of The World Cup

    Despite the loss, Egypt - in their first World Cup for 28 years - matched their opponents for large spells and defended stoutly. Uruguay should provide their most hard test in the group stage, as they are packed with quality at both ends of the pitch.
    Switzerland holds Brazil to 1-1 draw

    Switzerland holds Brazil to 1-1 draw

    Switzerland now face Serbia and then Costa Rica in Group E after taking a valuable point off the Brazilians. Westwood reckoned that both instances could've gone in Brazil's favour had the referee opted to use VAR.

    Sony Issues Statement Regarding Fortnite Cross-Platform Play on PS4

    Fortnite is already a huge hit with PS4 fans, offering a true free-to-play experience so gamers can jump in and play online. Of course, there are other, more reasonable explanations for not supporting cross-platform play on certain devices.
  • 'Race 3' gets Salman Khan a racy start at Chennai BO

    'Race 3' gets Salman Khan a racy start at Chennai BO

    Along with Salman Khan , Jacqueline Fernandez, Anil Kapoor, Bobby Deol, Daisy Shah and Saqib Saleem are also part of the ensemble. Time and again, Salman has proved that he is the undisputed king of box office, and Race 3 has only strengthened it.

    Audi boss Rupert Stadler arrested over suspected fraud in diesel emission scandal

    Volkswagen, which last week agreed to pay a fine of €1 billion ($1.2 billion) imposed by German prosecutors, confirmed the arrest. The executive was arrested at his home in Ingolstadt in the early hours on Monday, they said.
    Ronaldo says Mohamed Salah can challenge him, Messi for top prizes

    Ronaldo says Mohamed Salah can challenge him, Messi for top prizes

    Against this backdrop, it has emerged that PSG's president, Nasser Al-Khelaifi, is to attend Portugal's World Cup opener against Spain tonight.
  • Sri Lanka delay play in West Indies Test amid ball-tampering row

    Sri Lanka delay play in West Indies Test amid ball-tampering row

    Sri Lanka's cricketers refused to take the field on the third day of the second cricket Test against the West Indies at St. The ICC's ruling comes following a standoff between Chandimal's Sri Lankan side and the officials on day three of the Test.

    "Wonder Woman 2" Now Has An Official Title | Tanya Rad

    Judging from the pictures, it looks like fans are going to get a lot more of Chris Pine! But there are definite questions. The events of "JL" took place in modern times, yet she was grieving like the pain was still fresh.
    Saudi-led coalition keeps up Hodeidah assault before UN meeting

    Saudi-led coalition keeps up Hodeidah assault before UN meeting

    Meanwhile, the UN and Western nations say Iran has supplied the Houthis with weapons from assault rifles up to ballistic missiles. The Houthis deny they are Iranian pawns and say their revolt is against corruption and defending Yemen from invaders.


Most liked

Best Trade Offers Cavs Can Make for Kawhi Leonard
The question is whether either team would put their best assets on the table for Leonard without a guarantee he would re-sign. They have the No. 8 pick in this week's draft and would most likely also send Kevin Love or Tristan Thompson for Leonard .

Trump administration pulls United States out of UN human rights council
Critics say this sends a message that the administration turns a blind eye to human rights abuses in some parts of the world. It was not immediately clear if the US would remain a non-voting observer on the council.

England ready for first training session after arriving in Russian Federation
Around 400 locals watched England's first training session, with children given Three Lions goodie bags at the start of a session that ended with the players signing autographs.

The Incredibles 2 has absolutely destroyed a huge box office record
Playing in 503 locations, the long-delayed film which boasts a 0 percent rating on Rotten Tomatoes , took in $1.7 million. Sony's Superfly , which opened on Wednesday, is expected to bring in up to $8 million for its five-day opening.

Bouhaddouz in dubious list of 'selfie' goal scorers
The only shame was the large number of empty seats, with many supporters still queueing to get through security 15 minutes before kick-off.

United Nations council meets amid call for freeze on Yemen port offensive
Ambassador Obaid Salem al-Zaabi made the comments during a news conference with journalists Thursday. A proxy war is playing out in Yemen between Iran and US ally Saudi Arabia.

Trump Wants to Be Treated Like North Korea Chief Kim Jong
At a rally in February, he said Democrats in Congress were treasonous because they did not clap at his State of the Union speech. And he didn't even inform the Seoul government beforehand, leaving it publicly grasping for information on US intentions.

Former Trump campaign chief Manafort sent to jail
Three US marshals led Manafort out of the courtroom into the prisoner holding area immediately after the judge's ruling . In the past month, Manafort finally came up with a plan to post some of his own and others' properties for his bail.

Slain Kansas deputies were both parents
Investigators said the inmate may have grabbed a weapon from one of the deputies during a struggle late Friday morning. Authorities said it was too early in the investigation to publicly detail how the shootings could have happened.

WC 2018: Salah doubtful even after Egypt training
Mohamed Salah will be given until the last moment to prove he's fit to play in Egypt's World Cup opener against Uruguay on Friday .

Colorado wildfires: Crews battling dry conditions, winds up to 30 miles per hour
When Kristy Vogt was placed on pre-evacuation notice, she took to her back yard grabbing a box of sidewalk chalk, and got to work. At least six wildfires are burning in the state of Colorado this week, bolstered by hot, dry winds and no rain in the forecast.

Premier League fixtures: Arsenal face Man City, Chelsea in first two games
The first Manchester derby takes place at City's Etihad Stadium on November 10, with the second at Old Trafford on March 16. Of course, all the above dates and times are subject to change, but as it stands, this is how the campaign will pan out.

Rafael Nadal beats Juan Martin del Potro to reach French Open final
After breaking Nadal's serve to take the ninth game, Schwartzman hit a forehand victor at 40-30 to take the first set 6-4. I know I have to play my best if I want to have chances. "He's a big favorite against everybody", Thiem said.

England striker Marcus Rashford suffers World Cup injury scare
The organisation has also produced an online blog on the Be on the Ball: World Cup 2018 website to offer advice for travelling fans.

Microsoft remains committed to Xbox, next gen consoles coming soon
As the seasons change on screen so do the driving dynamics of the vehicles and the roads on which you're driving. Microsoft has announced this development onstage during the company's E3 presentation.