Trump Threatens Another $200 Billion in Chinese Tariffs as US Stocks Plunge

The Hang Seng index in Hong Kong lost 2.8 percent.

Away from Mr Trump's dispute with China, Russia said it would impose tariffs on certain American goods in response to the recent tariffs placed on steel and aluminium imports by the US.

He also warned of "additional tariffs" should China retaliate. On Friday evening, China announced tariffs on United States products of an equal amount and implemented them on the same date (6 July) as the USA intends to implement tariffs on China.

"It may not be the end of the matter as USA officials are looking at another US$100 billion of Chinese imports on which they could impose tariffs if desired", he said.

But Beijing's mention of "comprehensive measures" suggests that it would go beyond tariffs, said Jake Parker of the U.S.

President Donald Trump had announced a 25% tariff on up to 50 billion dollars (£37 billion) in Chinese imports. S&P 500 futures were off 1 percent and Dow Jones futures were 1.1 percent lower.

The Dow slid 42.41, or 0.2 percent, to 24,657.80.

At the heart of the dispute is the ballooning trade deficit between the U.S. and China.

While the strong dollar affected commodities across the board, investors in US agricultural commodities appeared particularly anxious.

Trump accused Beijing of being unwilling to resolve the dispute over complaints it steals or pressures foreign companies to hand over technology.

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China is retaliating by raising import duties on $34 billion worth of American goods.

Within the U.S. equity market, investors have targeted smaller companies with a domestic focus. Apple fell 1.9 percent to $185.16 and Facebook gave up 1.2 percent to $195.92.

Markets in Asia and Europe recovered some of Tuesday's losses. -China Relations. Companies in the Standard & Poor's 500 derive a collective 5.5 percent of their revenue from China, according to the data firm FactSet. The euro dipped to $1.1572 from $1.1575. The dollar fell to 110.02 yen from 110.44 yen.

Companies also are watching the fate of ZTE Corp. The move, which went into effect March 23, was seen as targeting China particularly and included temporary exemptions that shielded US allies Canada, the European Union and Mexico.

-China Business Council. Parker suggested that such steps might include delaying or denying licenses required by USA companies in China. After a two-day meeting, the BoJ said it would retain its current framework, pointing to a disappointing lack of progress towards its longstanding 2.0 percent inflation target. Other media companies are rallying as investors hope for more deals.

The 10-year U.S. Treasury note yield touched 2.871 percent, its lowest since June 1.

The Canadian dollar weakened to a one-year low of C$ 1.3237 overnight, before paring some of its losses, as investors anxious about Canada's trade feud with the United States. The yield on the US 10-year Treasury fell to 2.88 percent from 2.92 percent.

Targeting petroleum puts the Trump administration's "energy dominance" agenda in Beijing's cross-hairs as USA shale has grabbed share from Middle East suppliers in Asia. Acacia Communications gave up 4.5 percent to $33.68 and Oclaro sagged 3.4 percent to $8.71. Oil slipped and the dollar edged lower.

Brent crude futures fell 0.8 percent to $74.76 a barrel after rallying 2.5 percent overnight, while US light crude futures retreated 0.9 percent to $65.27. Wall Street was also weaker at the opening bell. The drugstore chain and pharmacy benefits manager said it will start making home deliveries of prescriptions and other items. While the U.K.'s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index and the German DAX Index slumped by 1.1 percent and 1.2 percent, respectively.

(Copyright © 2015. All Rights Reserved.)
 
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