World stock markets fall on trade fears and rate hike worries

"And the US$200 billion we're talking about could take place very soon, depending on what happens with them. -China trade war has now become even more hard to discern as both sides step up their attacks and counter-attacks", said Cornell University economist Eswar Prasad, former head of the International Monetary Fund's China division. Exports from the world's second biggest economy increased by 9.8 per cent while its imports rose by 20 per cent compared to the same month previous year, according to customs data. The imports are equal to almost 40 percent of all the goods China sold the USA previous year.

China, the United States' largest trade partner, has had tariffs put on $50 billion worth of imports since July and the trade war shows no sign of easing.

"Because all tariffs ultimately show up as a tax on US consumers, they will increase the cost of Apple products that our customers have come to rely on in their daily lives". In the past Trump has allegedly assured CEO Tim Cook that the iPhone wouldn't be affected, but the leader has reversed course on other promises in the past.

With no settlement in sight, the spiraling conflict between the two biggest economies has fed fears it will chill global trade and economic growth.

But the tariffs do not appear to have dented the appetite for Chinese-made products in the United States. Doing so would escalate a confrontation between the world's two biggest economies and likely squeeze USA companies that import everything from handbags to bicycle tires. "That changes the equation".

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At the same time, Apple is already using components sourced from US manufacturers in some of its products. The tariffs would pressure China to stop that behavior, the administration has said.

"I'm being strong on China because I have to be", Mr Trump told reporters on board Air Force One on a flight to North Dakota.

Apple doesn't actually run its own factories in China, but uses contract manufacturers like Foxconn to build the iPhone and other products.

In an interview with Bloomberg, White House economic adviser Larry Kudlow suggested that President Trump would be willing to meet with China's Xi Jinping, and possibly discuss de-escalating the trade war. "U.S. businesses and citizens-not Chinese companies or the government-pay these tariffs on USA imports". The Shanghai market is down roughly 23 percent in dollar terms so far this year while the Dow has risen almost 5 percent.

Canada Foreign Minister Chrystia Freeland said U.S. and Canadian technical officials worked through the night on a number of issues. He has pointed to the large USA trade deficit - the gap between US imports and exports - with the People's Republic as a sign of that imbalance.

(Copyright © 2015. All Rights Reserved.)
 
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