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Markets Right Now: Stocks fall on fresh worries over trade

Markets Right Now: Stocks fall on fresh worries over trade”

POSITIVE HOUSING DATA: The solid US job market has helped to boost demand for new homes.

He said China's recent claims of "openness and globalisation" are "a joke".

A trade spat between the top two economies of the world began in April with Mr Trump imposing tariffs on steel and aluminium imports into the United States from China, which also retaliated by imposing additional tariffs worth about $three billion on 128 U.S. products.

In the latest move in an escalating trade dispute, President Trump announced Monday evening that he was asking U.S. Trade Representative Robert Lighthizer to suggest $200 billion worth of Chinese goods on which the U.S. could impose a 10 percent tariff.

Chinese President Xi Jinping has repeatedly vowed to widen market access for foreign investors and cut foreign ownership caps in certain industries, as Beijing tries to position itself as champion of global trade in the face of what it calls US protectionism.

President Donald Trump pumps his fist as he leaves a meeting Monday in the East Room of the White House in Washington.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", MR Trump said in a statement announcing the new action. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

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US stock markets fell sharply Tuesday, with investors increasingly nervous about the impact of the escalating fight.

The Dow sank 287 points on Tuesday, or 1.2%. The largest USA industrial companies that have extensive market penetration in Chinese markets are struggling amid the potential trade war. Boeing and Caterpillar fell more than 3% apiece.

The Chinese Commerce Ministry reacted quickly to Trump's announcement, calling it "blackmail" and accused the U.S. of "extreme pressure and extortionist behaviour".

"If the USA loses its senses and publishes a new list", the statement said, "China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back".

Global markets were shaken Tuesday as the US and China escalated their trade dispute with fresh threats of tariffs, although USA stocks recovered most of their losses by the end of trading.

In essence, they said, consumers are likely to pay more for goods that are subject to tariffs and buy less as a result, which would slow the growth of the USA economy.

Time is running out for Beijing to fulfil its reform promises if it hopes to maintain stable growth, a top European business lobby said on Wednesday, contending that the roots of U.S.

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The spat between the two economic superpowers is already being felt in China.

Russia's economic development minister revealed Tuesday that his government was prepared to side with China in a burgeoning global trade war with the U.S.

It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalised or conduct a legal review.

While Trump is said to have rejected China's offer early this month to increase purchases of US goods by $70 billion, Chinese Foreign Ministry spokesman Geng Shuang said on Wednesday the two sides had made progress in their three rounds of talks. The second list consists of chemicals, medical equipment and energy products, valued at approximately $16 billion.4 As compared with the April list, China added a slew of minerals to the list of products potentially subject to additional duties.

While addressing the National Federation of Business in Washington, Trump told the crowd that Canadians are resorting to smuggling US goods to avoid tariffs.

"Trump's view that bullying and threats will advance U.S. long-term economic interests seems set to encounter a harsh dose of realism", said Eswar Prasad, professor of trade policy at Cornell University. The dollar-for-dollar retaliations are on imports of steel, aluminum, and other products from the Unites States, including a wide-spanning list of goods such as coffee, chocolate, condiments, toiletries, beer kegs, whiskies, various household items, and motorboats.

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