Markets Right Now: China tariff worries sink U.S. stocks

Trump announces intellectual property tariffs on goods from China at the White House in Washington

The Trump administration is planning to announce tariffs on Chinese products Thursday as well as restrictions on Chinese investments.

On Friday, China's commerce ministry said it opposed the USA action against Chinese imports.

China imported 618,287 tonnes of scrap aluminium from the United States, its top supplier, in 2017.

Asked about the remarks, Chinese foreign ministry spokeswoman Hua Chunying told a press briefing on Monday that "it would have been more appropriate to say that it's time to stop the US's economic intimidation and hegemony".

He also alleged that China had been indulging in tremendous intellectual property theft worth hundreds of billions of dollars on a yearly basis.

"The President signs a Presidential Memorandum targeting China's economic aggression", the release said on Wednesday.

Business leaders acknowledge that China's treatment of intellectual property is a problem, but they warn that tariffs could backfire.

Never before has an official as senior as Cui hinted about cutting back Treasury purchases, indicating how serious China is about responding to the sanctions introduced by the administration of President Donald Trump.

In a second step, a 25 percent tariff would be imposed on eight goods totaling almost $2 billion, including pork and aluminum scrap, after "further evaluating the impact of the USA measures on China", the statement said. Fund liquidation took markets sharply lower at the start of the week, and prices stayed under pressure into Friday.

Kansas Delivers a Knockout Punch to Advance to the Final Four
WINING UGLY: Villanova and MI should arrive in Texas with an extra bit of confidence after winning games when they shot poorly. I do think playing Duke in that game helped us. "But remember, they're going to have to find a way to match up with us, too".

Lighthizer acknowledged those concerns during testimony this week before the House Ways and Means Committee. Let's make trade, not war.

Stocks plunged, sending the Dow Jones industrials down more than 700 points, as investors feared that trade tensions will spike between the USA and China.

Chinese purchases of those goods previous year totaled $3 billion, the ministry said. "So we have to do something".

The president sees the record $375 billion deficit in goods trade with China as evidence that USA businesses are being unfairly treated. When Trump talks about the trade gap, he often excludes services, where the USA has a surplus. The U.S. looks set to join the group of countries embroiled in disputes at the World Trade Organization involving curbs imposed on national security grounds. A more complete list is due soon, to be followed by a 30-day comment period.

Washington this week said it would temporarily exempt Europe as well as countries including Brazil, Argentina, South Korea and Australia from the steep new steel and aluminum tariffs that Trump unveiled this month and which took effect Friday.

White House officials said the actions came after years of efforts failed to convince China to change its behavior.

Among Trump's first actions as president, however, was to pull out of the deal.

While the two sides have traded barbs in public, U.S. and Chinese officials have begun behind-the-scenes negotiations to improve American access to the Asian country's huge market, according to the Wall Street Journal.

"Until the Trump administration articulates those concerns and how China can address them, it's going to be very, very hard for China to make those changes", said Parker.

Related News:



Most liked

Meghan Markle's Estranged Family Members Say They Haven't Received Wedding Invitations
Tracey added: "I don't think we're going to get the invitations and that's fine, we're OK with that. Invitations to Harry and Meghan's wedding at Windsor Castle were sent out last week.

Ndamukong Suh Agrees To One-Year Contract With Los Angeles Rams
Suh's standoffish personality raised questions about his leadership, and he has never been on a team that won a playoff game. Suh, a three-time All-Pro with five Pro Bowl appearances, is a dominant interior pass rusher with elite credentials.

Kim Kardashian accused of photoshopping Instagram photo
Having my daughter march along-side her grandfather and parents was a day I hope she remembers forever. Unimpressed by the fashion diva's style sense, some social media users asked her for a closet revamp.

Chrome OS Tablets are Officially Here!
While the Chromebook Tab 10 is aimed at the education market, you will be able to buy it even if you're not in or a school. They can make updates, configure apps, as well as manage extensions and policies with the Chrome Education license [1].

Ex-Indians Star Albert Belle Arrested for Indecent Exposure ... And DUI
After officers arrived at the stadium, Belle admitted to having a verbal altercation with the man, but denied urinating in public. FOX 10 has learned Belle was taken into custody by police on counts of indecent exposure and DUI on Sunday.

Leah Sharibu Release: I Was Misquoted and Misunderstood - IGP. Ibrahim Idris
Police Inspector General Muhammed Abubakar said Saturday that he cancelled a trip to Dapchi to avoid interfering with the release. He called on President Muhammadu Buhari to as a matter of urgency intervene for the immediate release of the girl.

Pennsylvania moves forward with medical marijuana research despite federal ban
This local tax option on marijuana sales would go toward abuse prevention and addiction services. Cassidy dismissed the poll question as doing verbal "gymnastics" to reach a desired conclusion.

Eagles DE Michael Bennett turns himself into Houston authorities
Michael Bennett, 32, has been selected to three Pro Bowls in his nine-year National Football League career. The charges against Bennett carry a maximum penalty of up to 10 years in prison and a $10,000 fine.

Tariffs could hurt China's imports
Bloomberg Economics estimates a global trade conflagration could wipe $470 billion off the world economy by 2020. Tiberghien said the Chinese will make the fight long and painful.

Trump Signs $1.3 Trillion Spending Bill Despite Veto Threat
Lawmakers from both parties expressed worries about the legislation. President Trump speaks about the spending bill Friday. . Schumer said. "We produced a darn good bill".

Chrissy Teigen ditches Snapchat after Rihanna controversy
This will not be good news for Snapchat whose stock price appears to be fluctuating more than Dermot Bannon's attitude to budgets. The stock price of Snap Inc., which owns Snapchat , reportedly tumbled more than 4 percent after the singer's pointed criticism.

China Opens Market of Oil Futures in Yuans
The contracts, open to foreign investors, have been long-anticipated since China's first listing attempt in 1993. Absence of a paper market could limit liquidity, as these contracts are expected to be physically settled.

Egyptians go to polls with concern about voter apathy
But that aura faded over the last four years, which could explain a clampdown ahead of the election on the media and critics. Added a young man named Ahmed, who was smoking a water pipe at a café in central Cairo: "I'm not lazy or apathetic".

India queries Cambridge Analytica on data
A full explanation of the legal ruling by Judge Anthony James Leonard will be issued on Tuesday, according to the court. Questions are also being raised about Cambridge Analytica's role in Britain's vote to leave the European Union in 2016.

Horse race bet with William Hill
How to place a bet To place your wager/bet, all you need is to provide the appropriate information to the ticket writer. Simply you just have to pay £1horse bet and you can easily watch the live horse racing broadcast on your device.