Chinese media denounces Trump trade moves as Beijing touts sincerity

Wall Street reels as US-China trade spat and falling oil prices spook investors

Initially, 545 United States products valued at $34bn will be targeted by China, mimicking the Trump administration's tariff rollout.

The statements were made on Tuesday, June 19, when President Trump spoke in front of the National Federation of Independent Business.

"Due to the fact that the USA continues to apply protective measures in the form of additional import duties on steel and aluminum and refuses to provide compensation for Russia's losses, Russia is using its WTO rights and introducing balancing measures with respect to imports from the United States", Oreshkin said, according to Russian newspaper Kommersant. China's tariffs would target agricultural products, cars and seafood, among other items.

The moves and counter moves on tariffs came as the two countries held several rounds of talks following Trump's demand to slash bilateral trade deficit by USD 100 billion in a month followed by USD 200 billion to address the USD 375 billion deficit.

The president asserted in a statement Monday night that China is determined "to keep the United States at a permanent and unfair disadvantage".

Foreign business groups say the changes have been too little, too late. We can no longer be the stupid country.

"We absolutely understand the centrality of the automotive sector to our economy, to our relationship with the USA and to NAFTA", Freeland said.

Asked about Trump's comments on his way out of a cabinet meeting, Public Safety Minister Ralph Goodale said he had not heard Trump's allegation, but said that he has every confidence in his border officers. China clearly disagrees, which is why we believe we are heading into a tit-for-tat scenario, in which we believe the U.S. will soon raise the amount subject to tariffs to USD150bn.

US stock markets are opening sharply lower Tuesday as tensions over trade between the USA and China seem closer to a boil.

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Freeland once again hit back against the Trump administration's suggestion that Canadian-made steel and aluminum poses a national security threat to the US, calling the idea absurd and "insulting". It's the world's largest bilateral trading relationship. The effect: Higher prices for consumers worldwide.

The retreat is a symptom of recent escalations but the fundamental story of global growth and reflation are still true, said Mokhtari.

Global stocks ended lower on Monday as investors eyed an escalating trade dispute between the United States and China while oil prices rose on bets that an OPEC production increase would be smaller than expected. "Probably going to get worse before they get better", he said.

The study comes as President Xi Jinping looks to portray the world's number two as being at the forefront of the globalisation cause just as the United States appears to be stepping back from the world stage.

"There's definitely some element of pressure here as we go through the trade war fears, as well as the rhetoric for tariffs", said Sid Mokhtari, executive director of institutional equity research at CIBC. That means things like tourism and education, industries from which the United States benefits a lot more than China does.

Lee acknowledged the outpouring of support for the federal government's approach, but he said Canada is "absolutely dependent" on cross-border trade. Other media companies are rallying as investors hope for more deals. President Donald Trump has announced a 25 percent tariff on up to $50 billion of Chinese products.

"I think this is really a geopolitical struggle for dominance for the next quarter century".

Stocks are trading lower at midday Tuesday on fresh worries about a trade dispute between the USA and China, although they've recovered somewhat from an early slump.

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