Escalating US-China Trade War Sends Stocks Plunging

The US and EU flags left and right fly side by side at the European Council building in Brussels

After that, Washington and Beijing repeatedly slapped billions of dollars' worth of retaliatory tariffs on each other.

US financial markets dipped dramatically in response on Monday.

Last Thursday morning the Dow skidded 580 points, only to regain almost 470 by close of trading on Friday.

One of the unspoken taboos regarding this trade war is that while there are sectors in both the USA and China that have needlessly suffered under the pressure of tariffs, both the Chinese and US economies have enjoyed growth that has exceeded forecasts. It imposed 10 per cent charges on $60 billion of imports but left other goods unaffected, possibly out of concern for Chinese companies that depend on US technology and components.

Shortly before the meeting with Xi was announced, Trump took to Twitter to predict United States tariffs forcing companies to leave China for cheaper locations like Vietnam, and press China to make a deal to end the trade dispute.

President Donald Trump has said he will meet with Chinese President Xi Jinping and Russian President Vladimir Putin at next month's G20 summit in Osaka, Japan. Too expensive to buy in China. Discussing the likelihood of China hitting back at USA imports over the weekend, Larry Kudlow, Trump's top economic adviser, said: "I reckon they will". U.S. Trade Representative Robert Lighthizer said Friday that Trump ordered the U.S.to begin the process of imposing increased tariffs on the $300 billion of Chinese exports not affected by last week's hike. "China should not retaliate-will only get worse!"

Trump has said that USA consumers will not shoulder the burden of tariffs, though experts say the increases are likely to affect consumers in both countries. "I don't disagree with that", he said to Fox News' Chris Wallace.

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There "is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today". 'This has been proven recently when only 4 points were paid by the USA, 21 points by China because China subsidizes product to such a large degree'.

'Also, the Tariffs can be completely avoided if you by from a non-Tariffed Country, or you buy the product inside the U.S. (the best idea),' Trump added.

Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology. This is not something that China wants to see as China looks toward long term realities in which an ever more interconnected world will benefit from win-win prosperity that suits the needs and aspirations of both emerging markets and advanced economies.

Trump, who has embraced protectionism as part of an "America First" agenda, added that he had not yet decided whether to go ahead with tariffs on roughly another $325bn in goods from China.

Trump has railed against the Chinese since the middle of his 2016 presidential campaign, complaining about unfair trade practices that put Beijing at an advantage.

Amazon shares were off 3.5, even though the company has very little direct exposure to the Chinese market.

But Beijing also appeared to dig in. But China has taken so advantage of the US for so many years, that they are way ahead (Our Presidents did not do the job).

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