Escalating US-China Trade War Sends Stocks Plunging

Visitors tour the Forbidden City decorated with red lanterns and illuminated with lights during the Lantern Festival in Beijing Tuesday Feb. 19 2019

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.

Galaxy S10 Series Boosts Samsung Electronics’ Market Shares in China and India
The new flagship will be available in two sizes – Galaxy Note10 and Note10 Pro, both of which will come in 4G and 5G versions. Samsung will also work with telecom operators to activate blockchain ID cards and related technologies, Chae said.

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).

Related News:



Most liked

China to hike tariffs on $60 billion in USA goods
Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology. The Dow Jones Industrial Average slid 2.1 percent, while the Nasdaq Composite Index tumbled 2.9 percent.

Supreme Court rules against Apple in App Store monopoly case
Illinois allows only direct purchasers of a product to file suits in federal court claiming violations of antitrust laws. Apple keeps 30% of the sales price, where it is set, Kavanaugh said in a summary he read from the bench.

Israel reopens 2 crossings with Gaza Strip after 8-day closure
This week's demonstrations were seen as a key test for a fragile truce agreed between Gaza's Islamist rulers Hamas and Israel . That fighting, which involved Hamas rocket attacks and Israeli airstrikes, left 29 Palestinians and four Israelis dead.

Premier League Highlights: Manchester City Retain Premier League Title, Liverpool Finish Second
"It is important if you take the title here and go to the Champions League ". Saying it was unexpected is an understatement.

Assange May Be Extradited To Sweden Case After London Jail Time
While a case of alleged sexual misconduct was dropped in 2017 when the statute of limitations expired, a rape allegation remains. That case was adjourned until May 30 for a procedural hearing, with another hearing planned for June 12, according to Reuters.

Kim Kardashian Reveals Baby No. 4 Looks Exactly Like This Family Member
Your social media feeds were no doubt flooded by tributes to mothers everywhere via your mates and, of course, a bunch of celebs. Kanye West paid tribute to his late mother Donda West during his first live-steamed Sunday church service on Mother's Day.

Eden Hazard drops hint he could join Real Madrid this summer
Hazard hilariously shook his head and drove away when a fan asked him if he would be at Chelsea . When I am on the pitch I just try to do the best.

Doris Day Dies: 'Pillow Talk' Star, Singer Dead at 97
On the strength of her voice, Day, who had no acting experience, was offered a starring role in 1948's Romance on the High Seas . Day also found success as a singer with Whatever Will Be, Will Be ( Que Sera, Sera ) arguably her biggest and most familiar hit.

Sir Keir Starmer: Cross-party Brexit deal needs to include second referendum
According to Opinium, Labour would be out in front with 28% support, followed by the Tories on 22% and the Brexit Party on 21%. Brexit Express is a campaign group run by Jeremy Hosking, a major Tory donor who has now given £200,000 to Mr Farage's party.

Amazon's proposition to employees: Quit and we'll pay you to haul packages
He said that more than 200 Amazon delivery businesses have been created since the company launched the program in June of 2018. The offer is open to most part-time and full-time Amazon employees, including warehouse workers who pack and ship orders.

Thousands march for Palestine and demand United Kingdom to stop arming Israel
At the protest Tamimi called herself a freedom fighter and stated: "From the river, to the sea, Palestine will be free". Thousands of pro-Palestinian demonstrators marched through central London for the National Demonstration for Palestine.

Game of Thrones star finds 'the truth' behind coffee cup mistake
Game Of Thrones star Emilia Clarke , 32, said she tries to avoid being recognised in public so she can "lead a normal life". Fans on Twitter noticed in an old interview with ET when Clarke was asked about her thoughts with the final season.

Hamleys sold to Indian group
Iceland's Landsbanki Islands sold it to France's Ludendo Groupe in 2012 and C Banner paid £100 million for it in 2015. It has struggled with profitably in recent years, and has changed hands several times in the past decade.

TETRIS 99 DLC Available Now, Adds Offline Matches!
In it, players who earn 100 event points will unlock an in-game theme inspired by the original version of Tetris on Game Boy. To celebrate the 35th anniversary of Tetris , Nintendo will host its third Maximus Cup starting on May 17 at 12 a.m.

Tata and Thyssenkrupp Steel joint venture to be called off
Tata Steel Europe and Thyssenkrupp had signed definitive agreements on June 30, 2018 to create a 50:50 pan- European joint venture .