US Stocks Jump as Tariffs Seen Less Harmful Than Feared

Wall Street stocks finished solidly higher Tuesday, as investors viewed the latest escalation of the US-China trade war as less consequential than feared.

The Dow Jones Industrial Average ended with a gain of 0.7 percent at 26,246.96.

The broad-based S&P 500 rose 0.5 percent to close at 2,904.31, while the tech-rich Nasdaq Composite Index advanced 0.8 percent to 7,956.11.

US President Donald Trump ratcheted up pressure on Beijing, moving forward with tariffs on $ 200 billion in Chinese imports. The latest round of imports will face 10 percent tariffs through the end of the year, and then the rate will jump to 25 percent.

China retaliated with tariffs on $ 60 billion in US goods.

Analysts said investors were relieved the United States did not impose 25 percent tariffs on the items at the outset as Trump threatened to do.

Source : AFP

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China To Retaliate US with Tariffs on $60 billion of American Products

China says it has no choice but to retaliate to U.S. President Donald Trump’s 10 percent tariffs on $ 200 billion in Chinese goods, risking a further escalation of trade tensions between the world’s two biggest economies.

On Tuesday, China announced a tariff hike on $ 60 billion of American products.

In a brief statement posted online Tuesday, China’s Commerce Ministry said, “To protect its legitimate rights and interests and order in international free trade, China is left with no choice but to retaliate simultaneously.”

On Monday, the Communist Party backed Global Times newspaper warned that if Trump went ahead with the tariffs, China would not just play defense.

At about the same time the Commerce Ministry statement was released, a research director for North America and the Pacific at the Commerce Ministry also delivered a commentary on China’s state-run CCTV news network. The official said the latest round of tariffs have brought uncertainty to ongoing efforts for representatives from both countries to meet again and hold trade talks.

Source: voanews


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RPT-China Stocks End Near 4-Year low, Hong Kong Down as Trump Said to Ready New Tariffs (Review)

Shares in Hong Kong finished lower, and China’s main Shanghai Composite index fell to its lowest close in nearly four years on Monday as reports said U.S. President Donald Trump would unveil new tariffs on $ 200 billion of imported Chinese goods this week.

The Hang Seng index ended 1.3 percent lower at 26,932.85 points, and the China Enterprises index closed down 1.1 percent.

On the mainland, the Shanghai Composite index dropped 1.1 percent to 2,651.79 points, its worst close since Nov. 27, 2014. The blue-chip CSI300 index also declined 1.1 percent, to 3,204.92 points.

Source : Reuters

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