China Jolted by US Tariffs on Chinese Imports

China expressed shock Wednesday at the Trump administration’s decision to prepare 10-percent tariffs on another $ 200 billion of Chinese imports covering thousands of products, the latest move in an escalating trade war between the world’s two largest economies.

China’s commerce ministry called the decision totally unacceptable and vowed to respond.

The proposed new U.S. tariffs follow the decision to impose duties in two stages on $ 50 billion in Chinese goods. U.S. Trade Representative Robert Lighthizer said the Trump administration has patiently urged China to stop its unfair practices, open its market and engage in true market competition.

“Rather than address our legitimate concerns, China has begun to retaliate against U.S. products,” Lighthizer said in a statement announcing the tariffs.”There is no justification for such action.”

The proposed tariffs come just days after the Trump administration imposed 25 percent tariffs on more than 800 Chinese products worth about $ 34 billion, citing what it calls China’s unfair trade practices and intellectual property theft.Beijing followed suit with an equal amount of levies on U.S. goods.

Christine McDaniel, a senior research fellow at George Mason University in Virginia, told VOA that while the Trump administration’s actions have bipartisan congressional support, its strategy to date of tariffs and investment restrictions could be costly to U.S. manufacturers and consumers.

Source : VOA

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US stocks halt 4-day win streak as latest China tariffs

US stocks snapped a four-session winning streak Wednesday after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world, which some investors fear could morph into a full-on trade war.

The Dow Jones Industrial Average slumped 219.21 points, or 0.9%, to 24,700.45.

The S&P 500 fell 19.82 points, or 0.7%, to 2,774.02. Only 1 of the 11 primary S&P 500 sectors closed in the green, with materials and the industrial sectors, both of which are seen as sensitive to trade issues, among the biggest losers. The energy sector also weighed on the market, tumbling more than 2% alongside a steep drop in the price of crude-oil futures. The utilities sector, up 0.9%, was the sole gainer.

The Nasdaq Composite Index shed 42.59 points, or 0.6% to 7,716.61.

Source : Marketwatch

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Hong Kong, Shanghai Stocks Dive on US Tariffs Threat (Review)

Hong Kong and Shanghai stocks sank on Wednesday as investors were rattled by a US threat to impose tariffs on another $ 200 billion of Chinese goods, escalating a trade war between the economic giants.

The Hang Seng Index fell 1.29 percent, or 370.56 points, to 28,311.69.

The benchmark Shanghai Composite Index fell 1.76 percent, or 49.86 points, to 2,777.77 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, dropped 1.96 percent, or 31.16 points, to 1,554.62.

Source : AFP

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