Wednesday, 24 July, 2019

Wall Street takes some knocks but still standing as Trump tariffs loom

Jean-Claude Juncker and Donald Trump GETTYEuropean Commission chief Jean Claude Juncker will meet Donald Trump this month
Ginger Lawrence | 11 July, 2018, 21:48

The president of Germany's foreign trade group BGA, Holger Bingmann, told the German regional newspaper Rhein-Neckar-Zeitung that China was already moving in the right direction.

Amid a relatively well-supplied global oil market, energy consultancy Wood Mackenzie said the United States "would find it hard to find an alternative market that is as big as China", as Chinese buyers make up 20 percent of USA overseas crude sales.

"It has frequently waged wars against other sovereign countries and made use of the dominant influence of the US dollar in the worldwide markets to fleece other countries".

Relations have soured between US President Donald Trump's administration and that of Chinese President Xi Jinping since they met in Beijing past year, sparking fears of an all-out trade war.

Initially Chinese President Xi Jinping appeared to relent with the suggestion that they may lower tariffs on imports of US auto imports to the country.

The Chinese Ministry of Commerce called the tariffs "typical trade bullying" and said Trump "launched the largest trade war in economic history".

China's government also announced it was adding this round of USA tariffs to an existing complaint filed with the WTO in April shortly after Washington unveiled the threat to punish Beijing for its policies on intellectual property.

"Also, in terms of reducing the U.S".

The world's two biggest economies have fired the opening shots in a trade war that could have wide-ranging consequences for consumers, workers, companies, investors and political leaders. Mr Trump has indicated he's examining leaving the WTO altogether.

Trump has vowed to stick to his promises of protection for USA industries against what he says is unfair competition from China, the European Union and beyond, even if many analysts say his punitive tariffs are likely to backfire on the US economy.

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Jean-Yves Le Drian told France's RTL radio the policy could affect global growth and that pressure should be brought on the avoid descending into an all-out trade war.

Reuters was the first to report on the final stages of the vessel's one-month voyage to China as the countdown began for the United States and China to impose their tit-for-tat duties on $34 billion worth of each other's goods.

A foreign ministry spokesman, Hu Chunhua, on Friday gave no details of the increase.

The US tariffs of 25 per cent, on products linked to China's high-tech industries, are set to take effect today at 12.01am Eastern Time, or 12.01pm in Singapore. "And that's going to impact the stock market".

"The chances are slim for China and the reach an agreement on trade issues, and trade war worries will be a long-term uncertainty for at least the next two years", said Yan Weixiao, an analyst with Founder Securities, adding that things could be "dangerous" for Chinese stocks.

Japan's main stock index, the Nikkei 225, gained 1.1 percent while the Shanghai Composite Index added 0.5 percent.

Prices are rising, especially for steel and aluminium, and companies are starting to feel reticent about investments or planning to shift production overseas to avoid retaliation against US exports. "We are un-willing to fight, but in order to safeguard the interests of the country and the people, we have to fight if necessary".

Foreign companies accounted for $20 billion, or 59 percent, of the $34 billion of exports from China that would be subject to new US tariffs, with USA firms accounting for a significant part of that 59 percent, Gao said.

Beijing earlier released a list of American goods targeted for possible tariff hikes including soybeans, electric cars and whiskey.