Global markets fall off in response to Trump-China trade war worries

Торговая война продолжается Китай ответил на новые пошлины США

The official stressed that the Chinese authorities are still ready for dialogue and negotiations over balancing trade turnover between the world's two biggest economies.

The list of U.S. goods affected by Chinese tariffs reportedly includes vehicles, chemicals, some types of aircraft, soybean, corn, and other agricultural products.

Timothy Fiore, who oversees a monthly survey of the USA manufacturing companies for the Institute of Supply Management, said Trump's new tariffs were driving up supply costs for manufacturers which use steel and aluminium.

A senior Chinese finance official has warned that attempts by foreign countries to pressure China on trade will fail, striking a firm note as Beijing announced proposed tariff hikes on American goods in response to planned USA duties.

"Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion".

United States chemicals, some types of aircraft and corn products are among the goods facing the taxes, China's finance ministry said.

It's hard to determine what constitutes a trade war, since there isn't a bright line between a trade dispute and a war.

China has accused Trump of damaging the global system of trade regulation by taking action under US law instead of the through the WTO. Escalation is the real concern in a trade war.

Other affected countries, including South Korea and Mexico, threaten varying degrees of retaliation to the tariffs.

For example, after threatening to impose tariffs on steel and aluminum from every nation, Trump granted exemptions for the European Union and six other major nations.

"The US Aircraft industry has also become a target of the Chinese reciprocal tariffs and traders have started to position themselves in the US pre-market, we are seeing more short interest when it comes to companies like Boeing, it is down by 3.4%", he said.

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China said it will "take necessary measures to defend our rights" if it is hit with tariffs.

For 2017, the Commerce Department put that number at $636 billion.

U.S. neighbors Canada and Mexico are exempted from the tariffs, with Trump saying other countries could potentially receive similar exemptions if they can "ensure that their products no longer threaten our security".

As the trade conflict between the US and China intensifies, the markets continue to evidence investors' anxiety - starting the trading day Wednesday in the red across the three major USA indexes.

Shares of Boeing, the single largest US exporter to China, fell 2.0 percent.

But some USA markets already have responded to the trade spat with higher prices and tighter supplies even though the largest of the tit-for-tat import duties have yet to take effect. The tariffs specifically targeted industries that fell under the Chinese government's Made in China 2025 plan identified as areas of growth for the country.

Tech stocks have added to the recent volatility, mostly due to controversies surrounding technology companies like Facebook. As China sought to divert its supply to other markets it could be expected to trim its margins, he said in an interview with ABS-CBN News.

Hours earlier, the United States government had unveiled a detailed breakdown of some 1,300 Chinese industrial, transport and medical goods that could be subject to 25 percent duties, ranging from light-emitting diodes to machine parts.

"The amount that both countries have invested in bilateral trade cooperation and economic cooperation is so significant that the costs of going back would be very painful, and more than either country would want to bear". "If they slow for "the wrong reasons" like trade protectionism, that is much more worrying", said Deutsche Bank global strategist Alan Ruskin.

The Distilled Spirits Council asked the US and China to reach a resolution without subjecting USA whiskey to more tariffs which it said would harm Chinese consumers, its hospitality sector and USA whiskey exporters.

The tariffs apply to a range of United States products, including automobiles, aircraft, beef, soybeans, whisky, and chemicals. Boeing lost almost 5% and semiconductor shares fell nearly 3%.

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