teknolojiarsivi.com July 20, 2018

China: We would fight a trade war 'to the end'

24 March 2018, 02:13 | Vickie Mathis

Chinese Ambassador Warns Trump Over Tariffs: 'We Will Retaliate'

Donald Trump's trade war against China a case of sour grapes

Global financial markets plunged on Friday as a trade war between the USA and China escalated, with President Donald Trump imposing tariffs worth $60 billion in Chinese imports and Beijing threatening Washington with higher tariffs worth $3 billion for imported American products.

Meanwhile, US Commerce Secretary Wilbur Ross said Friday that US and South Korean officials were "relatively close" to reaching a deal on the steel and aluminium tariffs, with an announcement possible as early as next week. That appeared to be the opening salvo of a trade war, as Beijing announced its own retaliatory tariffs on more than 100 items, including USA pork and wine.

United States president Trump announced plans to introduce a 25% tariff on USD60 billion of Chinese imports, a move that will bring a sharp reaction from Beijing over the coming days. China responded to news of the reforms by warning that while it did not want a trade war, it was "absolutely not afraid" of one and "fully prepared" to defend its interests.

Soybean futures for May delivery fell as much as 2 percent to $10.0925 a bushel on the Chicago Board of Trade, the lowest for the contract since February 12. Fear of a trade war shocked the world stock markets, which damaged European markets and led to falls in Asian stock markets.

Investors were further rattled when China's ambassador to the United States signaled that China could ease purchases of USA bonds in response to Trump's tariffs.

U.S. stocks sank in trading on Friday afternoon, pushing the S&P 500 to its biggest weekly decline in two years amid concerns about USA trade policy and retaliation from China.

More than 400 mainland China stocks plunged by the maximum allowed 10 percent, led by tech and materials firms targeted or seen as being most affected by the USA tariffs.

But he added that US businesses in China wanted "fairer treatment and improved market access in China".

For the short-term, analysts expect soured sentiment for equity markets, though many saw a limited impact.

"If anything, a few weeks ago we anxious about the economy overheating and inflation picking up", McCain said.

Commodities did not fare well, either. Australia's S&P/ASX 200 skidded 1.9 percent to 5,824.50. Tencent fell more than 4 percent after Naspers Ltd. revealed a plan to cut its stake in the Chinese internet giant.

Policy makers across the world are warning of a brewing trade war that could undermine the broadest global recovery in years.

The benchmark 10-year Treasury note moved lower to 2.81%.

Trump said Washington "would no longer tolerate running a trade deficit of almost $400 billion with China", its second-largest trading partner, after the EU.

The dollar eased against a basket of currencies on Friday as trade concerns triggered a bout of investor risk aversion. He says that amounts to about 71 percent of North Dakota soybeans valued at 1.5 billion dollars being exported to China.

"This has been long in the making", Trump said, adding that the tariffs could affect as much as $60 billion in goods.

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