Trade war worries slam China and emerging markets

Trade war worries slam China and emerging markets

Trump threatened to pursue additional tariffs on another $200 billion worth of goods if China increases its tariffs yet again.

The Chinese Embassy in Washington did not immediately respond to a request for comment.

A skid by China's yuan CNY=CFXS to a five-month low, meanwhile, was its biggest fall in roughly a year and a half.

"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions", the ministry said in a statement. A large percentage of the USA population is not going to be happy about paying more for imported goods. And he's accusing Canada of imposing large tariffs on U.S dairy products to the detriment of American farmers. US companies, from Caterpillar to Qualcomm, would likely face obstruction from regulators in China, a market they rely on for an outsize share of sales.

-China Business Council. Parker suggested that such steps might include delaying or denying licenses required by US companies in China.

Washington and Beijing appeared increasingly headed toward open trade conflict after negotiations failed to resolve US complaints over Chinese industrial policies, lack of market access in China and a $375 billion USA trade deficit.

Apparently, aware of the advantage he has in this trade war, Trump said his first measure - of imposing tariffs on $50bn worth of goods - was an initial step toward bringing balance to trade relationship with China. He did not say when the new target list would be unveiled.

America's soy growers are lined up even more precisely in the crosshairs of President Trump's contentious tariff confrontation with China.

Because China can apply tariffs to USA goods worth only $130 billion, Beijing will have to find other ways to execute a proportional response.

China retaliated by announcing that it too was raising tariffs on $50bn worth of USA exports, particularly from the agricultural sector where it could hurt Washington the most.

These penalties would go into effect, the president said, "if China refuses to change its practices" and proceeds with its plans for retaliatory tariffs.

TOKYO, June 19 (Reuters) - The dollar fell against the yen and Swiss franc on Tuesday after U.S. President Donald Trump's threats of additional tariffs on China escalated a trade spat between the world's two largest economies in a worrying sign for global growth prospects.

Jacob Parker, vice-president of China operations at the US-China Business Council, said China would undoubtedly begin looking at other ways to enforce action against U.S companies operating in the market.

"China doesn't want a trade war", China's foreign ministry spokesperson Lu Kang said in a statement last week.

"If prices of imported goods are rising for the US consumer at an unmanageable rate, then there is a large part of the USA voting population that maybe will feel their money not going as far", she said.

Later on Friday, China announced its own tariffs on American goods, including a wide range of seafood and agricultural products, many cars and trucks, petrochemicals and an array of medical equipment.

China was unlikely change its industrial policies in response to the United States trade threats, he said.

China's commerce ministry reacted swiftly, saying: "If the USA acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures". "Not due to announcements", he said.

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