Stocks plunge as US, China exchange tariff threats

Trump Weighs Additional $100 Billion Tariffs on Chinese Imports

European stocks also fell sharply.

American business groups have urged the two sides to try to resolve the issues through talks, expressing concern that threatening tariffs could lead to a dispute that hurts the USA economy. It was unclear whether the latest tariff hike was a direct response to that.

"Losses have eased a bit as investors try to weigh the possibility that this is simply a negotiating ploy on both sides", he said.

In response to United States President Donald Trump's new tariffs, China threatened tariffs of its own on 106 U.S. products, including on soybeans, cars and some airplanes. The effective date depends on when the US action takes effect. The U.S.is the second biggest supplier of soybeans to China, the world's largest consumer of the product.

The ministry did not reveal any specific countermeasures, but economists widely view imports of us soybeans, aircraft and machinery as prime targets for trade retaliation.

"The Chinese government has nonetheless responded more aggressively to the tariff list than many had expected", noted Julian Evans-Pritchard, senior China economist at Capital Economics, in a research note.

The Dow tumbled as much as 500 points, or about 2%, at the open as wary investors sold off industrial giants with heavy exposure to China. -China trade battles playing out.

Investors fear a full-blown trade war between China and the US, with both Beijing and Washington detailing plans to hike tariffs on a broad swath of imported goods from each other in series of announcements issued within 24 hours.

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The Chinese government didn't specify when its penalties would be imposed. That gives them an incentive to reach a settlement to avoid damaging many businesses on both sides.

Hormel Foods jumped $1.88, or 5.5 percent, to $36.10 and Tyson Foods rose $1.62, or 2.3 percent, to $71.55.

Mr Trump said that the USA lost a trade war with China "years ago".

"The tech industry will feel like overall it dodged a bullet", the source said, but added that traditional industrial goods manufacturers, along with pharmaceuticals and medical device firms, could suffer.

Stocks remain lower on Wall Street amid an escalating trade dispute between the USA and China but have pared some of their sharp early losses.

They warn that disruptions to supply chains that rely on Chinese components will ultimately raise costs for consumers.

US business groups reacted cautiously, saying they agreed with Trump's efforts to stop the theft of USA intellectual property, but questioning whether tariffs were the right approach.

On Monday, China imposed extra tariffs on imports of American goods including wine, in response to USA duties on steel and aluminum imports.

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"Business is business. We should analyse the challenge we face and the way we deal with it from the perspective of the economy", he said."We are forced to bring forward the product list, and there are grounds for the specific items and their order on the list", Zhu said.

Wednesday's announcement means there are now two U.S.

The Chinese list Wednesday included soybeans, the biggest US export to China, and aircraft up to 45 tons in weight. Exxon Mobil nearly doubled the amount of crude it expects to pump from recent discoveries off the coast of Guyana as the company amplifies its focus on South American drilling.

To minimize the cost to China, regulators picked products for which replacements are available, such as soybeans from Australia or Brazil, said Tu Xinquan, director of WTO studies at the University of International Business and Economics in Beijing. The 106 affected products will also include soybeans and chemicals.

A Reuters analysis that compared listed products with 2017 Census Bureau import data showed $3.9 billion in flat-panel television imports, and $1.4 billion in vehicle imports from China.

A commenter on the Global Times article said, "if they resist Chinese products, the United States won't be able to find an alternative". Volvo, owned by China's Geely Motors, also exports Chinese-built vehicles to the United States.

Stocked plummeted early in the day after trade tensions escalated between China and the United States.

United Kingdom scientists unable to identify Russian Federation as source for nerve agent
Russian Foreign Minister Sergey Lavrov denounced the British accusations on Monday as a "mad and disgusting provocation". Military personnel investigating the Skripal attack wear protective suits in Salisbury on March 11, 2018.

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