China Warns US of 'Countermeasures' Against Possible New Tariffs

Oil prices have dipped over fears of an escalating trade war between China and the US

In the separate dispute about steel and aluminium tariffs, he also has to contend with the politically targeted retaliation that other countries such as Mexico, Canada and the European Union have in hand, meant to hit important states in the mid-term elections. Chinese stocks recorded their steepest falls since the trade dispute started on Tuesday.

Asian stocks had been poised for a mixed start to trading that sees Chinese markets reopen for the first time since trade tensions with the US escalated. The administration also revived its complaints Tuesday about America's gaping trade deficit with China, which it says reflects an unfair trading relationship.

One day later, Beijing announced that it would meet Trump's tariffs, tit for tat: come July 6, China would apply a 25 percent duty to $34 billion of American exports, including soybeans, whiskey, orange juice, electric cars, salmon, and cigars.

There is no end in sight to the trade fight, as both sides continue to up the ante.

Trump said Monday that China's response "indicates its determination to keep the United States at a permanent and unfair disadvantage".

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology". The Dow Jones Industrial Average gave up all of its gains from 2018 and the S&P 500 also fell along with commodities. It was followed by construction equipment maker Caterpillar, which dropped 2.8 percent. Chinese authorities also pledged to add another 114 product categories to the existing list.

China's Commerce Ministry on Tuesday criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community".

"If the U.S. loses its senses and publishes a new list, China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back", it read.

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The dollar fell against the yen in early Asian trade on Tuesday after U.S. President Donald Trump's threats of more tariffs on China raised worries about an escalating trade war between the world's two largest economies.

Pompeo on Monday described US actions as "economic diplomacy, " which, when done right, strengthens national security and global alliances, he added.

"It's kind of a lose-lose for both the people in China and the USA soybean industry, and the soybean farmer", said Bardole. The world's third largest smartphone manufacturer, Huawei has longed for its phones to be featured on the shelves of major US carriers.

China's Commerce Ministry lambasted Trump's new tariff threat, saying it violated prior negotiations between the two countries.

Russia's Economy Minister, Maxim Oreshkin, said the tariffs would target goods of which the Russians already had domestic equivalents.

"All they can do is impose higher tariffs on a smaller subset of products", he said.

If Trump does impose these additional tariffs, the USA will have imposed tariffs on $450 billion in Chinese goods. Last week he threatened 25 percent tariffs on $50 billion in Chinese products with another $100 billion targeted beyond that.

But just because Beijing can't retaliate reciprocally, doesn't mean it can't hit back proportionately: China can still disrupt USA supply chains by freezing activities at select ports, or decline to approve acquisitions sought by American companies. "Except a few defensives that are outshining, there is real nervousness within the market", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

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