Trump told Apple CEO iPhones will be spared from China tariffs

21 June, 2018, 19:15 | Author: Regina Silva
  • Oil prices have dipped over fears of an escalating trade war between China and the US

Oxford Economics estimates that if President Donald Trump imposed the $200 billion in duties that he threatened to implement late Monday, and China responded in kind, US growth could slow by 0.3 percentage point next year.

China's commerce ministry immediately responded by saying the United States "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed worldwide society".

China today accused the Trump administration of igniting a full-blown trade war with "blackmailing" tactics to impose punitive tariffs on United States dollars 200 billion of Chinese goods as it rebutted the U.S. allegations of following "predatory economic" policies against the rest of the world.

China "doesn't want a trade war" but has to "fight back strongly", said a Commerce Ministry statement. Trump is moving forward with the measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over a widening trade imbalance and China's aggressive industrial development policies.

The market ructions and trade barbs also pose a challenge for China's push to boost the profile of the booming tech sector on mainland bourses.

The Canadian government believes a deal to update NAFTA is still possible despite a US move to impose tariffs on Canadian and Mexican steel and aluminum, Foreign Minister Chrystia Freeland said in Ottawa on Tuesday.

Updated: This article has been updated to add Trump's threat to possibly follow the new round of tariffs on $200 billion of goods with another round.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in a statement Monday announcing the new action.

Mr Trump also has slapped tariffs on steel and aluminium imports from Canada, Mexico and European allies. China threatened to retaliate, leading Trump to propose broader penalties.

Secretary of State Mike Pompeo attacked China on Monday during a speech in Detroit.

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In another surprise move, Chinese smartphone marker Xiaomi said before the market open on Tuesday that it would postpone its application for a mainland share offering until after it completes a separate listing in Hong Kong. "It's an unprecedented level of larceny".

Wall Street has viewed the trade tensions with rising concern that they could strangle the economic growth achieved during Trump's watch.

Zhang said investors faced the triple-whammy of the Sino-U.S. trade spat, Beijing's regulatory crackdown on riskier lending practices and tighter global liquidity.

Cooperation between China and the United States on the North "will become very complicated and very hard", Cheng said. "Let's be clear: It's the most predatory economic government that operates against the rest of the world today". "Those are crown jewels for this country", he said in a recent interview on "Fox & Friends".

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

Japan's Nikkei sank 0.8 percent as worries over growing protectionism overshadowed stronger-than-expected export data.

The Trump administration on June 15 said that it will impose a 25 per cent tariff on $50 billion of Chinese exports.

Mr Pompeo on Monday described United States actions as "economic diplomacy", which, when done right, strengthens national security and worldwide alliances, he added.

"As China hawks, like (Robert) Lighthizer and (Peter) Navarro, appear to have gained power within the Trump administration lately, an all-out trade war now seems more inevitable", said Yasunari Ueno, chief market analyst at Mizuho Securities. "We do our best to call out unfair economic behaviors as well".

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