Fresh Trade Threat Drags on Global Stocks

Trump Announces New Taxes on TVs and Air Conditioners

Stock markets around the globe fell as the latest U.S. announcement and the Chinese response indicated a deepening and protracted trade conflict between the world's two largest economies that could hit global trade and growth.

The Mizuho expert said that omission might reflect the us intention to attack the "Made in China 2025" program - a strategic plan to make China a leader in key global industries.

This will allow the two countries enough time to settle their high-stakes trade dispute through negotiations.

"When exposing and criticizing American words and actions, be careful not to link it to Trump and instead to aim it at the USA government", a memo based on verbal instructions from government officials reads.

Markets reacted this morning after the USA released a list of $200 billion in Chinese goods that could be hit by tariffs, which China promised to retaliate against.

And now China is ready to slap tariffs on American goods like French doors.

"There is still a good six or seven weeks before these (tariffs) take effect so it is not like we are going to see these tomorrow, but it is definitely the next step in a trade war", TD Securities global strategist James Rossiter said. China quickly responded by imposing tariffs on $34 billion in US products.

Asian stocks remained under pressure on Thursday from fears of an escalation in the U.S.


"The last thing America's manufacturing workers need is an escalating trade war", said NAM President and CEO Jay Timmons. These levies target sectors key to China's industrial strategy, including computer hardware, railway equipment and aerospace manufacturing.

"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", he said.

The escalation of USA tariffs on China comes in the wake of American trade battles with Europe, Canada, and Mexico and amid President Donald Trump's visit to Brussels for a North Atlantic Treaty Organisation summit. On Friday, the USA slapped 25 percent taxes on $34 billion in Chinese imports, a lot of them are industrial goods that the Trump administration says receive subsidies or other unfair support from Beijing.

The new list of tariffs released on Tuesday shows that the U.S.is targeting important Chinese manufacturing export industries, said Rajiv Biswas, Asia Pacific chief economist at IHS Markit. That list includes Chinese plastics machinery and molds.

"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Lighthizer added.

LONDON - Global markets are getting hammered on Wednesday as the trade war between the Trump administration and China intensifies, while fears also rise that Trump could pull the US out of North Atlantic Treaty Organisation.

A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating".

Flooring products included on list are vinyl; plastic; wood-both engineered and solid; bamboo; cork; carpet-tufted and woven; tile; and ceramic-glazed and unglazed.

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