Upping ante, Trump threatens new tariffs on Chinese imports

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Away from Trump's dispute with China, Russia said it would impose tariffs on certain American goods in response to the recent tariffs placed on steel and aluminium imports by the US.

"Beijing will not panic in response to Trump's latest threat, but will be deeply concerned", Eurasia Group said in a report. "China has been taking out $500 billion a year out of our country and rebuilding China".

ASA is disappointed and highly concerned that trade tensions continue to ratchet up rather than deescalate between the two countries and that its repeated requests to the Administration for a non-tariff solution that does not threaten the market stability and livelihoods of soy growers has not been put forward. "China trade war", a German stock trader told Bloomberg (paywall), in a report that notes "miners, tech and automakers" saw the largest drops in European stocks.

It called Mr. Trump's tariff threat 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 worldwide community".

If Trump carries through on all his trade threats, the result would be higher costs on virtually all the goods that the USA imports from China. With concerns growing on Wall Street, the Dow Jones industrial average closed down almost 300 points - more than 1 percent - on its sixth straight losing day.

For some companies, the exposure to China is far higher: USA tech giant Qualcomm generates 63 percent of its revenue in China and needs Chinese authorities to approve its takeover of semiconductor maker NXP.

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A spokesperson of China's Ministry of Commerce (MOC) said Tuesday that if the United States loses its rationality and unveils another list of Chinese products for additional tariffs, China will have no choice but to take comprehensive measures combining quantitative and qualitative ones to resolutely strike back.

China is vowing to "fight back firmly" if the United States makes good on President Donald Trump's latest tariff threats.

The Dow was down 287.26 points, or 1.15 percent, at the close of trading Tuesday after Trump promised to impose an additional $200 billion worth of tariffs on China if it retaliates for the fiscal penalties he imposed last week.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology". If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods.

Neither side has yet imposed tariffs on the other in their growing dispute over technology and the USA trade gap. The first round of penalties announced by both nations is set to take effect July 6. But the rhetoric is intensifying after several rounds of high-level trade talks that White House economic adviser Peter Navarro said yielded no progress.

The Semiconductor Industry Association, which represents major American chipmakers including Intel and Qualcomm, said it was alarmed to find the U.S. government was considering tariffs on computer chips imported from China.

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Reciprocal market access remains a particular concern, the survey showed, with 100 percent of firms in the information technology and telecom sector reporting that Chinese companies enjoyed better access in Europe than European companies had in China.

The U.S. Tire Manufacturers Association, which said the earlier tariffs would harm its members, declined to comment on the action against China.

China is retaliating by raising import duties on 34 billion dollars (£25 billion) worth of American goods, including soybeans, electric cars and whiskey.

"Every asset class is affected now by the U.S".

China imported US$129.89 billion of USA goods previous year, compared with U.S. purchases of US$505.47 billion of Chinese products, according to United States data.

Even if Americans don't buy these items directly, they could still feel the impact as USA companies raise their prices to help them pay for more expensive machines and industrial goods.

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