U.S. stocks skid as trade war worsens with new tariff…

Arturo Kim
July 14, 2018

That means in an all-out, tit-for-tat trade war, China would not be able to match the tariffs dollar by dollar. Those duties, in turn, were a response to new tariffs the United States had imposed on China. Yet Beijing isn't about to drop its zeal to acquire the technology it sees as crucial to its prosperity. -China trade war made markets topsy-turvy on Wednesday, with USA stocks breaking a four-session winning streak and Brent crude prices seeing their biggest one-day drop in two years.

"American families are the ones being punished".

"The behavior of the U.S.is hurting China, hurting the world and hurting itself", China's commerce ministry spokesperson said in a statement, according to the BBC, before adding that Beijing will have to take "necessary countermeasures". In the long run, he said, it could be a good thing for the USA if they are able to come to an agreement.

Trump said Tuesday he intends to target another $200 billion in Chinese imports - from fish and mattresses to baseball gloves and phone components - with 10-percent taxes. "But it could mask over factors that could also weigh on equities in the longer run, such as tighter monetary policies led by the United States".

Major auto producing countries such as South Korea are also bracing for steep USA tariffs on autos and auto parts, as Trump has ordered a national security probe into the sector, which is expected to be completed this month. This week, Trump threatened to impose an additional $200 billion worth of tariffs on Chinese-made products.

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For months, the Chinese government has patiently urged the US administration to stop bullying its trade partners, stop trampling the multilateral trade system, and apply an open mind to achieve win-win.

Ramping up the US-China trade war, the Trump administration today announced 10 per cent tariffs on an additional $200 billion worth of Chinese imports, prompting Beijing to warn of "counter measures" to safeguard its interests. "Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters". That could include making life hard for American companies operating in the world's second biggest economy.

However, Lighthizer still left some room for potential negotiations with China before the new round of tariffs. However, it will be unable to respond in equal measure because total USA exports to China only amounted to $US154 billion past year.

In the first round of a tit-for-tat trade war, China responded to last week's U.S. tariffs with import taxes of equal size on $US34 billion worth of American exports. Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach".

"Tariffs ultimately are taxes on American consumers that limit choice".

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