Renewed U.S.-China trade spat boosts safety demand for yen

Markets drop over trade war fears

Markets drop over trade war fears

China retaliated with $50 billion worth of US exports, including agricultural products.

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018.

The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed worldwide society", it said.

"The trade relationship between the United States and China must be much more equitable". That stemmed from a U.S. Trade Representative investigation that determined Chinese theft of U.S. intellectual property and forced technology transfers threatened to undermine U.S. competitiveness.

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

China will protect its interests will take qualitative, quantitative measures if us publishes additional tariffs list.

Trump said he has "an excellent relationship" with Chinese President Xi Jinping and they "will continue working together on many issues".

The U.S. imported $505 billion of goods from China previous year.

"The US-China trade war is escalating rapidly", said Rajiv Biswas, Asia Pacific chief economist at IHS Markit in Singapore. Trump said if China increases its tariffs again in response to the latest United States move, "we will meet that action by pursuing additional tariffs on another $200 billion of goods". -China trade spat escalated and base metal prices slid.


If implemented, Trump's tariffs would mean a sizable amount of Chinese goods shipped to the U.S. would be exposed to new tariffs and raises questions about the impact on American consumers.

Could Trump's China tariffs make IT more expensive for businesses?

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

"The United States will no longer be taken advantage of on trade by China and other countries in the world", he said.

With the world's two largest economies already engaged in a confrontation long feared by markets and industry, Trump said he was pushing forward with fresh punitive measures over Beijing's "unacceptable" move to raise its own tariffs. China is now running a $376 billion surplus in trade with the United States, according to the White House.

For its part, China said it "doesn't want a trade war" but has to "fight back strongly", a Commerce Ministry statement said on Saturday.

"The Chinese have probably calculated that they can take the pain from a trade conflict longer than Trump can, or at least longer than the U.S. economy, companies and workers will be prepared to tolerate".

Trump's latest tariffs Monday came on the same day the Senate voted to reverse the Commerce Department's recent move to save Chinese telecommunications giant ZTE by lifting a seven-year ban on the company doing business with USA firms, which was imposed after ZTE was found violating the terms of 2017 penalty agreement.

China's proposed retaliatory tariffs on the United States target farm goods such as soybeans, as well as chemicals, oils and seafood.

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