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Trade war with China: What you need to know

08 April, 2018, 01:09 | Author: Priscilla Morrison
  • One of the targets of Chinese retaliation in the simmering trade dispute is US pork

The Standard & Poor's 500 dropped almost 2.2 percent, while the NASDAQ fell almost 2.3 percent at the end of trading.

Here's what you need to know about tariffs, including why Trump is issuing the taxes against China and if the ongoing escalation over tariffs could lead to a trade war.

Responding to Mr Trump's latest comments, the Chinese commerce ministry reiterated that China was not afraid of a trade war even though it did not seek one, and accused the USA of provoking the conflict. China said today it was ready to pay "any cost" in a possible trade war with the USA, after President Donald Trump warned he was considering US$100 billion (RM387 billion) in extra tariffs.

The products on the latest US list include heavy machinery, motorcycles and high-tech items, such as semiconductors and batteries. We were badly represented.

China's commerce ministry said in a statement Friday that if Washington persisted in what Beijing described as protectionism, China would "dedicate itself to the end and at any cost and will definitely fight back firmly".

Re "Econometer: A trade war a good thing for U.S.?"




If the USA follows through, that would mean $153 billion in Chinese imports would be subject to tariffs.

"We continue to believe headlines are likely to get worse before they get better", writes Ed Mills at Raymond James.

Senator Chuck Grassley said China had ignored the rules of the World Trade Organization (WTO) for too long and aggressively pursued practices that unfairly undermine American ownership, innovation and entrepreneurship.

Early in the week, the United States proposed tariffs on $50 billion worth of Chinese goods.

"(But) we want them to stop participating in unfair and illegal trade practices and intellectual property theft, being a huge detriment to USA companies and businesses", she said.

USA stocks also were affected this past Monday by Trump's new verbal attack on giant online retailer Amazon.

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