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12 July 2018, 12:47 | Devin Moran
What Is the Endgame for the Trump Trade Wars?
China's commerce ministry said it was "shocked" by Washington's latest move, which comes just days after both countries imposed tit-for-tat tariffs on $34 billion of each other's goods, and ups the ante in a heated trade dispute that has rattled global financial markets.
The Dow Jones Industrial Average .DJI fell 195.89 points, or 0.79 percent, to 24,723.77, the S&P 500 .SPX lost 17.65 points, or 0.63 percent, to 2,776.19 and the Nasdaq Composite .IXIC dropped 34.64 points, or 0.45 percent, to 7,724.56.
Morgan Stanley told clients in a research note on Wednesday that the trade conflict is "creating earnings noise and eroding gains from fiscal stimulus, which we think was already in the price". "In the absence of such discussions, the USA and China seem set for a more full-blown trade war, with major economic implications for themselves and the global economy".
Beijing's commitment to its ongoing deleveraging campaign means that tight credit conditions will continue, Yan said.
It wasn't immediately clear how China would respond to the new tariff list.
The United States remains willing to engage in negotiations with China on the issues at hand, he added.
Airline shares, which have suffered in recent weeks amid rising oil prices and a falling yuan, were hit particularly hard on Wednesday.
The country's Commerce Ministry earlier threatened "comprehensive measures", which were feared to include harassing American companies in China.
Containers are transferred at a port in Qingdao in China's eastern Shandong province on July 6, 2018. The U-S Chamber of Commerce says the proposed measure would ultimately hurt American families.
Beijing has said it would hit back against Washington's escalating tariff measures, including through "qualitative measures", a threat that US businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.
That prompted fears it might go beyond matching Washington's duty increases by disrupting operations for U.S. companies in China.
"First of all, I'm a free trader", he said. President Donald Trump has threatened higher tariffs on more than US$500 billion of goods, or almost all of China's annual exports to the United States.
China's WTO "trade policy review" - scheduled before Washington lit the fuse on a tariff battle with Beijing - served as a new front in the widening economic confrontation between the two powers.
Investors had been taking the trade war in stride but Tuesday's announcement appeared to dent that optimism.
Shanghai markets were hardest hit overnight, with stocks there down nearly 2 per cent and the yuan weakening towards last week's 11-month lows, down 0.4 per cent to 6.66 per dollar.
"China's failure to fully embrace the open, market-oriented policies on which this institution is founded must be addressed, either within the WTO or outside the WTO", Shea said according to prepared remarks released by the United States mission.
The dollar index rose 0.2 percent, with the euro down 0.18 percent to $1.1721. Even gold, considered a haven asset, fell as trade angst boosted the dollar, making commodities more expensive for holders of other currencies.
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