Asian, European stocks plunge as China-US trade war fears brew

US President Donald Trump addresses a meeting of the National Space Council in the East Room of the White House in WashingtoN

The ministry also expressed its disappointment that the new tariffs do not reflect the "consensus" the two countries had come to during recent trade negotiations, after which China declared the trade war was over.

United States companies often send mostly finished chips to China for assembly, testing and packaging.

The U.S. blocked ZTE's access to U.S. suppliers in April, saying the company violated a 2017 sanctions settlement related to trading with Iran and North Korea and then lied about the violations.

Russia's Economy Minister, Maxim Oreshkin, said the tariffs would target goods of which the Russians already had domestic equivalents. Those tariffs were matched by China's threat to penalize on US exports, a move that drew the president's ire.

The pain has been limited so far to sellers of goods targeted by US and Chinese tariffs, but economists say the impact could spread. But it appears that Trump and Kudlow were more interested in Cook's promise that Apple will contribute $350 billion to the USA economy over the next five years.

But the lopsided status of U.S.

"Most observers outside the Trump administration think that a trade war between the USA and China will lead to losses on all sides", Oxford Economics analysts said in a research note.

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Bardole voted for Trump, and he says while the trade agreements the president rails against have actually been good for the U.S.ag industry, he also says they've been bad for other industries.

In response, China announced tariffs on $34bn of U.S. goods including agricultural products, cars and marine products which will also take effect from 6 July. That would leave about $120 billion of imports available for retaliatory tariffs after Saturday's announcement. A punitive duty the Trump administration applied to lumber imports from Canada has raised the price of a new home by $9,000, according to the National Association of Home Builders. The next step will be for the Office of the U.S. Trade Representative to identify the Chinese goods to be penalized and to conduct a legal review.

Monday's tariff threat comes on top of $34 billion of Chinese goods subject to an extra 25 percent tariff effective July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

Trump, pursuing his "America First" policy, has been insisting that China has been unfairly benefitting from a massive trade imbalance with the USA, now estimated to be Dollars 376 billion.

"The actions President Trump has taken are purely defensive in nature", he said, asserting that "China does have much more to lose" because it sells so much more to the usa than it buys.

Wall Street has tried to ignore warning signs about a trade war for months. "Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States".

Stephen Innes, head of Asia-Pacific trading at Oanda, said Trump's latest move goes "beyond "tit-for-tat" levels and, predictably, investors are running for cover under the haven umbrellas as global equity indices are crumbling under the weight of an escalating trade war".

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