Amid US tariffs against China, experts worry about escalation
Amid US tariffs against China, experts worry about escalation
Trump threatens new tariffs on Chinese imports
21 June, 2018, 20:44
Hong Kong's Hang Seng index dropped 2.8 percent and France's CAC 40 slipped 1.4 percent. Big industrial companies that are part of the index, such as Boeing and Caterpillar, suffered steep losses. An earlier version stated that the S&P 500 closed down 11.18 points at 2,762.57.
Trump says he'll impose tariffs on an additional $200 billion in goods from China in addition to tariffs announced earlier, which Ernst says puts USA producers at risk of permanently losing valuable market access.
Investors sought safety in telecommunications, utilities, and other high-dividend stocks like Verizon, Procter & Gamble and Johnson & Johnson.
Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them.
Economists are starting to warn that the tit-for-tat tariff threats between the United States and China, should they all be implemented, would meaningfully slow USA growth.
USA crude rose 1.11 percent to $65.78 per barrel after hitting a two-month low of $63.59 and Brent was last at $75.26, up 2.48 percent on the day after falling to a six-week low of $72.45.
"Due to the fact that the USA continues to apply protective measures in the form of additional import duties on steel and aluminum and refuses to provide compensation for Russia's losses, Russia is using its WTO rights and introducing balancing measures with respect to imports from the United States", Oreshkin said, according to Russian newspaper Kommersant.
Commodities have also suffered because of the rising USA dollar following the Federal Reserve's decision to raise rates last week, he said.
USA crude fell 1.15 percent to $65.09 per barrel and Brent was last at $75.10, down 0.32 percent. The Philadelphia Semiconductor index .SOX fell 1.2 percent.
The US imposition of tariffs on a range of Chinese imports, which means an added tax on imported goods from China, was the first step in a series of measures announced by the Trump administration.
The Dow Jones industrials are down 318 points, or 1.3 percent, to 24,668. The S&P and the Nasdaq also fell.
U.S. President Donald Trump again slammed Canada over a trade dispute and claimed that Canadians are buying common products in the U.S. and having to "smuggle" them back into the country because of high tariffs. Last week, the US levied tariffs on $34 billion of Chinese goods. China immediately promised to retaliate. That is the early view from financial markets as the tariff dust-up between China and the United States shows increasing signs of affecting stock prices.
USA stock markets fell sharply Tuesday, with investors increasingly nervous about the impact of the escalating fight.
Bond prices climbed as investors turned more cautious.
In U.S. Treasuries, U.S. 10-year and 30-year yields fell to three-week lows, while two-year yields slid to two-week troughs. Virtually all economists agree that restricting trade has damaging economic consequences for all countries that employ such policies, but the scale and the scope of the losses are potentially huge, not just for the USA and China, but also for countries not directly involved.
China has condemned Donald Trump's threat to impose 10 per cent tariffs on $200 billion worth of Chinese goods as "blackmail" and warned it was prepared to take countermeasures if Washington goes through with them.
In an editorial, the English language China Daily, often used by the government to get its message out to the world, said the United States had failed to honor an agreement on rebalancing trade, a reference to a deal stuck in May for China to significantly increase purchases of US goods and services.
Their club futures seemingly all but secure, the France trio will next be in action at the World Cup on June 21 against Peru. Left-back Lucas Hernandez has also extended his contract at Atletico, with his now expiring in 2024.
Tidal swapped its weekend exclusive on Jay-Z and Beyonce's album for a new exclusive, a single from the Carters called Salud . All that aside, the album itself is pretty solid and can be enjoyed now on any streaming service you happen to prefer.
Commerce banned ZTE from buying American parts-including Qualcomm computer chips-that it depends on to manufacture its products. Reuters reports that President Donald Trump met with a Republican caucus of senators and House representatives this morning.
Eva has had many pregnancy rumours since the start of past year and in September she was forced to deny that she was expecting. This is the first child for Longoria, 43, who was previously married to National Basketball Association star Tony Parker.
But the Labour leader has insisted throughout her pregnancy she would not be the first mother to go through such circumstances. Jennifer Curtin, a professor of politics and worldwide relations at the University of Auckland told TIME.
Thus far, the World Cup has been hard to predict, with some of the best teams falling to underdogs and confounding the experts. The search for the World Cup's most polite fans is down to two finalists: Japan and Senegal .
Neymar returns to Brazil training after injury scare
Neymar will start Brazil's game against Costa Rica on Friday after coach Tite revealed he will field an unchanged team. Neymar Jr reacts during a training session at Yug-Sport Stadium on June 19, 2018 in Sochi, Russia.
Brexit defeat for United Kingdom government
A statement will then be given in the House of Commons on what course the government should take in the event of a no deal. The decision by the upper chamber, in effect, rejects a government-backed proposal on a final brexit deal.
Merkel gets 2-week deadline in German migrant row
If Seehofer were to defy her and go ahead with his plans on Monday, Merkel would nearly certainly be forced to fire him. However the dispute ends, it has exposed her government's fragility at a hard time for the continent.
Trump overstates order on family separation
Typically former presidents refrain from criticizing the current administration, but the Trump presidency is anything by typical. What court orders is he talking about? The ruling bars the government from keeping children in detention for more than 20 days.
PUBG’s Sanhok Event Pass is exactly what it sounds like
In celebration of this accomplishment, PUBG will be available for $20 on Steam for a limited time starting onTuesday. If you haven't paid for the pass, you can temporarily unlock numerous items (and earn one special item permanently).
Instagram takes on Snapchat and YouTube with IGTV
For Instagram , which also announced Wednesday that it passed 1 billion users, IGTV is its most significant new feature to date. Videos are now limited to 30 seconds for Instagram Stories, and one minute for users' main feeds.
LeBron James Might Stay In Cleveland If This Happens
If LeBron stays, the Cavs, once they fill out the roster, again would be over the cap, which is projected to be $108 million . This latest report adds plenty more intrigue to the question of LeBron James' free agency.