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Daily Trends Now


China accuses Trump of 'blackmail' after new tariffs threat

China accuses Trump of 'blackmail' after new tariffs threat

In a post illustrated with an unflattering picture of Trump with his hair flying in the wind, the ruling Communist Party's People's Daily said on its WeChat account that China had the confidence and the ability to win the trade battle. China doesn't import enough goods from the U.S.to match the scale of Trump's proposal but could adopt other methods.

In response, China announced tariffs on $34bn of USA goods including agricultural products, cars and marine products which will also take effect from 6 July. The two sides traded back-and-forth tariff threats on $50 billion worth of imports on Friday, and then Trump on Monday threatened tariffs on another $200 billion worth of imports.

USA tariffs that affect more than 800 Chinese products worth $34bn in annual trade are due to come into effect on 6 July.

"Beijing will have to ensure that Washington is aware that there will be heavy price to pay every action it strikes against China if it is to avoid being a victim of the Trump administration's growing blood lust".

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in a statement Monday. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

The 10-year U.S. Treasury note yield touched 2.871 percent, its lowest since June 1.

The Dow Jones industrials are down 291 points, or 1.2 percent, to 24,697, after dropping more than 400 points in morning trading.

Shares in supermarket Tesco, Britain's biggest retailer, meanwhile jumped 2.6 percent after the company reported solid first-quarter sales. Boeing's stock shed 3.6 percent, Caterpillar 3.7 percent and GE 1.7 percent.

Separately, the Chinese Commerce Ministry has hit back accusing the United States of blackmailing by threatening to slap additional tariffs on Dollars 200 billion of Chinese goods and warned that it would hit back with comprehensive measures if Washington went ahead with the plan.




"If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the statement said.

On a day when the Dow dropped as much as 400 points because of fears of a US-China trade war, Navarro played down fears that escalating tariffs would harm the US economy.

WATCH: Freeland "strong, measured" retaliatory tariffs to be imposed on U.S. "The market is waiting for Beijing to come out with counter measurements to offload more chips", said Margaret Yang, market analyst at CMC Markets Singapore. -China Business Council. Parker suggested that such steps might include delaying or denying licenses required by USA companies in China.

The EU and India have already joined China and Russian Federation in bringing cases against the U.S.at the WTO.

Economists think the size of Trump's newest trade threats risk putting an even bigger dent in the USA economy.

It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalised or conduct a legal review. China's tariffs would target agricultural products, cars and seafood, among other items.

Shares of Chinese companies listed in the US slumped.

The Canadian government believes a deal to update NAFTA is still possible despite a USA move to impose tariffs on Canadian and Mexican steel and aluminum, Foreign Minister Chrystia Freeland said in Ottawa on Tuesday. The second list consists of chemicals, medical equipment and energy products, valued at approximately $16 billion.4 As compared with the April list, China added a slew of minerals to the list of products potentially subject to additional duties.

Within hours of USTR's June 15 tariff announcement, China harshly condemned the USA action and announced its own list of US products subject to tariffs. "So hopefully we'll be able to work it out with Canada", Trump said.

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