Trade war worries slam China and emerging markets

President Donald Trump with Vice President Mike Pence nearby speaks during a meeting of the National Space Council in the East Room of the White Hou

Beijing responded by saying it would hit 659 U.S. goods worth $50bn with a similar tax.

"Escalation (of trade tensions) is a sort of impossible thing to forecast, but if it stops at this level you have probably created some nice risk premia in Asia and emerging markets", said Hans Peterson, global head of asset allocation at SEB Investment Management.

The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed global society", it said. The reassurance from the White House comes at a time when the administration has already placed tariffs on $50 billion worth of imports from China and is threatening to hit the country with another $200 billion worth of tariffs.

Should China impose its proposed expanded tariffs, Trump warned, that he would slap duties on an additional $200 billion of Chinese imports.

Brent crude futures fell 0.8 per cent to US$74.76 a barrel after rallying 2.5 per cent overnight, while USA light crude futures retreated 0.9 per cent to US$65.27.

The Shanghai Composite Index dropped more than 3 percent to its lowest since July 2016, while Hong Kong's Hang Seng shed 2.8 percent. China's central bank unexpectedly injected 200 billion yuan (23.5 billion pounds) in medium-term funds into the banking system on Tuesday in a move analysts said reflected concerns about liquidity but also the potential economic drag from a full-blown trade war.

US business groups said members were bracing for a backlash that would affect all American firms in China, not just in sectors facing tariffs.

If the United States publishes a new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, the ministry said.

President TrumpDonald John TrumpEx-ethics chief calls on Trump to end "monstrous" migrant policies Laura Bush blasts Trump migrant policy as "cruel" and "immoral" United States denies report of coalition airstrike on Syria MORE on Monday said he is directing his top trade official to identify $200 billion more worth of Chinese goods that will be subject to tariffs, escalating the ongoing trade dispute between the USA and China.

China will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, the commerce ministry said, accusing the U.S. of initiating a trade war. -China Business Council. Parker suggested that such steps might include delaying or denying licenses required by USA companies in China.

Trump said that if China responds to this fresh round of tariffs, then he will move to counter "by pursuing additional tariffs on another $200bn of goods".

The Chinese Commerce Ministry reacted quickly to Trump's announcement, accusing the United States of "extreme pressure and extortionist behavior" and warning it would "strike back hard".

"The Trump administration appears to think it can strong-arm China in making concessions by scaling up the amount of trade it imposes tariffs on", Kuijs wrote. USA bond yields fell in a flight to safety. Over the weekend, Trump engaged in a back-and-forth with the country that ultimately led him to threaten tariffs on $450 billion of Chinese imports.

"Most economists have been unwilling to assume real GDP will be materially impacted by the growing array of trade disputes - primarily because $50 billion to $200 billion is a drop in the vast ocean that is the US economy". That would encompass roughly 90 percent of the $505 billion worth of goods that China exported to the United States in 2017. Apple and the White House were not immediately available for comment. That means things like tourism and education, industries from which the United States benefits a lot more than China does.

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