Trump prepares more tariffs as China retaliates

China to impose tariffs on $60bn worth of US goods

In the US, prices of soybeans, targeted by Chinese tariffs last year, fell Monday to a 10-year low on fears of a protracted trade war.

The "points" are a reference to the percentage increase in tariffs on Chinese goods, from 4 per cent to 25 per cent, compared to a more modest tariff hike the Chinese have recently enforced in the other direction.

"For the president to be successful, China has to visibly lose and that's not something China's going to do easily, if at all", Holtz-Eakin said.

One of Donald Trump's top economic advisers has acknowledged the president was wrong to suggest that China would pay tariffs on its exports to the US.

Trump insisted the tariffs the U.S. has placed on Chinese goods don't hurt American consumers, saying there is "no reason for the U.S. Consumer to pay the Tariffs".

President Trump "badly needs" to score a win with his "bold" China strategy so he can head into the 2020 election at his strongest, according to Fox News Senior Political Analyst Brit Hume.

China had vowed "necessary countermeasures" on Friday against Trump's escalation.

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The Dow Jones Industrial Average fell more than 475 when markets opened, and stretched that loss to 530 points by mid-morning.

However, in an interview with Fox News Sunday, Mr Kudlow admitted that it was American businesses that paid the tariffs on any goods brought in from China, and that U.S. consumers would also foot the bill if firms passed on the cost increase.

Trump has threatened to extend tariffs to the remaining $300 billion or so in Chinese tariffs that haven't been targeted yet, but told reporters Monday: "I have not made that decision yet".

The highest tariffs announced by China will apply to industrial chemicals, electronic equipment, precision machinery and hundreds of food products. A 20% penalty applies to 1,078 items, 10% to 974 items and 5% to 662 items.

"Since we see a trade accord being reached in the not-too-distant future, we don't expect the market to endure more than a short-lived spate of indigestion", said Sam Stovall, chief investment strategist at CFRA.

Trump later tweeted that "there will be nobody left in China to do business with".

The US argues that China's trade surplus with the US is the result of unfair practices, including state support for domestic companies.

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Any softening in USA stock prices would have an additional advantage from the White House perspective: It would add to the pressure on the Fed to cut interest rates. USA crude dropped 1% to settle at $61.04 per barrel. That would push annual growth below six per cent, raising the risk of politically risky job losses.

The latest trade negotiations failed to resolve key differences. Chinese officials said they hoped that the US side would meet them halfway, describing the standoff as just a "setback".

Worries over an escalating trade war also hit commodity markets, sending USA crude down 0.11% to $60.97 a barrel.

Washington wants Beijing to roll back plans for government-led creation of Chinese global competitors in robotics and other technology that its trading partners say violate its free-trade commitments.

"There is nothing to be afraid of", said the party newspaper People's Daily. Many economists think that the trade dispute could slow growth around the globe, which would in turn slow demand for US exports. "It is no big deal".

"Many tariffed companies will be leaving China for Vietnam and other such countries in Asia".

The plunging of the Dow is in response to increasing tensions between Washington and Beijing.

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The bombers are now positioned at the al-Udeid Air Base in Qatar, a defense official confirmed on condition of anonymity. Iran has been living up to its part of the bargain. "We have information that you don't want to know about", Trump said.


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