China, US have ‘wisdom’ to resolve trade dispute, says senior diplomat

Markets Right Now Stocks sink as trade war escalates

China announced on Monday it would raise tariffs on US$60 billion (S$82 billion) in U.S. exports by next month, responding in kind to President Donald Trump's decision last week to hike duties on hundreds of billions of dollars in Chinese merchandise.

China on Monday hit back against the United States, announcing it will sharply increase duties on thousands of USA agricultural and manufactured goods to retaliate against Trump's decision last week to more than double the punitive duties on hundreds of billions of dollars in Chinese merchandise.

"China will fight to the finish", said a foreign ministry spokesman, Geng Shuang.

However, the onshore yuan weakened 0.1% to its lowest level since December 27, 2018, trading at 6.8874 per dollar, after the foreign ministry said it hoped the United States would not underestimate China's determination to defend its interests.

This week, "trade war" is again spiking, the analysis showed.

"China naturally retaliated with new tariffs of its own", said Dollar, adding that since both countries have suffered from the tariffs, China-U.S. trade talks will continue.

In his Tuesday tweets, Trump said the "massive tariffs" now in place will pay for government bailouts for suffering farms. The list includes things like tuna, pacifiers, saw blades, flashlights, door chimes, billiard balls and golf carts. The USTR noted it excludes pharmaceuticals and rare earths minerals used in electronics and batteries.

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"The risk of a full blown trade war has materially increased", they said in a report.

"Every time you encounter an enemy, you need to become stronger", said one editorial widely reposted by China's state media on Tuesday. "It will all happen, and much faster than people think!" Another comment on the site said, "Why are Chinese people bullied? Because our hearts are too soft!"

But Mr Geng told a news briefing in Beijing that China would "never surrender to external pressure".

Last week's trade negotiations between the delegation from China and the US delegation seemed to have lost ground and moved farther away from a resolution, the opposite of the desired outcome.

China's main market index slipped 0.7% and Tokyo's benchmark fell 0.6%. Hong Kong, Australia and Taiwan also fell.

But shares in Europe rebounded and the future contracts for the Dow Jones Industrial Average and S&P 500 were up 0.5% and 0.6%, respectively.

That came after China's Finance Ministry announced duties of 5% to 25% on about 5,200 American products, including batteries, spinach and coffee. Details of what the duties were before the increases were unclear.

Stocks Bounce Back As Trade War Fears Subside
If approved, this proposal would affect effectively any consumer product that wasn't hit by previous rounds of tariffs. Volume on US exchanges was 6.62 billion shares, compared to the 7.01 billion average over the last 20 trading days.


Trump, who has embraced protectionism as part of an "America First" agenda, said he would talk to Xi at a G20 summit in late June.

Trump tweeted, "My respect and friendship with President Xi (Jinping) is unlimited but, as I have told him many times before, this must be a great deal for the United States or it just doesn't make any sense". Trump wrote that Beijing "had a great deal, nearly completed, & you backed out!"

The last round of negotiations ended Friday in Washington with no word of progress.

"Investors are looking for opportunities to get into this market, and so far in 2019 there really haven't been any "buy the dip" opportunities other than last week", Ryan Nauman, market strategist at Informa Financial Intelligence, said by phone.

"Both sides have the incentive to act half-crazy and unpredictable before that in order to cut a better deal", they said. Mr Trump and Mr Xi have political interests that are more likely to deepen the conflict than to quickly ease it.

The June gold contract was down US$5.50 at US$1,296.30 an ounce and the July copper contract was up 0.6 of a cent at US$2.72 a pound.

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