Sunday, 21 October, 2018


Asian shares on slippery slope as Trump ups ante in trade war

Conrad Doyle | 10 September, 2018, 17:40

"Our concern with these tariffs is that the US will be hardest hit, and that will result in lower USA growth and competitiveness and higher prices for USA consumers", the company said.

On Friday, Wall Street stocks ended lower while world share indexes registered their biggest weekly declines in nearly six months after Trump threatened tariffs on a further US$267 billion worth of Chinese imports, on top of earlier promises to levy duties on US$200 billion worth of Chinese goods.

"If the United States insists on imposing another round of tariffs on Chinese products, China will definitely take countermeasures to safeguard its legitimate rights and interests", foreign ministry spokesman Geng Shuang said.

The company announced late last month that Trump's decision to implement steep tariffs against China undermined the profitability of the new vehicle, which the company had initially planned to ship into America for sale next year.

The tweet followed a letter Apple sent to the Trump administration saying that the proposed $200 billion tariffs on Chinese-made products would result in many Apple products getting hit by the 25 percent increase in import tax. Beijing has threatened to retaliate against any measures out of Washington.

STRONG JOBS REPORT: Investor sentiment was supported by upbeat economic data out of the USA on Friday that showed the pace of hiring quickened in August and wages growing at their fastest pace in nine years. It will continue to sell the vehicle outside the states.

Hong Kong stocks suffered the sharpest losses, falling 1.3 per cent, while Shanghai ended down 1.2 per cent with news that China's trade surplus with the U.S. hit a record in August - adding to concerns Trump will push ahead with the tariffs.

The United States and China have activated additional tariffs on $50 billion of each other's goods since July, as trade friction between the world's two biggest economies worsened, despite several rounds of negotiations. The United States imported $3 of Chinese goods a year ago for every $1 of American goods bought by China.

Chinese regulators have so far targeted farm goods and other exports from states that supported Trump in the 2016 election.

The U.S and China have been locked in an escalating trade dispute, with each nation levying significant tit-for-tat tariffs against one another. Seoul and Beijing later mended relations, but Lotte gave up and sold its China operations.

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