Daily Mail: Dow plunges 700 points as China imposes its own tariffs on $60 BILLION of imports from the U.S. and tells Trump it will 'never surrender' to his trade demands
* Trump announced new tariffs on Chinese goods after Beijing's emissaries walked away from trade talks
* China announced its own new tariffs Monday, saying it will tax $60 billion of U.S. imports at the border beginning in June
* China will never surrender to external pressure,' foreign ministry spokesman Geng Shuang said
* Stocks opened sharply down on the news as jittery traders wondered about the impact on the U.S. economy
* Dow Jones Industrial Average plunged more than 650 points between overnight trades and early afternoon stock market action
* Trump now claims companies will move out of China to avoid paying U.S. tariffs
* Washington-Beijing trade war could be ended with a negotiated deal but none appears imminent
Markets plunged Monday after China said it would hike import tariffs to as high as 25 per cent on U.S. goods, and bluntly told Donald Trump it would 'never surrender' on trade.
The Dow Jones Industrial Average fell more than 475 when markets opened, and fell 700 points by 1.30 p.m.
The sell-off came after China raised tariffs, first imposed in 2018, on $60 billion of American goods, saying they will go into effect on June 1.
'China will never surrender to external pressure,' foreign ministry spokesman Geng Shuang said during a regular press briefing on Monday.
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More News On China Imposing $60 Billion Of Tariffs On U.S. Imports
China defies Trump with new round of tariffs on U.S. goods -- Reuters
China retaliates on tariffs, stock markets go into a slide -- AP
China announces tariff hike on US goods in tit-for-tat trade war -- France 24
China to raise tariffs on US$60 billion of US goods on June 1 -- SCMP
China to raise tariffs on $60 billion of US goods -- The Hill
China to hike tariffs on $60 billion of US goods -- DW
China hits back at US with tariffs on $60bn of products -- The Guardian
China announces retaliatory tariffs on $60 billion in U.S. goods -- UPI
China strikes back at Trump's new tariffs, targeting $60 billion in US exports -- RT
China to increase tariffs on $60bn worth of US goods -- Al Jazeera
No surrender in China as markets react to latest US trade tariff hike -- DW
5 comments:
Tariffs on just $60 billion? China is running out of tariffs while Trump still has another $300 billion of Chinese products yet to be tariffed.
Advantage Trump and we know he loves to push his advantages to get the maximum return.
Yep, you caught that too!? China is now behind the eight ball.
...
My company packed up and started moving out of China in late 2016/early 2017 already and from all I can see many of our competitors also moved out of there, it's just a bit too scary to do business in China these days ...anyone who's been there for prolonged business can attest to the nightmare of doing business there now. ..it wasn't like this in the 90's...but this trend of "goodbye China" as we call it is not new, and some are -still- in China betting big on change and likely regretting it by the day as it got worse after we left and there's no end in sight. We're all going to Vietnam, Thailand, some to Cambodia, Laos. You get the same product line and no theft, harassment or endless dinners where you're stuck with the bill for the pleasure of doing business in China. Those who stay will likely be taken over, nationalised. China cannot sustain its growth numbers which we all know are faked. The housing bubble is inching closer. .people are looking for ways out and everyone is pointing to Xi to come up with a solution but no one even whispers what that might be. China needs something to make this myth they created go on. Trump called the China 2025 bluff and they folded already next year which the MSM did not even understand in significance. 2025 was the year China was supposed to overtake the US. Now they are far behind but our MSM keeps talking them up. I'm sure a lot of advertising dollars make it easy to ignore this gigantic story of a fall of a nation. The only thing I can imagine that could help China to get approx $5 trillion/year to keep this charade and investment bubble going is a war to cover up numbers. But even a war against Taiwan would only be sustainable and not end in complete embarrassment and loss of face - or worse - if the US were to not help Taiwan and look away. This is only possible if they come to the table. So I wonder if the go for this and accept Trump's major, historic victory and a temporary triump for the US and west as a whole, or they try to slap around a smaller nation like Vietnam. Problem is to cook the books they need a sufficiently big war and Vietnam is so outmatched it wouldn't cost more than 1-2 trillion over 3-4 years. ..too late and too little. And a bigger war over what? They already tried to lure Vietnam into a war a few years back over an oil platform in disputed waters and Vietnam was smart enough to let it go. Let's see
My company packed up and started moving out of China in late 2016/early 2017 already and from all I can see many of our competitors also moved out of there, it's just a bit too scary to do business in China these days ...anyone who's been there for prolonged business can attest to the nightmare of doing business there now. ..it wasn't like this in the 90's...but this trend of "goodbye China" as we call it is not new, and some are -still- in China betting big on change and likely regretting it by the day as it got worse after we left and there's no end in sight. We're all going to Vietnam, Thailand, some to Cambodia, Laos. You get the same product line and no theft, harassment or endless dinners where you're stuck with the bill for the pleasure of doing business in China. Those who stay will likely be taken over, nationalised. China cannot sustain its growth numbers which we all know are faked. The housing bubble is inching closer. .people are looking for ways out and everyone is pointing to Xi to come up with a solution but no one even whispers what that might be. China needs something to make this myth they created go on. Trump called the China 2025 bluff and they folded already next year which the MSM did not even understand in significance. 2025 was the year China was supposed to overtake the US. Now they are far behind but our MSM keeps talking them up. I'm sure a lot of advertising dollars make it easy to ignore this gigantic story of a fall of a nation. The only thing I can imagine that could help China to get approx $5 trillion/year to keep this charade and investment bubble going is a war to cover up numbers. But even a war against Taiwan would only be sustainable and not end in complete embarrassment and loss of face - or worse - if the US were to not help Taiwan and look away. This is only possible if they come to the table. So I wonder if the go for this and accept Trump's major, historic victory and a temporary triump for the US and west as a whole, or they try to slap around a smaller nation like Vietnam. Problem is to cook the books they need a sufficiently big war and Vietnam is so outmatched it wouldn't cost more than 1-2 trillion over 3-4 years. ..too late and too little. And a bigger war over what? They already tried to lure Vietnam into a war a few years back over an oil platform in disputed waters and Vietnam was smart enough to let it go. Let's see
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