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Mon May 13, 2019, 09:39 AM

China Retaliates with Tariff Hikes on $60 Billion Worth of U.S. Imports

Makini Brice and Ben Blanchard
China said Monday it will impose higher tariffs on a range of U.S. goods, striking back in its trade war with Washington shortly after President Donald Trump warned it not to retaliate.

China's finance ministry said it plans to set import tariffs ranging from 5 percent to 25 percent on 5,140 U.S. products on a target list worth about $60 billion. It said the tariffs will take effect on June 1.

The announcement came less than two hours after Trump warned Beijing not to retaliate after China said it "will never surrender to external pressure."

The White House and U.S. Trade Representative's office did not immediately return a request for comment.

Global equities fell sharply on Monday as hopes of an imminent trade deal between the world's two largest economies were crushed. Major U.S. stock index futures were down about 2 percent.

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https://www.msn.com/en-us/finance/markets/china-retaliates-with-tariff-hikes-on-2460-billion-worth-of-us-imports/ar-AABixNd

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Reply China Retaliates with Tariff Hikes on $60 Billion Worth of U.S. Imports (Original post)
RCW2014 May 13 OP
RCW2014 May 13 #1
Valishin May 13 #2
orson May 13 #3

Response to RCW2014 (Original post)

Mon May 13, 2019, 09:41 AM

1. Dow Drops More than 450 Points at The Open After China Retaliates with Tariff Hikes


Fred Imbert 10 mins ago

Stocks fell sharply on Monday after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the world’s largest economies intensifies.

China will hike tariffs on $60 billion worth of U.S. imports, starting on June 1. The goods targeted include a broad range of agricultural products. This comes after President Donald Trump raised tariffs on Chinese imports last week. China said in a statement that the U.S.′ decision jeopardized the interests of both countries and does not meet the “general expectations of the international community,” according to a Google translation.


Trade bellwether Caterpillar fell more than 4% while Apple dropped 3.8%. Boeing shares also declined more than 3% amid speculation the airplane maker could be singled out by China in the trade war.

Asian markets fell broadly. The Nikkei 225 index declined 0.7% Monday while the Shanghai Composite pulled back 1.2%. European stocks also dropped. The Stoxx 600 index fell 1.1% while the German Dax dipped 1.5%.

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https://www.msn.com/en-us/money/markets/dow-futures-drop-500-points-after-china-retaliates-with-tariff-hikes/ar-AABgvpL

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Response to RCW2014 (Reply #1)

Mon May 13, 2019, 09:50 AM

2. It just dawned on me

Trump may be even more brilliant than anyone realized. One of the big concerns with the constant growth is the need for major correction at the end of it. This whole tariff battle who's purpose is to get China to actual practice something remotely resembling free trade may have a side benefit that the backlash results in a bunch of mini corrections. It's like letting just a little air out of the balloon before it pops releasing tension on the rubber.

I've said many times that one of Trumps bad decisions was not coming out and warning the market to be ready for the eventual downturn. If he keeps slow release->growth->slow release->growth... cycle going he might be able to keep the natural down turn from kicking in until after his reelection.

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Response to RCW2014 (Original post)

Mon May 13, 2019, 10:49 AM

3. The price of poker is going up

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