BEIJING – Deepening its trade war with the U.S. and sending world financial markets into a slide, China announced higher tariffs Monday on $60 billion worth of American goods in retaliation for President Donald Trump’s latest penalties on Chinese products. Tariffs of 5% to 25% will take effect on June 1 on about 5,200 American products, including batteries, spinach and coffee, the Finance Ministry said. The announcement followed a move by the U.S. on Friday to raise duties on $200 billion of Chinese imports to 25%, up from 10%. American officials accused China of backtracking on commitments it made in earlier negotiations. With investors unnerved by the potential for economic damage on all sides, stocks sank across the globe. The Dow Jones industrial average was down more than 600 points, or more than 2%, in late morning trading, while the Standard & Poor’s 500 also sank more than 2%. Earlier, stocks fell in Europe and Asia. Two days of trade negotiations between U.S. and Chinese representatives broke up Friday without any agreement. Both countries have indicated more talks are likely. Top White House economic adviser Larry Kudlow said on Sunday that China has invited U.S. Trade Representative Robert Lighthizer and… Read full this story
- How much more can the stock markets slide?
- China to allow pension fund to invest in stock market for first time
- Coronavirus Impact: Stock market investors lose Rs 12 lakh crore in 6 trading sessions
- Why this stock market sell-off is scarier than 2008
- Equitisation vital for stock market growth
- Trump Faces the Same China Dilemma As Ever: He Loves China Tariffs, But the Stock Market Hates Them
- Stock markets drop after Trump signals dissatisfaction with China negotiations
- Deadly outbreak wreaks havoc, sparking stock market tumble
- Donald Trump faces worst week in stock market since 2008 as coronavirus prompts ANOTHER Dow plunge despite president claiming Democrats' 2020 candidates were to blame and putting Mike Pence in charge
- US shares plunge 10 per cent below recent record high as coronavirus fears cause stock market slumps around the world
- Stock market rout deepens on virus worries; indexes lose 4%
- How the Falling Stock Market and Coronavirus Fears Could Affect the Housing Market
China retaliates on tariffs, stock markets go into a slide have 354 words, post on www.daily-chronicle.com at May 13, 2019. This is cached page on Konitono News. If you want remove this page, please contact us.