World

Wall Street falls as Trump greenlights China tariffs

Wall Street falls as Trump greenlights China tariffs

An earlier Bloomberg report on Friday that Trump was moving ahead on the tariffs despite Treasury Secretary Steven Mnuchin's attempts to restart talks with China on resolving the trade war had an immediate effect on financial markets, leading US stocks to reverse course and trade lower.

But announcement of the new round of tariffs has been delayed as the administration considers revisions based on concerns raised in public comments, the people said.

"The administration is faced with the fact that if they go ahead with the US$200 billion, they will hurt the U.S. economy quite badly, and things are not going so well with the midterms", he said.

Kyle Bruns packs a live lobster for shipment to Hong Kong at The Lobster Company in Arundel, Maine, on Tuesday.

To avoid the tariffs, 30 percent of US companies are looking at moving assembly out of the United States or China or finding new suppliers, the chambers said.

Two-thirds of American companies that responded to a survey said they have suffered lost sales or lower profits due to that increase, two chambers of commerce reported Thursday.

Reuters could not immediately verify the report, which had an immediate effect on financial markets. It led USA stocks to trade lower, fuelled drops in the Chinese yuan in offshore trading and gains in the dollar index, and sent the S&P 500 index negative. Technology shares led declines, with Apple falling as much as 1.7 per cent.

Almost half of respondents - who work in retail, food and manufacturing - say production costs have climbed, and 42 percent said they've noticed a decreased demand for their products.

On Wednesday, White House officials had seemed optimistic at the potential for new talks.

Chinese tech stocks are getting sliding after President Donald Trump reportedly OK'd hitting China with the next round of tariffs despite the two sides attempts to extend trade talks. "And so, Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation".

June 15: Trump rolls out the final list of goods subject to new tariffs.

Trump imposed his first phase of tariffs this summer on $50 billion of Chinese goods, including high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at U.S. soybeans, autos and other farm goods.

Roughly a third of firms are shifting supply chains out of China, or the United States, and an equal proportion are delaying or cancelling investment decisions, the survey showed.

And from our stock market's point of view, we don't really need our number one export customer - China - to be in a losing battle with the U.S., as we supply a lot of the raw materials inside the "stuff" they sell to the States.

President Trump took to Twitter, seeming to undermine his own officials over an offer of talks with Beijing. A USTR spokesman did not respond to queries about the tariffs. Disclosure on Wednesday that the US sought to renew the talks rallied USA stocks and emerging-market assets.


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