U.S., China sink into deepening trade conflict

Tim Cook meets with Apple Store employees in China

Benchmark U.S. crude was down $1 to $64.85 per barrel in electronic trading on the New York Mercantile Exchange.

In response to China's efforts to impose retaliatory tariffs, President Trump has asked USA trade officials to identify US$200bn worth of Chinese goods for additional tariffs at a rate of 10 per cent.

While addressing the National Federation of Business in Washington, Trump told the crowd that Canadians are resorting to smuggling US goods to avoid tariffs.

Asian stock markets fell following Trump's announcement.

Hong Kong's Hang Seng lost 2.8 percent to 29,468.15. The German DAX dropped 1.66 percent, while the French CAC 40 fell by 1.18 percent.

China imported $129.89 billion of USA goods a year ago, while the US purchased $505.47 billion of Chinese products, according to US data. In a forcefully worded statement, it said Beijing is ready to "defend the interests of the Chinese people and enterprises".

If the tariff hike goes ahead, "China will have to adopt comprehensive measures that combine quantity and quality", the statement said.

Trump also said that if China retaliates yet again, the United States would pursue additional tariffs on another $200 billion of goods.

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Trump said in a statement he had asked the United States trade representative to identify the Chinese products to be subject to the new tariffs.

China bought American goods worth $153.9 billion past year, while exports to the United States totaled $429.8 billion, according to customs data.

However, many economists and businesses in the U.S. say the tariffs are likely to hurt some of the sectors the administration is trying to protect, which depend on China for parts or assembly. "This method leads to the loss of people's trust and harms the interests of people and enterprises from both China and the US and harms the interests of the people of the entire world".

"That seems to open up a new front", Parker said.

Now concerns about liquidity in China started to show by the unexpected move of China's Central Bank to inject about 200 billion yuan in medium-term funds into their banking system on Tuesday to make sure that they're going to hold if a full-blown trade war starts. -Chinese dispute but share the complaints of their American counterparts about market barriers and unfair regulation. The total number of goods imported to the United States from China in 2017 amounted to around $505.6 billion.

The risk of "a more meaningful impact on global trade and growth have increased", said Morgan Stanley economists in a report. Trump said Americans are now being taken advantage of when it came to trade.

"You see what's happening with China".

The latest threat from Trump darkened an already negative mood in stock markets, according to Stephen Innes, head of Asia-Pacific trading at online futures brokerage Oanda.

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