Asian Shares Down, but U.S. Markets Cautiously Rebound in Early Trade

16 Mai, 2019, 02:09 | Auteur: Auguste Feret
  • US targets $300B of Chinese goods for new tariff hikes

The latest USA list of 3,805 product categories is a step toward carrying out Trump's May 5 threat to extend punitive 25 percent duties to all Chinese imports, the USTR said. He also advised United States companies and consumers complaining about them having to bear the costs of Trump's tariff on imports from China to "buy from a non-Tariffed country instead of China". Trump said Monday he Xi would meet during the Group of 20 meeting of major economies on June 28 and 29 in Osaka, Japan.

The US economy is showing more signs of strain amid President Donald Trump's multi-front trade war, with a sharp slowdown in manufacturing and a pullback by American shoppers.

The trade negotiations, which went smoothly by joint efforts of both sides before, ought to be near the end, but reversed thanks to Trump's sudden threats to China of more tariffs ahead of final trade talks. "Many companies are leaving China so that they will be more competitive for U.S. buyers... we are the "piggy bank" that everyone wants to raid and take advantage of".

But shares in Europe rebounded and the future contracts for the Dow Jones Industrial Average and S&P 500 were up 0.5 percent and 0.6 percent, respectively.

He cited its 3.2 percent growth rate as proof the United States could weather the impact of his decision to more than double tariffs on $200 billion in Chinese goods to 25 percent as of May 10.

In a series of tweets, Trump promised a new deal with China would be reached soon and made a case for how farmers would benefit from a tariff increase that many of them oppose.

"We've been understanding during this negotiation process, but we can not withstand another year in which our most important foreign market continues to slip away", said John Heisdorffer, ASA Chairman and soy grower from Keota, Iowa. Farmers are also suffering from extensive flooding that has delayed planting.

He added: "It will all happen, and much faster than people think!" Some analysts said the worst of the trade news was priced into the market.

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The US raised tariffs on $200bn (£154.9bn) worth of Chinese goods on Friday, and China retaliated with tariff hikes on US products this week. It said a June 17 hearing would be held before Washington decides how to proceed. Both the U.S. and China have said they will resume talks in Beijing but with no date yet set, dealers are looking ahead to a possible meeting between Trump and Xi at the G20 in Japan at the end of June. The USTR noted it excludes pharmaceuticals and rare earths minerals used in electronics and batteries.

Fears that the United States and China were spiraling into a fiercer, more protracted trade dispute that could derail the global economy have shaken investors in the past week.

Some members of Congress who have been supportive of Trump's tough stance on China expressed concern that the president is escalating tariffs without an exit strategy.

Additional tariffs on Chinese imports by the United States to put pressure on China sparked widespread controversy in America. "If someone brings the war to us we will fight it until we win", Geng Shuang told reporters at a daily briefing. China's main market index lost 0.7 percent while Tokyo's benchmark declined 0.6 percent.

Sources have said talks stalled after China tried to delete commitments from a draft agreement that its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

However, the onshore yuan weakened 0.1% to its lowest level since December 27, 2018, trading at 6.8874 per dollar, after the foreign ministry said it hoped the United States would not underestimate China's determination to defend its interests.

"So you absolutely can't put the hat on China of reversing positions and going back on one's promises", Geng said, adding China had shown goodwill in the talks and kept its promises.

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