Trump announced Monday that he'd place 10 percent tariffs on another $200 billion in Chinese goods bought in the USA, the Arkansas Democrat-Gazette reported.
Late Monday, Trump also announced he might pursue $200 billion more in tariffs on Chinese goods, though it was unclear whether the list would include more chips or computing products that might impact Intel.
China has underestimated President Donald Trump's resolve to move forward with tariffs unless Beijing changes its "predatory" trade practices, a top United States trade advisor said yesterday, in comments that diminished the chances of a negotiated settlement to a looming trade war between the world's economic superpowers.
Steel stocks turned in some of the market's worst performances on the day, as traders anxious about the potential impact of a trade war between the USA and China. With concerns growing on Wall Street, the Dow Jones industrial average closed down almost 300 points - more than 1 percent - on its sixth straight losing day.
Pressure from this year's midterms could also put the U.S. at a disadvantage with China in the event of a trade war. Manufacturing iPhones involves nine companies, located across South Korea, Japan, Germany and the USA, and these companies ship the iPhone components to a company located in China, for assembly into final products and then exported to the United States and the rest of the world.
Shares of Boeing, which has been a proxy for trade-war tensions with China, fell 3.8 percent, weighing the most on the Dow.
Mr Trump said after the legal process is complete, these tariffs worth $200 billion will go into effect if China refuses to change its practices. China's commerce ministry immediately responded by saying the United States "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed worldwide society". "If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", a Chinese commerce ministry statement said.
Freeland met last week with Trump's trade czar Robert Lighthizer and spoke to him Monday by phone.
Summer solstice: Thousands gather at Stonehenge for longest day
The summer solstice, for the northern hemisphere, is when the sun reaches its northernmost point in the sky. The solstice is the 24-hour period during the year when the most daylight hits the Northern Hemisphere.
Class act as Senegal fans help clean up stadium after defeating Poland
From there, in what was its first and until now only World Cup , Senegal went on a run to the quarterfinals. A few hours after Senegal's win, Egypt then also lost its second match, 3-1, against Russian Federation .
Mike Pompeo Is Insulting Our Intelligence
He says Trump and Kim Jong Un had a "blunt conversation" about changes needed for North Korea to rejoin the world community. They may also discuss efforts to recover the remains of soldiers missing and presumed dead from the 1950-53 Korean War.
And U.S. companies have an increasingly sizable stake in the fast-growing Chinese market.
Markets soured as economists warned of damaged business confidence, a blow to China's growth prospects and ripple effects through its supply chains. China responded by saying it would hit 659 USA products worth $50 billion.
The tariffs would start to slow USA growth, economists warn.
But the more the target list expands, the more likely consumers will be hurt - one reason the administration lowered the tariffs on the next $200 billion in imports to 10 percent from the 25 percent on the original $50 billion.
The major USA index futures are pointing to a higher opening on Wednesday, with stocks likely to regain some ground following the weakness seen in the previous session.
Of course that will not address the actual problem we have with China - theft and extortion of American intellectual property - but, then again, Trump has no concern for solving real-world problems.
"The US has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the US, but of the world". They included tariffs on steel and aluminum imports and a combative stance on trade negotiations from North America to Asia.
The White House's hard-line trade adviser, Peter Navarro, told reporters Tuesday that "it's clear that China does have much more to lose" because it sells so much more to the United States than it buys.
"We believe also that time is running out for China to continue its reform process", Harborn said.