Rand falls to 7-month low as US-China trade war escalates


Slapping tariffs on $200 billion more in goods, in addition to the $34 billion already set, would likely mean that nearly all Chinese products would face some import tax-though this depends on whether or not the new tariffs are on goods already taxed.

According to Apple's unpaid press office, the New York Times, Cook travelled to the White House last month to warn Trump of the potentially adverse effects of Trump's trade policies on Apple in China.

"The administration is essentially saying it is willing to bring a substantial amount of commercial activity in the Asia-Pacific to a screeching halt", said a senior analyst of Pacific Trade.

"Given the size of China's economy, the demonstrable extent of its market-distorting policies, and China's stated intent to dominate the industries of the future, China's acts, policies, and practices of economic aggression now targeting the technologies and [intellectual property] of the world threaten not only the USA economy but also the global innovation system as a whole", the report concluded.

Meanwhile, global stock markets fell Tuesday amidst the global concern over a tit-for-tat trade war between the U.S. and China.

U.S. President Donald Trump threatened on Monday to hit $200 billion of Chinese imports with 10 percent tariffs if Beijing retaliated against his previous targeting of $50 billion in imports, aimed at pressuring China to stop stealing U.S. intellectual property. So far Beijing has targeted major American exports to China such as soybeans, which brought in $14bn in sales a year ago, and are grown in states that supported Trump during the 2016 presidential election, as well as other politically important products.

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"You see what's happening with China".

In Tuesday's trading, the Dow Jones Industrial Average slipped 287.26 points, or 1.15%, to 24,700.21.

By announcing tariffs on $50 billion in Chinese imports and threatening tariffs on up to $400 billion more, Trump is testing an unprecedented, no-holds-barred strategy whose consequences remain unknown.

"Trump is playing a game of chicken, who will blink first", said Ivan Feinseth, chief investment officer at Tigress Financial Partners.

U.S. President Donald Trump again slammed Canada over a trade dispute and claimed that Canadians are buying common products in the U.S. and having to "smuggle" them back into the country because of high tariffs.

The Trump administration said the penalties will be applied if China goes through with its promise to retaliate against U.S. tariffs announced last week. Jacob Parker, vice president of China operations at the U.S.

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"The trade relationship between the United States and China must be much more equitable", Mr. Trump said.

US stock markets are set for a sharply lower open as tensions over trade between the USA and China seem closer to a boil.

"I always say, "We have rebuilt China". "This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376bn trade imbalance in goods", Trump said of China's retaliatory tariffs.

In the separate dispute about steel and aluminium tariffs, he also has to contend with the politically targeted retaliation that other countries such as Mexico, Canada and the European Union have in hand, meant to hit important states in the mid-term elections.

Following Trump's announcement, China rolled out retaliatory tariffs on $50 billion worth of USA goods and promised to stand firm against the US's actions.

Trump's latest comments came hours after US Secretary of State Mike Pompeo accused China of engaging in "predatory economics".

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Cornyn, the number two Republican in the Senate, in particular has great sway within Senate GOP circles, and is working with Rep. Republicans are increasingly joining Democrats in that call. "It's time for this ugly and inhumane practice to end".