The burgeoning US-China trade war has entered a new phase

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Trump said he's looking out for American farmers and manufacturers, as he again took issue with Canada's supply management system for dairy farmers.

President Trump announced today that he's retaliating for China's retaliation against last week's tariff announcement. "We have no choice".

According to the New York Times article, Trump promised Cook that he wouldn't place tariffs on iPhone assembled in China.

China slammed the threats as "blackmail" and warned that if the United States followed through with the tariffs it would "have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures".

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".

The president vowed to take care of farmers and manufacturers who have grown increasingly concerned about the tit-for-tat tariff battle happening between the USA and China along with many allies, which threatens to hamper their exports.

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At 7:51 a.m. ET, Dow e-minis (1YMc1) were down 344 points, or 1.38 percent.

Shares of large USA companies with significant overseas business were hit especially hard.

Tokyo ended the morning session 0.9 per cent lower while Seoul sank 0.8 per cent, Taipei fell 1.4 per cent and Manila lost 1.7 per cent.

"American businesses now are on a level-playing field with your competitors from other countries who have so many advantages, including subsidy by governments", he said.

According to a report in Monday's New York Times, in the midst of the escalating trade war rhetoric between the us and China, Apple CEO Tim Cook has allegedly been given a promise from the Trump administration that the Apple iPhone, assembled in China, will not be slapped with any tariffs for its trip across the USA border.

Because China can apply tariffs to U.S. goods worth only $130 billion, Beijing will have to find other ways to execute a proportional response.

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The president said the move was in retaliation to Beijing's decision to impose tariffs on $50 billion in US goods, matching the first set of tariffs imposed by Trump. The US Chamber of Commerce, a powerful pro-business lobbying group that historically supports Republicans, has condemned US tariffs against China. Suresh Sivanandam, the senior manager for Asia refining at Wood Mac, said that China accounted for more than 20 percent of American crude exports in the first quarter of the year.

Last week, Washington announced tariffs on 1,102 separate categories of Chinese products, to come into effect on July 6.

It could also be that he thinks China will run out of USA imports against which to retaliate. China's trade surplus with the US past year was about $375 billion.

The development took some by surprise and stoked fears of a potentially damaging trade war between the economic superpowers.

"I understand that there's going to be concern about what the impact might be, both on the financial markets and on the global economy", he said.

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