China vows to hit back over new U.S. tariffs

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The Trump administration intends to impose a ten percent duty on the products listed, Reuters reported, citing US Trade Representative Robert Lighthizer.

"China's export sector will therefore suffer a significant deterioration in export competitiveness to the US compared to other emerging markets' manufacturing exporters".

Calling Washington's behavior irrational, Beijing warned that the U.S. is, in the first instance, hurting itself with protectionist measures and constant attacks on free trade. In a statement, it called the U.S. actions "completely unacceptable".

If the United States were to impose tariffs on oil, USA oil sellers would have to look for other destinations and attract new customers, which could cost them more. But much of the President's own base has been caught in the economic crossfire, raising questions about how much pain the country can take as Mr. Trump pursues his signature trade agenda.

Between the uncertainty that the US-China trade war poses and the prospect for the Federal Reserve to raise rates twice more this year, it would appear that near-term fundamental drivers for the US Dollar are a wash, leaving the greenback's outlook stuck in "neutral" for the time being.

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Further, reporters were told specifically, "Don't attack Trump's vulgarity; don't make this a war of insults".

And it's not just crude oil.

China bought US$130 billion of U.S. goods a year ago. "The U.S. side ignored the progress, adopted unilateral and protectionist measures, and started the trade war".

For LNG, 15 percent of U.S. exports went to China, making it the third-largest importer of U.S. LNG behind Mexico and South Korea. This makes China the tenth-largest destination for USA coal exports. China responded to that action by imposing tariffs on $34 billion of USA products, and the country has vowed to take countermeasures against the current action as well.

One reason why Wall Street is anxious: The People's Republic, which bought $154 billion in USA imports past year, is quickly running out of American products to hit with tariffs.

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China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.

Goods to be targeted range from chemicals and construction materials to fabric and buttons to handbags and food products to boats and air conditioners - a sweeping inventory that would inflict economic pain across China's manufacturing sector while jacking up prices for US businesses and consumers. China quickly responded by imposing tariffs on $34 billion in US products.

The first USA tariff list focused on Chinese industrial products to help cushion the impact on American consumers. "And the retaliation that will follow will destroy thousands of U.S.jobs and hurt farmers, local businesses and entire communities".

Although the trade war obviously remains front and centre in the minds of investors, another factor at play is the nagging worry that Trump may want to pull the United States of America out of NATO (the North Atlantic Treaty Organisation) - a move that would represent a fundamental upheaval in the worldwide order, and have a huge impact on markets.

Even more tariffs could be on the way. The new round of tariffs is a retaliation against the retaliation.

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