China vows retaliation for latest US tariff threat

China vows retaliation for latest US tariff threat

"Rather than address our legitimate concerns, China has begun to retaliate against US products".

Investors had been taking the trade war in stride but Tuesday's announcement appeared to dent that optimism.

The Dow Jones Industrial Average fell 179.96 points, or 0.72 percent, to 24,739.7, the S&P 500 lost 18.12 points, or 0.65 percent, to 2,775.72 and the Nasdaq Composite dropped 47.90 points, or 0.62 percent, to 7,711.30.

"Unfortunately the markets haven't come to grips with the current levels of trade policies and tariffs", said Art Hogan, chief market strategist at B. Riley FBR in NY.

U.S. House of Representatives Speaker Paul Ryan said on Wednesday tariffs are not the right tool to use in the trade dispute with China, although Beijing engages in unfair trade practices. Shares of Advance Auto Parts Inc were down 1.6%, Autozone Inc fell 1.8% and O'Reilly Automotive nearly 2%.

"As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to USA goods and services", he said. But the strength of the greenback against the yen suggests investors are reflecting faith in the US economy rather than seeking safety.

Australia's dollar, often seen as a proxy for China's economic fortunes due to Australian raw materials exported there, extended losses and was last down 1.21 percent.

In Europe, shares extended losses after Trump kicked off a North Atlantic Treaty Organisation summit in Brussels by accusing Germany of being a "captive" of Russian Federation.

Trump has nothing to fear from Cohen's cooperation with prosecutors, Giuliani says
Cohen, in the interview, also specifically raised the point that he believes the intelligence communities over Trump. Seriously? Is that Trump and Giuliani definition of "truth"? "The president did nothing wrong with him".

USA crude fell 2.32 percent to $72.39 per barrel and Brent was last at $76.34, down 3.2 percent on the day. Frankly, Putin may be easiest of them all.

The US president described UK Prime Minister Theresa May as facing turmoil and, when asked whether she should remain in power, he replied, "that's up to the people".

USA officials released a list of thousands of Chinese imports the administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminium. "But we will work it out and all countries will be happy".

But Trump has said continuously that China has taken advantage of the U.S. economy, and he has vowed to hit almost all the country's products with tariffs, as much as $450 billion.

"In part because they have only limited ammunition and in part because it's still early in the process on the USA side", Mr Kuijs added.

"We are stronger together than apart", North Atlantic Treaty Organisation secretary general Jens Stoltenberg claimed in a retort to Mr Trump's comments but the USA leader countered by asking how the North Atlantic Treaty Organisation alliance could be stronger when Germany is "making Russian Federation richer", referring to energy pipeline deals Berlin recently has signed with Moscow.

Members of Congress are increasingly questioning Trump's tactics.

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