World stocks fell and the dollar rose Wednesday after Washington threatened to hammer Beijing with tariffs on a further $200 billion of Chinese imports, ratcheting up the global trade war.
The United States is preparing 10 per cent tariffs on more than 6,000 Chinese products, from air conditioning units and antiques to toilet paper and truffles.
Oliver Jones from Capital Economics has warned that China's response to Trump's latest tariff threat could hit the U.S. stock market hard.
That intensification of the trade skirmish, which is now being upgraded to a full-scale trade war by some commentators, has investors spooked about the future of the global world order, and the global economy, pushing stock markets around the world deep into the red.
China imported US goods worth $130 billion previous year and Friday's tariff hike hit $34 billion of that, with another $16 billion cited for a possible increase.
ASIA'S DAY: Japan's benchmark Nikkei 225 fell 1.2 percent to 21,932.21 and South Korea's Kospi lost 0.6 percent to finish at 2,280.62. The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers".
But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion past year, according to USA figures) than come back in the opposite direction ($130 billion).
Senate Finance Committee chair Orrin Hatch (R-Utah) also took aim at the announced list, saying it "appears reckless and is not a targeted approach".
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In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said at a forum in Beijing that the latest U.S. proposals interfered with the globalisation of the world economy and that China's support for a multilateral trade system would not change.
It also said that China would have to respond to the U.S. actions.
Some U.S. business groups and lawmakers from Trump's own Republican Party were critical of the escalating tariffs.
The Retail Industry Leaders Association, a lobby group representing the largest USA retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".
China' s Ministry of Commerce said that the tariffs are "totally unacceptable" and it is hurting the entire world, as well as China.
"American families are the ones being punished".
"China has no option but to fight fire with fire".
Mr Trump has threatened to tax $550bn (£415bn) in Chinese products - exceeding America's total imports from China a year ago. This gave United States soybean farmers an opportunity to rush the product out of the country before the trade war kicked off in earnest, but also seriously shifted trade patterns for the crop.
The new sanctions follow 25 percent tariffs worth $34 billion (£25.6 million) which were imposed last week. However, Stockman said the big problem of trade imbalance is not a result of bad trade deals.
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President Xi, the president of China, is taking a much longer view than Trump because China's presidency doesn't have term limits. Wansleben added that China also needed to change its positions in many areas, "but there's definitely more room for improvement".
And the 19-year-old was overwhelmed at the thought of helping France reach the final in his first appearance at a World Cup . Southgate's England take on Croatia in the semi-final in Moscow , having beaten Sweden 2-0 in the last eight in Samara.
The country's gross domestic product (GDP) surged to $2.597 trillion at the end of 2017, compared to France's $2.582 trillion. The US topped the list, with a GDP of $19.390 trillion, followed by China, which had a GDP of $12.237 trillion.
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