World shares slide as US-China trade dispute escalates

China Shipping Line ship

Neither the USA nor Chinese tariffs take effect immediately.

Reciprocal action: China says the move "gravely violated" the values of the World Trade Organization.

A man walks by an electronic board displaying stock trading index at a brokerage house in Beijing, Tuesday, April 3, 2018.

"The assumption was China would not respond too aggressively and avoid escalating tensions".

The latest round of tariff threats is in addition to the recently imposed 25 percent tariffs on Chinese steel and 10 percent on aluminium.

Also on Wednesday, analysts warned that the USA automobile industry would suffer under the new tariffs - with BMW, Mercedes-Benz and the already embattled Tesla among the worst hit.

Beijing's list of 106 products included the biggest U.S. exports to China, such as soybeans and small aircraft, reflecting its intense sensitivity to the dispute over United States complaints that it pressures foreign companies to hand over technology.

"Are we going to see people in China anxious about drinking American wine because of politics?" We have bills to pay and debts we must settle, and can not afford to lose any market, much less one as important as China's. They'll face having to pay more for raw ingredients, such as insulin used by diabetics and the anti-allergic-reaction drug epinephrine.

Big industrial and technology stocks were hardest hit by the selling.

Tobacco and whiskey, for example, are both on Beijing's list and are produced in states including Kentucky, home of Senate Majority Leader Mitch McConnell.

The news comes after China announced tariffs worth US$50 billion on a series of U.S. products including soybeans, whiskey and cars as a response to retaliatory tariffs from the U.S. in an escalating dispute over China's technology programme and other trade issues. "Fewer exports resulted in the big trade deficit", Wang said. Soybeans, a major USA agricultural export to China, are down 3.2%.

Kim Jong-un, wife attend K-pop concert in Pyongyang
I had initially planned to attend a performance the day after tomorrow but I came here today after adjusting my schedule. Kim was seen clapping in tune to some of the songs and took photographs with the performers after the show.

Chemical provider Chemours Co shed 2.9 percent while DowDuPont Inc dropped 3 percent. -China trade measures despite accounting for a significant portion of bilateral trade.

The Office of the US Trade Representative published a list of $50 billion worth of Chinese goods that will be subject to the levies.

The Chinese Customs Tariff Commission of the central cabinet, in a retaliatory measure, made a decision to impose additional tariff of 25 per cent on 106 products under 14 categories worth $50 billion, the Ministry of Finance said in a statement. "It will not succeed this time either", foreign ministry spokesman Geng Shuang said at a regular news briefing on Wednesday. "Equally likely, however, is that there will be some compromise that allows both sides to row back, or at the very least, water down the proposed tariffs", he said.

China then struck back at the United States with its own tariffs, also worth $50 billion. The Chinese automaker last month met with United States auto dealers in Las Vegas as it plots out bringing the GS8, a seven-passenger sport utility vehicle with voice-activated windshield wipers, to American shores.

"The tech industry will feel like overall it dodged a bullet", the source said, but added that traditional industrial goods manufacturers, along with pharmaceuticals and medical device firms, could suffer.

China plans to slap tariffs on most vehicles including electric cars.

Chinese factories assemble most of the world's smartphones, computers and consumer electronics.

Analysts worry the Trump administration's increasing protectionism may crimp economic growth, especially as China's response has been tougher than some expected.

"China is a huge market for our soybean growers", he said.

"China has made meticulous efforts in deciding the list of the products to make sure the impact on China's economy is controllable", said Tu.

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