Asian stocks extended a global downturn on Tuesday, while the safe-haven yen rose as US President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world's two biggest economies that has rattled financial markets.
U.S. stocks stumbled early Tuesday, the morning after President Donald Trump threatened an all-out trade war with China.
Even as the USA trade conflict with China deepens, Trump has raised trade tensions on other fronts.
"China's threat "clearly indicates its determination to keep the United States at a permanent and unfair disadvantage", Trump said Monday". Three people close to Apple, who remained anonymous because they are not authorized to speak for the company, say that the tech giant's top worry is that the Chinese wreak havoc with Apple's supply chain by forcing suppliers to provide pointless paperwork in order to gum up the works.
President Donald Trump on Monday threatened to unleash additional tariffs on Chinese products unless Beijing reverses its "unfair", trade practices.
China's commerce ministry immediately responded by saying the usa "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed global society".
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During a press gaggle immediately after the interview, Trump was asked to clarify his comment. "You don't understand sarcasm", he told reporters .
"If the USA loses its senses and publishes a new list", the statement said, "China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back".
The WTI discount to Brent at the moment stands at around US$9.50 a barrel, but this will be not just wiped out should China go ahead with the tariffs.
Russia's Economy Minister, Maxim Oreshkin, said the tariffs would target goods of which the Russians already had domestic equivalents.
Even if Americans don't buy these items directly, they could still feel the impact as U.S. companies raise their prices to help them pay for more expensive machines and industrial goods. -China trade relations during an earnings call last month, noting that the iPhone was "the most popular smartphone in all of China" in the second quarter.
USA politics may restrain Trump. A small handful of countries were given exemptions, but China was not one of them. Those could take a long and painful trade fight. In 2017, the USA imported about $506 billion in goods from China.
With support from the Trump administration in the USA, the question is whether China will also keep its hands off the iPhone.
The president said on Monday that he has an "excellent relationship" with his Chinese counterpart, and that the two countries would continue to work together.
"Beijing will not panic in response to Trump's latest threat, but will be deeply concerned", said Eurasia Group in a report. "Not due to announcements".