Trade war fears are escalating as president Trump pledges fresh measures against Chinese imports; Beijing calls it ‘blackmail’ and vows to retaliateSummary: Why markets are sliding todayIntroduction: Trump threatens to impose 10% tariff on $200bn Chinese importsBeijing: We’ll hit backWhat the experts say 2.53pm BST A US tech industry group is very unhappy about Trump’s planned tariffs, saying they raise prices for Americans, harm US competitiveness, and will hinder economic growth. Jose Castaneda, spokesman for the Information Technology Industry Council, said:The Trump Administration’s decision to escalate trade tensions with China is irresponsible and counterproductive. We appreciate President Trump’s efforts to protect the United States’ ‘crown jewels’ but tariffs are simply the wrong way to do it. Tariffs will harm U.S. workers and businesses from Silicon Valley to Silicon Prairie. The White House needs to work with our allies to create lasting change with China – too many jobs and livelihoods are at stake to get this wrong. 2.42pm BST A trade war which would benefit no one may not actually happens, says Chris Payne, managing director at GWM Investment Management:Despite all this tit-for-tat posturing, an all-out trade war is unlikely to ensue because it will not benefit anybody, especially China whose economy is going through a major deleveraging process. It should also be noted that China will soon run out of US goods on which to impose retaliatory tariffs which will move this negotiation to a more sensible and constructive forum. Continue reading…
Via: Markets slide as Trump threatens China with 0bn of new tariffs – business live
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