Stocks sink after Trump announces tariffs on more Chinese goods

"Imposing new tariffs is absolutely not the right solution to trade frictions", he told a local Chinese television station while attending an Asean meeting in Bangkok.

She added that while China did not want a trade war with the US, it was not afraid of fighting one.

Domestic consumers will likely feel the pain if Mr Trump proceeds with the new tariffs on September 1.

And at a Thursday evening rally in Cincinnati, Trump said that until a deal is reached "we will be taxing the hell out of China".

During the G-20 summit in Japan in late June, Trump and Chinese leader Xi Jinping agreed to restart talks, with Trump agreeing to hold off on threatened tariffs of 25 percent on the remaining $300 billion value of annual Chinese imports.

It followed US President Donald Trump's threat of another tariff hike on Chinese imports.

Yet Trump pointedly did not call off the talks (although China very well might in response to the latest broadside). "This does not include the [$250 billion] already tariffed at 25%". Europe and Japan echo US complaints those plans violate Beijing's market-opening commitments. Oil prices plummeted seven per cent and retail associations predicted a spike in consumer prices.

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"We believe, and therefore have told the USA government, that higher tariffs would ultimately damage the United States economy", Sony chief financial officer Hiroki Totoki is reported to have said.

Trump has failed to make good on a goodwill gesture he said he would make after the G20 meeting to relax restrictions on sales to Chinese telecommunications giant Huawei.

He added that the current USA tariffs on Chinese goods have caused many companies to move production out of China in order to avoid paying the levies. Trump hit send on his tweets announcing the new tariffs at 1:26, while Mnuchin, Lighthizer, Mulvaney and others were still in the Oval Office.

Also read| US-China trade talks: What next? But Chinese state media said there was no such agreement, and the purchases never materialized.

Economists say the trade war has increasingly undermined the global manufacturing sector and sapped business sentiment, threatening the global economy at a time when it is already on the wane. China has retaliated against US tariffs by imposing its own tariffs on imports from the United States.

China is also drafting a list of "unreliable entities" - foreign firms that have harmed Chinese interests. Beijing has retaliated by raising import duties on $110 billion of US goods. People close to the administration said they were still planning for those talks to go ahead. That was why, immediately after Trump announced his decision, USA retailers blasted the move as "another tax increase on American businesses and consumers", which they warned would threaten U.S.jobs and raise costs for American families.

  • Darren Santiago