Shares fall in Asia after no deal in China-US trade talks

China hikes tariffs on most U.S. goods in $60 billion target list

In a matter of days, a trade deal Trump had said was "95 percent" finished imploded, with the White House slapping steep tariffs on $200 billion in Chinese products, and the Chinese government retaliating with tariffs on $60 billion in American goods.

"The only problem is that they know I am going to win...and the deal will become far worse for them if it has to be negotiated in my second term. The trade war in the U.S. is the creation of one person and one administration, but it affects that country's entire population", it continued. That means the burden of the tariffs would fall on those who are now unemployed, or on other companies that have lost business because their customers no longer have the money to buy their products.

Spakman said that "if the US were to expand its tariff measures, China is expected to continue to retaliate in a similar mild fashion as today".

"When negotiating with any country, China must uphold the sovereignty of the country, safeguard the interests of the people, and safeguard the dignity of the people".

In a series of early morning tweets, the president continued to falsely claim that US consumers do not need to pay for the tariffs, even though the reality is that the tariffs will be felt by USA consumers, who are set to pay higher prices for goods that impacted by the tariffs.

"China will never surrender to external pressure", foreign ministry spokesman Geng Shuang said at a regular briefing Monday.

Deepest underwater dive in human history finds plastic on ocean floor
Humanity's impact on the planet was also evident with the discovery of plastic pollution. "But we ignore it at our peril". Unwelcome find: While Vescovo potentially discovered four new species, he also found a plastic bag and candy wrappers.

For example, if the US put a 15% tariff on a $100 chair from China, the cost of the chair to the American customer would be $115.

"We admonish the United States side to take heed of the worldwide community's reaction and calls from people from all walks of life, calculate the gains and losses of their own interests, have a clear understanding of the situation and return to the right track at an early date", China's foreign ministry spokesman said. The U.S. doesn't import much steel or aluminum from China, but Trump has alleged that his actions targeted Chinese production. He added that there is room for tariffs on another $325 billion in Chinese goods should the US decide to do so. The Nasdaq added 0.1% to 7,916.94, while the Russell 2000 index of small company stocks picked up 0.2% to 1,572.99. The country's trade volumes with the Belt and Road countries rose by 9.1 percent in the first four months of 2019, while the figure with the United States is seeing a downward trend. Confidence in that outcome had eased investors' concerns this year, along with a more patient Federal Reserve and solid economic data. "The U.S. -instigated trade war against China is just a hurdle in China's development process". Ultimately, they're taxes that consumers pay.

According to the Congressional Budget Office, Trump's China tariffs-even before the latest hike in May-equate to a 0.1 percent drop in the annual rate of U.S. GDP growth rate on average until 2029.

The U.S. tariff hikes on Chinese imports could rise to 8 percent, exceeding the 6 percent increase under the Smoot-Hawley Tariff Act that helped exacerbate the 1930s Great Depression.

Fear the United States and China are spiralling into a fiercer, more protracted trade dispute that could derail the global economy has rattled investors in recent weeks. But the Chinese economy is resilient enough to go through the trade war. Though a slowdown in global economic growth will take several months to be felt, it will come at a precipitous time for President Trump as the 2020 presidential election cycle heats up. He told reporters, "I have not made that decision yet".

Related news:

Hot News

isis-killer-beheading-video-story-top Apple partner TSMC starts building chips for next-gen iPhones
May 15, 2019 - 00:04
Renders show that iPhone 11r will feature the same notched display, metal frame, and glass design that we have seen on iPhone Xr . Apple's Greg Joswiak said previous year that the iPhone XR had outsold the XS and XS Max "each and every day" since its release.

isis-killer-beheading-video-story-top Why Missandei's death on Game Of Thrones felt particularly problematic
May 14, 2019 - 04:09
Word of advice? Maybe stay off Twitter from next Sunday onwards until you'd had time to digest the episode for yourself. Hey, stranger things have happened this season.

isis-killer-beheading-video-story-top French commandos die freeing 4 hostages in Burkina Faso
May 14, 2019 - 03:59
Over 100,000 people in Burkina Faso have been displaced by the unrest this year, the United Nations has said. Roughly 55 to 60 per cent of Burkina Faso's population is Muslim, with up to a quarter Christian.

isis-killer-beheading-video-story-top Former Chelsea Boss Reckons Hazard Move Could Yet Fall Through
May 14, 2019 - 03:48
Hazard could play his last game for the Blues in their Europa League final against Arsenal at the Baku Olympic Stadium on May 29. Hazard teased Chelsea fans a few days back during Chelsea's end of season ceremony when he hinted he would sign a new contract.

isis-killer-beheading-video-story-top New leak points to OnePlus 7 Pro specs and pricing
May 14, 2019 - 03:14
We will at the OnePlus 7 launch on 14 May , so you can keep an eye out for everything that's coming up. OnePlus team members will be present in every location, which will also packed with exciting goodies.

isis-killer-beheading-video-story-top Pompeo to visit Brussels to discuss Iran
May 14, 2019 - 03:07
Dutch Foreign Minister Stef Blok is at left and Croatian Foreign Minister Marija Pejcinovic Buric is at second right. Pompeo will meet with Putin and Russian Foreign Minister Sergey Lavrov during his visit to Russia from May 13-14.

isis-killer-beheading-video-story-top Don't make Brett Brown the 76ers scapegoat: Macnow
May 14, 2019 - 03:00
The 76ers missed nine straight shots to start the game and didn't score until a 3-pointer by Redick midway through the quarter. He had a decent game in which he racked up 25 points, seven boards, and four assists to help lead his team to the road upset.

isis-killer-beheading-video-story-top Israel Folau dropped by ASICS after anti-LGBT social media posts
May 12, 2019 - 03:47
He's expected to lose his $4million four-year RA contract and never play for the Wallabies again. I think we can't focus too much on the "what ifs" because we can't control those.

isis-killer-beheading-video-story-top Bitcoins Worth $41Mn Nicked From World’s Largest Cryptocurrency Exchange
May 12, 2019 - 03:46
After the attack, the exchange received massive support from the crypto community - both from the traders and its peer exchanges. CEO Changpeng Zhao said in a website post on Wednesday that the company would use a fund to cover users' losses.

isis-killer-beheading-video-story-top Kentucky Derby victor to miss Preakness Stakes
May 12, 2019 - 03:45
Manager Lynn Banks of the Clarendon Hills Country House said the wait time for a seat most of the afternoon was 30-45 minutes. American Pharoah's ended a 37-year run without a Triple Crown victor going back to Affirmed, who won all three races in 1978.

isis-killer-beheading-video-story-top Captain Vincent Kompany Keeps Manchester City On Course For Premier League Title
May 12, 2019 - 03:41
The last act of The Run In will be shown live on Sky Sports on a defining final day of the Premier League season. It was certainly a goal worthy of settling the Premier League title race this season.

isis-killer-beheading-video-story-top Huawei’s Meng Wanzhou Granted Move to Larger Home, Future Court Dates Set
May 12, 2019 - 03:40
Speaking in Beijing on Thursday, Chinese Foreign Ministry spokesman Geng Shuang again demanded Meng's release and return to China. Meng will apply to the court, asking the RCMP, CBSA, and DOJ to disclose more evidence on this matter", said Huawei.

isis-killer-beheading-video-story-top China Hopes to "Negotiate" Trade Issues With Joe Biden or 'Weak' Dems
May 11, 2019 - 07:03
Earlier this week Trump sent global financial markets plunging with a surprise threat of more penalties on Chinese imports. China, as a reaction, initially decided against sending its envoy to the United States for talks.

isis-killer-beheading-video-story-top Joe Pavelski leads Sharks past Avalanche 3-2 in Game 7
May 11, 2019 - 06:54
Louis Blues are averaging 2.6 goals per game and are scoring on 17.1 percent of their power play opportunities. Neither team has won consecutive games in the series, and three of the six games have been decided by a goal.

isis-killer-beheading-video-story-top Warriors big underdogs on news of Durant injury
May 11, 2019 - 06:41
He logged 50 minutes during a Game 3 overtime loss to Houston , the most minutes he had played in a playoff game since 2014.