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Markets fall after Beijing accuses Washington of 'blackmail'

Markets fall after Beijing accuses Washington of 'blackmail'

"Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States", Trump said in a statement.

Separately, the Chinese Commerce Ministry has hit back accusing the USA of blackmailing by threatening to slap additional tariffs on Dollars 200 billion of Chinese goods and warned that it would hit back with comprehensive measures if Washington went ahead with the plan.

He estimated that US crop farmers have lost $100 per acre in revenue over the past two weeks in the most rapid erosion of USA farm profit since at least 1979 due to the administration's battle with China. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said.

Late on Monday, Mr Trump added that new tariffs would "go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".

"If the United States acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures". In his latest warning, Trump threatened to implement a 10 percent tariff on Chinese imports worth $200 billion, an addition to his administration's new 25 percent tariff on $50 billion worth of Chinese goods. This causes costs to increase for businesses that use those goods as parts for their final product. The first round of penalties announced by both nations is set to take effect on July 6. "It undermines the interests of the Chinese and American people, the interests of companies and the interests of the people all over the world", state-run Xinhua news agency quoted the spokesperson as saying.

The Federal Reserve had on Wednesday said that it would likely hike United States rates twice more this year and four times in 2019, highlighting an increasing divergence between the two central banks. Shares of large US companies with significant overseas business were hit especially hard.

"Chinese leaders over these past few weeks have been claiming openness and globalization".

Comey says he Disagrees with Inspector General Report
"W$3 hat they did was incredible and a real insult to millions of people that voted in that election on both sides", Trump said . Wray, "will bring it proudly back!" Comey also wrote an opinion piece in The New York Times responding to the report's findings.

The EU and India have already joined China and Russian Federation in bringing cases against the U.S.at the WTO. He said China's previous attempts to defuse the situation - China reportedly offered to purchase billions of dollars' worth of USA agricultural and energy products - were not enough. "It's an unprecedented level of larceny". China's Commerce Ministry criticized the White House action as blackmail and said Beijing was ready to retaliate. "This is predatory economics 101".

Tensions eased temporarily after Chinese negotiators agreed at talks in Washington in May to buy more American farm goods, natural gas and other products. A punitive duty the Trump administration applied to lumber imports from Canada has raised the price of a new home by $9,000, according to the National Association of Home Builders.

"I reminded him that's not fair competition", Mr Pompeo said.

Despite the threat from Trump, China vowed to retaliate with "strong" countermeasures if the USA goes ahead with the new tariffs.

To respond to Trump's threat to impose tariffs on as much as $250 billion worth of Chinese goods, Beijing would have to find other ways to respond.

Wall Street has viewed the trade tensions with rising concern that they could strangle the economic growth achieved during Trump's watch.

Gary Cohn, Mr Trump's former top economic adviser, said last week that a "tariff battle" could result in price inflation and consumer debt - "historic ingredients for an economic slowdown".

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