Markets hit as Trump threatens new tariffs on China

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"Despite the serious economic consequences of ever-increasing tariffs, today there are no serious trade discussions occurring between the USA and China, no plans for trade negotiations anytime soon, and seemingly little action toward a solution", Brady said. "China has not changed its behaviour - behaviour that puts the future of the USA economy at risk".

President Trump published a list of Chinese goods he will give a tariff of 10 percent on, which are worth a total of £151 billion.

The administration released a wide-ranging list of Chinese goods it proposes be hit with tariffs, including hundreds of food products as well as tobacco, coal, chemicals and tires, dog and cat food, and consumer electronics including television components.

The additional USA tariffs, which will go through a two-month approval process including a public hearing, come after China retaliated in a tit-for-tat trade skirmish last week.

LONDON - Global markets are getting hammered on Wednesday as the trade war between the Trump administration and China intensifies, while fears also rise that Trump could pull the United States of America out of North Atlantic Treaty Organisation.

As a leading grain trader in these regions, Cofco could help to meet domestic demand, he said. Chinese tactics, the administration says, include outright cybertheft and forcing USA companies to hand over technology in exchange for access to the Chinese market. "Right now, world trade is relatively chaotic. We believe the U.S. measures interfere with economic globalization and damage the world economic order". Since then, the president has said his administration could impose duties on virtually all Chinese imports into the U.S.

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Among other things, the U.S.is asking China to roll back its "Made-in-China 2025" program, a signature Xi initiative to dominate several strategic industries, such as semiconductors to aerospace development.

"China has no option but to fight fire with fire".

U.S. Trade Representative Robert Lighthizer said the tariffs of 10 percent are "a result of China's retaliation and failure to change its practices" in response to earlier U.S. tariffs.

"Unfortunately, China has not changed its behaviour - behaviour that puts the future of the U.S. economy at risk". Rather than address our legitimate concerns, China has begun to retaliate against USA products. In a statement, it called the us actions "completely unacceptable".

The trade war anxiety extended to China's yuan.

The dollar traded at 111.02 yen, pulling back from a near two-month peak of 111.355.

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"In light of China's decision to respond to the investigation by imposing duties on US goods, the Trade Representative proposes a modification of the action taken in this investigation".

Beijing imposed its tariffs on Friday in retaliation for USA tariffs on Chinese goods.

"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", he said. The U-S Chamber of Commerce says the proposed measure would ultimately hurt American families.

That intensification of the trade skirmish, which is now being upgraded to a full-scale trade war by some commentators, has investors spooked about the future of the global world order, and the global economy, pushing stock markets around the world deep into the red. "In part because they have only limited ammunition and in part because it's still early in the process on the United States side", Kuijs said.

European stock markets are expected to follow Asia's lead, as economics warn that a trade war would cause serious economic harm.

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