Trump renews trade criticisms of Mexico,…

President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year

Trump also said that if China retaliates yet again, the United States would pursue additional tariffs on another $200 billion of goods. Those tariffs were matched by China's threat to penalize on USA exports, a move that drew the president's ire.

Away from Mr Trump's dispute with China, Russia said it would impose tariffs on certain American goods in response to the recent tariffs placed on steel and aluminium imports by the US.

The dollar fell 0.45 percent to 110.06 yen following Trump's tariff comments.

The Trump administration has vowed to make China pay for intellectual property theft as well as other unfair trade practices it alleges the country is engaging in. China clearly disagrees, which is why we believe we are heading into a tit-for-tat scenario, in which we believe the United States will soon raise the amount subject to tariffs to USD150bn.

"That could have an enormous impact because many of our companies operating in China have significant market share built up over decades".

President Donald Trump threatened to escalate the trade fight with China into an all-out trade war on Monday, promising to impose massive tariffs on Chinese goods unless Beijing reverses course on its own trade actions.

On April 3, the White House released a list of 1,300 Chinese products worth $50 billion that could be hit with potential tariffs.

The new US tariffs would have a measurable effect on Chinese GDP growth - about 0.3 percent - and on USA consumers, Deutsche Bank predicted.

The Commerce Ministry criticized Trump's order for new tariffs on $200-billion of Chinese goods as blackmail.

In a subsequent statement issued Monday, Robert Lighthizer, head of the USTR office, said his staff was preparing the proposed tariffs as instructed by the president. By picking agricultural goods in its latest list, China appeared to be targeting Trump's electoral base, he said.

A pump jack stands idle in Dewitt County, Texas, U.S., January 13, 2016.

Read: What can Beijing do if China-US trade row worsens?

In Beijing, China's Commerce Ministry responded swiftly to Trump's latest threat, warning that if the U.S. imposed fresh tariffs, China would have to adopt "comprehensive measures combining quantity and quality to make a strong countermeasure". Oxford Economics estimates that if Trump imposed the $200 billion in duties and China responded in kind, USA growth could slow by 0.3 percentage point next year.

"One benefit of employing a CGE model is that it can model the effects of tariffs upon supply chains and this is crucial in regard to China, who have been termed the "Great Assembler".

European companies have been bystanders to the U.S. China responded by saying it would hit 659 United States products worth $50 billion.

According to investing.com, the dollar index fell about 0.15% to the level of 94.27 at 12:30 and the USDJPY slid about 0.74% to 109.73 after President Trump Annulment about the Tariffs.

The Canadian dollar averaged 75.32 cents United States, down 0.39 of a USA cent, as it continues to face the twin pressures of rising U.S. rates and trade fears, especially related to NAFTA. It said with retaliatory tariffs imposed by American trading partners added in, the total rises to $181-billion, or 1 per cent of global trade.

"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 yesterday.

Trump's former economic adviser, Gary Cohn, has warned that a continuing trade dispute could result in higher inflation and personal debt.

Related news:

Hot News

isis-killer-beheading-video-story-top Obama Blasts Trump For 'Ripping Children From Their Parents' Arms'
Jun 22, 2018 - 23:11
If children are to be sent here he should demand paperwork connecting those children to a parent somewhere. Trump pointed to those images in his meeting, saying they'd "affect everybody" but that he was torn.

isis-killer-beheading-video-story-top James Corden and Paul McCartney Shared an Emotional Carpool Karaoke Adventure
Jun 22, 2018 - 22:45
They also stopped by the barber shop mentioned in "Penny Lane" and mingled with excited fans along the sidewalks. He added: "She gave me the positive word".

isis-killer-beheading-video-story-top Starbucks lowers profit forecast, speeds closures of poorly performing stores
Jun 21, 2018 - 05:14
That's their lowest quarterly growth since 2009, Bloomberg.com reported. Starbucks will borrow to finance the buybacks, Maw said.

isis-killer-beheading-video-story-top Key dates in LeBron James’ approaching free agency
Jun 21, 2018 - 04:58
The Cavaliers are not actively shopping All-Star forward Kevin Love heading into Thursday's National Basketball Association draft, multiple sources told ESPN on Wednesday.

isis-killer-beheading-video-story-top Korea, Sweden scoreless at halftime in Group F showdown
Jun 21, 2018 - 04:50
Within this group, there is also Germany and Mexico , which makes it one of the toughest group at the World Cup . Sweden then got the breakthrough their positive approach deserved after Kim's clumsy challenge on Claesson.

isis-killer-beheading-video-story-top AMC Launches Stubs A-List to Compete With MoviePass
Jun 21, 2018 - 04:43
An AMC representative told The Verge that the company's new service was not intended as a direct challenge to MoviePass. MoviePass pays for full-priced tickets and sells them at a discounted rate in order to capitalize on user data.

isis-killer-beheading-video-story-top Pepe Takes Theatrical Tumble During Game Against Morocco
Jun 21, 2018 - 04:32
Morocco went on to lose the game 1-0, becoming the first team to be eliminated from the global tournament. Amrabat was furious at not being awarded a penalty after wrestling with Raphael Guerreiro.

isis-killer-beheading-video-story-top David Warner, back in form, set to play Caribbean Premier League
Jun 20, 2018 - 04:30
Warner has also agreed to feature for Sydney's Randwick Petersham and in Darwin's NT Strike League as he serves his suspension. Warner will be next seen in action in the Global T20 tournament in Canada, where he has signed by Winnipeg Hawks.

isis-killer-beheading-video-story-top First Tesla Model 3 Performance AWD built; Musk claims company was "sabotaged"
Jun 20, 2018 - 04:28
Last week, Musk announced that 9% of the company's workforce was being laid off, without specifying an exact number. It "could just be a random event", Musk said, but then quoted the title of the late former Intel Corp.

isis-killer-beheading-video-story-top 'Modern Family' Boss, Seth MacFarlane Embarrassed to Work for Fox
Jun 20, 2018 - 04:10
MacFarlane of course is the creator behind Fox tv's powerhouse shows Family Guy , American Dad! and The Orville . Feig tweeted, "I have made two films for 20th Century Fox and love the people in the movie and TV divisions".

isis-killer-beheading-video-story-top Beyoncé and JAY-Z release surprise album 'Everything Is Love'
Jun 20, 2018 - 04:03
Bey lovingly leans into Jay , wearing a traditional headdress and shawl wrapped around her shoulders, as Hova returns the love. In the album , the couple can be heard opening up about everything from the love child rumour to the cheating scandal.

isis-killer-beheading-video-story-top Five injured after battery explodes at Tube station in north London
Jun 20, 2018 - 03:53
A small number of people have been treated after a reported minor explosion at a Tube station in north London , police say. A police cordon surrounds the station and there was still a police presence coming up to 10pm.

isis-killer-beheading-video-story-top World Cup stadium in Volgograd having incredible bug problem
Jun 20, 2018 - 03:32
Aleksandar Prijovic was then booked after catching Johnny Acosta in the face with his hand following another look at replays. He told the BBC: "The one small thing I would perhaps say to Harry is "moan a bit more, point it out to the referee".

isis-killer-beheading-video-story-top ‘He is a hero’: Armed civilian kills gunman at Tumwater Walmart
Jun 18, 2018 - 20:31
Ran out a side emergency exit and attempted to run to my vehicle in the parking lot but heard 4 more pops in the lot. As I said, there are parts of the story which still haven't been made entirely clear. "Get out, get out!'" she said.

isis-killer-beheading-video-story-top What Meghan's dad made Prince Harry promise before he blessed their marriage
Jun 18, 2018 - 20:25
He told TMZ he was having heart surgery on May 16 (three days before the royal wedding ), and doctors advised him not to travel. The retired Hollywood lighting designer's interview with with Piers Morgan of " Good Morning Britain " started off well enough.