5 facts about the US-China tariff battle

If the conflict occurred only between the US and China Việt Nam would have a good chance to export to the US

The day after the United States outlined what specific Chinese imports would be counted among the previously announced $50 billion in new tariffs, China retaliated with a similar list of new duties for American products like soybeans, airplanes, and cars.

Adams, of PNC Financial, said the tariffs would be especially painful for companies in agriculture: machinery makers in the USA would pay more for imported components, and they wouldn't sell as much food in China because their products would be more expensive.

The products targeted by the Chinese tariffs were worth $50bn (£35.5bn) in 2017, according to the Chinese commerce ministry.

Trump has repeatedly accused China of unfair trade practices he says harm U.S. businesses and swell the bilateral trade deficit.

The United States would be applying tariffs to 9% of China's annual exports to the U.S., according to Panjiva, a research firm owned by S&P Global Platts. Virginia-based Smithfield Foods, the world's biggest pork producer, will likely be hit hard.

The U.S. list of planned charges on more than 1,300 product categories focused on China's industrial machinery and technology exports.

Tommy Wu, a senior economist at Oxford Economics, said that as one of the world's largest exporters Japan could also be at risk. Farm equipment maker Deere lost $7.35, or 4.8 percent, to $145.69 and construction equipment maker Caterpillar fell $4.82, or 3.3 percent, to $140.24.

But Trump came to power on a campaign platform that committed to putting "America first" on trade and jobs, rhetoric he is now turning into action through protectionist measures, of which he said there will be "many".

Asian stocks fell, with the MSCI Asia Pacific Index declining 0.6% to the lowest in nearly eight weeks.

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Benchmark issuer Germany's Bund yield hovered just under 0.50 per cent, and just off 2-1/2 month lows hit last week. High-tech manufacturing contributes more than 10 percent of China's economic growth, but around 80 percent comes from labor-intensive traditional industries like retail and refineries.

The Dow ended up 1.65 per cent, while the S&P 500 gained 1.26 per cent and the Nasdaq 1.04 per cent. Amazon.com shares bounced 1.5 per cent on reports the White House was not about to clamp down on its business model even as Trump continued his attacks on the online retailer.

China is the fifth largest export market for USA vintners, shipping $79 million in product to the country past year.

On March 23, Beijing signaled it was ready to go toe-to-toe with Washington's campaign against China, proposing new levies on 128 American imports.

The FTSE index in London closed up 0.05 percent, while the DAX closed down 0.37 percent and France's CAC 40 index fell 0.2 percent.

"While the near-term impact on the global economy of recent moves by both sides may be quite small, the risks of escalation are clear, with the seeds of more serious trade conflict apparent", Slater wrote in a note to clients.

"The US is the biggest market in the world and Trump believes that other countries will make concessions in order to keep that access". USA crude settled down 14 cents at $63.37 per barrel and Brent slid 10 cents to settle at $68.02.

He added in another tweet, "When you're already $500 Billion DOWN, you can't lose!" Silver fell 14 cents to $16.25 an ounce and Copper lost 5 cents to $3.01 a pound.

Bond prices turned lower. Oil is down 1.5% and gold is up 1%. The euro hovered at $1.2296, after easing from a top of $1.2335 overnight, while the dollar index was 0.2% lower at 90.

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