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World stocks under pressure from trade war fears

05 April 2018, 01:00 | Lionel James

World stocks under pressure from trade war fears

World stocks under pressure from trade war fears

The Chinese Ministry of Commerce said it plans to impose a 25 percent tariff on $50 billion worth of US exports, including aircraft, cars, soybeans, and whiskey.

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After a big early loss, USA crude dipped 14 cents to $63.37 a barrel in NY while Brent crude, used to price worldwide oils, fell 9 cents to $68.03 a barrel in London.

Airplane manufacturer Boeing slumped more than 6% in premarket trading, while carmaker General Motors and the price of soybeans fell close to 4% each.

The swing in risk sentiment put the pep back into bonds, with yields on USA 10-year Treasury debt down two basis points at 2.76 percent.

Ford said it encouraged both governments to work together to resolve issues.

"A Commerce Ministry spokesman said in a statement: "[Chinese tariffs would] balance out the losses sustained by China through the United States' increased tariffs on steel and aluminum imports... It was not immediately clear how much the tariffs would impact its newer aircraft.

All three major European markets were shut on Friday and Monday, as investors enjoyed a four-day holiday weekend.

The Dow Jones industrial average fell about 500 points at the open, with energy, industrial and materials sectors leading the decline.

Farming equipment maker Deere lost almost $10 per share at its lowest.

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"There is no victor in a trade war, and an initiator will harm itself as well as others".

EMini futures for the S&P 500 also dipped 0.3 percent while the FTSE fell 0.2 percent.

Big industrial and technology stocks were hardest hit by the selling. China's position as an assembly hub for electronic devices makes it the biggest consumer of semiconductors.

Hours earlier, the USA government unveiled a detailed breakdown of some 1,300 Chinese industrial, transport and medical goods that could be subject to 25 per cent duties, ranging from light-emitting diodes to chemicals and machine parts.

Replying To the White Location's allegation that China has actually been going against highbrow items correct, Mr Tiankai included: "We will certainly have the ability to have a look at the accurate circumstances if there's any type of offense of highbrow items legal rights ... no matter through whoever". That was 57 per cent of total US soybean exports.

These large, global USA companies do a lot of business in China and overseas, which makes their sales and profits vulnerable if the two countries can't work out a deal before the threatened tariffs, which are still under review, go into effect.

Beijing's "Made in China 2025" strategy is transparent and not discriminatory, and is in line with World Trade Organization rules, Wang also said.

Brent Bible, a soybean and corn farmer in Lafayette, Indiana, has appeared in TV ads by the advocacy group Farmers for Free Trade, calling on the Trump administration to avoid a trade war.

Unlike Washington's list, which was filled with many obscure industrial items, China's list strikes at signature U.S. exports, including soybeans, frozen beef, cotton and other key agricultural commodities produced in states from Iowa to Texas that voted for Donald Trump in the 2016 presidential election.



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