Markets Right Now: Stocks sink as trade war escalates

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China's announcement Monday said tariff increases are going ahead based on a list of $60 billion of USA goods Beijing released in August.

On Friday, U.S. and Chinese negotiators broke off the latest round of trade talks without reaching a deal.

Trump has ordered Lighthizer to begin imposing tariffs on all remaining imports from China, a move that would affect about an additional $300 billion worth of goods.

On Twitter, Trump warned Chinese President Xi Jinping (shee jihn-peeng) his country "will be hurt very badly" if it doesn't agree to a trade deal.

Analysts have also warned that a national security review process for foreign investments in China might enable Beijing to freeze out United States investment to an even greater extent than before, as another form of retaliation. But it remains hopeful "that the US can work together with China, moving in the same direction, to resolve each other's legitimate concerns on the basis of mutual respect and equality".

Xi is resisting giving in on a list of trade compromises, even in the face of tariffs that threaten to add 25 per cent to the cost of goods shipped from China to the U.S.

Beijing matched Trump's earlier 25% tariff on $50 billion of American goods. It has kept rates on hold this year after six hikes last year and economists are projecting it will join Asia's shift to dovish monetary policy Australian unemployment is out on ThursdayA slew of Federal Reserve policy makers speak: Boston Fed President Eric Rosengren and Fed Vice Chairman Richard Clarida speak at a "Fed Listens" event hosted by the Boston Fed.

Friday night on the radio, LevinTV host Mark Levin explained why it's good that the Trump administration is taking such a hard-line stance against China in recent trade talks. Unlike many other news organizations, we have not put up a paywall.

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Officials appeared to be studying the potential impact on China's economy before picking their next steps, said Jake Parker, vice-president of the U.S.

However, Kudlow indicated the tariffs themselves are paid by American importers who receive the products.

China has said that it will hit back with "necessary countermeasures".

However, Beijing has apparently ignored the United States president's threat that the escalating trade war between the world's two biggest economies "will only get worse!". China will never surrender to external pressure. That has "led to an escalation of Sino-U.S. economic and trade frictions", the finance ministry said, adding that U.S. actions "jeopardize the interests of both sides". That would pull annual growth below 6%, raising the risk of politically risky job losses.

The "points" are a reference to the percentage increase in tariffs on Chinese goods, from 4 per cent to 25 per cent, compared to a more modest tariff hike the Chinese have recently enforced in the other direction. "Get this done because the longer we're involved in a tariff battle or a trade war, the better chance there is that we could actually enter in a recession".

"There is nothing to be afraid of", said the party newspaper People's Daily.

"It's no big deal".

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