Concern that trade conflicts could wreak havoc on the world economy deepened as China responded to Trump's recent tariff hikes on steel and aluminum by warning it could order higher import duties on USA goods including pork, apples and steel pipe.
"There could be a possibility of a bounce back if, as this progresses, both sides look like they're negotiating", said Lisa Erickson, chief investment officer at U.S. Bank Wealth Management.
Trump has given his administration 15 days to come up with a list of tariffs, after which there would be 30 days of public consultation, and nearly certainly intense lobbying from within the United States.
Trump administration officials say fears of a trade war are overblown.
The Chinese government said it will defend itself, and investors are anxious that trade tensions will wreak havoc on the world economy.
But speaking to reporters on Friday as he signed new budget legislation, Trump said his efforts were beginning to bear fruit. But they will not apply to the European Union, South Korea, Argentina, Brazil or Australia.
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"He has apparently miscalculated the situation and underestimated China's resolve and capability to defend its own legitimate rights and interests as well as the price the USA has to pay for its recklessness and willfulness", the spokeswoman noted.
"Part of the reason, frankly, that we're able to do that is the fact that we have the tariffs on steel and the tariffs on aluminium". "If the USA imposes tariffs on China like that, I think there would be some damage on us in the long term as well".
Along with pork and aluminum, China's Ministry of Commerce said it could impose import tariffs on USA goods including fruit, nuts, wine and steel pipes. The U.S. has announced $50 billion in tariffs on Chinese products.
Traders in particular have focused on the risks to the global economy from tit-for-tat restrictions announced by the United States and China, along with increasingly protectionist moves by Washington elsewhere, as well? the United States has brought in tariffs on steel and aluminum, albeit with exemptions for key allies, and marginalized the World Trade Organization. It also wants to slap the U.S. with a 25 percent tariff on pork and recycled aluminum imports. If your glass is half-full, China's measured response opens the door to negotiations.
"There is concern what the trade war could look like". They would do so "if China and the United States fail to reach a trade compensation agreement within the stipulated time". The White House says its action is in retaliation for China's use of pressure and intimidation to obtain American technology and trade secrets.
US Trade Representative Robert Lighthizer indicated the industries could include aerospace, maritime and rail transport equipment, and new energy vehicles.
Hours earlier, Trump signed an order that also could result in restrictions on Chinese investment in the USA, saying it would be the "first of many" trade actions. Shen Dingli, deputy dean of the Institute of International Affairs at Shanghai's Fudan University, said the numbers announced so far were "actually quite small" compared to overall trade flows.