World News

Dow plunges 700 points as Trump initiates trade war with China

Dow plunges 700 points as Trump initiates trade war with China

China has announced plans for reciprocal tariffs on 128 U.S. products that include pork, wine, fruit and steel in response to U.S. President Donald Trump's announcement of imposing tariffs on $60 billion worth of products coming in from China.

On Wall Street, the benchmark Dow Jones index ended down 1.8pc at 23,533.2, which puts it back in correction territory some 11pc below the record high it reached in January.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 2.5 percent as stocks across the region dropped.

Following an investigation into China trade policies ordered by Trump in August 2017, the review found unfair practices and rules that resulted in United States companies having to share their intellectual property in order to gain the foothold they required in the China market. China has vowed to "defends its legitimate rights and interests".

When asked whether a trade war would harm China's domestic development, Hua said the Chinese government has clearly identified its goals for development going forward.

Multinationals that rely heavily on China were among the bigger losers. The dollar was down more than 1 percent on the week. Technology and industrial companies, basic materials makers and health care companies also fell sharply. The dollar was down more than 1 percent on the week.

More news: Loyola-Chicago, Kansas State Set For Improbable Elite 8 Matchup

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.24.com encourages commentary submitted via MyNews24.

The U.S. president also announced exemptions for the European Union and six other countries, at least temporarily, from the steel and aluminum tariffs. He instructed USTR to publish a proposed list of products and any tariff increases within 15 days and to pursue dispute settlement in the World Trade Organization to address China's discriminatory technology licensing practices. A few hours later, the government raised tariffs on USA pork, aluminum, and other goods.

"There is concern what the trade war could look like. One out of every three rows of soybeans that we grow here in the USA goes to China, so it's a big impact".

"We have a trade deficit, depending on the way you calculate, of $504 billion, now some people would say it is really $375 billion", Trump said on Thursday.

Investors fear that the United States measures could escalate into a trade war, with potentially dire consequences for the global economy.

Subsequently, China announced plans for reciprocal tariffs on $3 billion of imports from the United States, including products from steel to pork.


  • Karti Chidambaram Granted Bail By Delhi High Court In INX Media Case

    Karti Chidambaram Granted Bail By Delhi High Court In INX Media Case

    It, however, later revised the figure to $1 million (about Rs 6.50 crore at the current exchange rate and Rs 4.50 crore in 2007). Indrani is now lodged in a Mumbai prison in connection with the case of murder of her daughter Sheena Bora.
    Bank keeps rates on hold as fears grow of May hike

    Bank keeps rates on hold as fears grow of May hike

    Following months of stronger-than-expected Eurozone stats, the disappointing figures this week have weighed on the Euro (EUR). This includes UK Gross Domestic Product (GDP) results from Q4 2017 and German inflation projections for March.
    Missing Iowa Family Found Dead During Mexican Vacation

    Missing Iowa Family Found Dead During Mexican Vacation

    Relatives went to police in Creston early on Friday to report the family had not returned from their vacation, the police said. But extended family waited until Thursday night to call authorities in case the Sharps had problems with their flight.
  • Tower to turn red to mark World TB Day

    Tower to turn red to mark World TB Day

    Doctors, hospital authorities and pharmacies will now have to face serious consequences information about TB patient. Many a times, the patients miss out on one or the other of this. "Let us work together to make this world TB-free".
    Athletics Australia name Pearson and Fearnley as Gold Coast 2018 co-captains

    Athletics Australia name Pearson and Fearnley as Gold Coast 2018 co-captains

    He emphasised the need for extra coaching , mentoring and support staff which could make a difference in athletes' performances. Batra, along with Secretary General Rajeev Mehta distributed the official kits to the members of the Indian contingent.
    Daniel Bryan is returning to the WWE ring

    Daniel Bryan is returning to the WWE ring

    PWInsider also noted that Hogan could potentially reprise his role as WWE Ambassador, rather than an on-air performer. And fans are giddy at the prospect of seeing one of their favorites get back in the ring and do what he loves.
  • Facebook founder Mark Zuckerberg apologises for data misuse

    Facebook founder Mark Zuckerberg apologises for data misuse

    The information was later transferred to third parties, including Cambridge Analytica , in violation of Facebook's policies. I started Facebook, and at the end of the day I'm responsible for what happens on our platform.
    Informal talks between USA  and Koreas called 'constructive'

    Informal talks between USA and Koreas called 'constructive'

    Ri Son Gwon, chairman of North Korea's committee for the peaceful reunification of the country, will lead the North's delegation. The inter-Korean summit is due to be followed by a face-to-face meeting between United States President Donald Trump and Mr.
    Virat Kohli Likely to Make His Debut in County Cricket With Surrey

    Virat Kohli Likely to Make His Debut in County Cricket With Surrey

    Kohli will become the first Indian to join Surrey, which has been one of the powerhouses of County Championship Division One. With the England tour coming up in August, Kohli has decided to make the most of the opportunity by taking up county stint.
  • McMaster replaced as Trump rebuilds team

    McMaster replaced as Trump rebuilds team

    WAXMAN: John Bolton is not somebody who suffers fools gladly, and this Trump White House has fools in it. McMaster who has done an outstanding job & will always remain my friend", Trump's tweet said .
    U.S.  lawmakers formally ask Facebook CEO to testify on user data

    U.S. lawmakers formally ask Facebook CEO to testify on user data

    A Facebook spokesperson declined to share how Facebook was defining "large amounts of information" or how many apps would be scrutinized.
    Out of control Chinese space station could hit EARTH in NINE DAYS

    Out of control Chinese space station could hit EARTH in NINE DAYS

    A couple of University of Arizona astro-boffins are watching Tiangong-1 with an optical sensor they put together for US$1,500. If you see Tiangong-1 streaking across the sky, take a video shoot and tweet it to @ EricCMack .