China, EU teaming up against Trump in trade war

The Chinese flag and the US Stars and Stripes fly on a lamp post along Pennsylvania Avenue near the US Capitol. Reuters  File

The Chinese flag and the US Stars and Stripes fly on a lamp post along Pennsylvania Avenue near the US Capitol. Reuters File

Tariffs on $34 billion (€29 billion) worth of Chinese goods are due to take effect on July 6 over United States complaints that Beijing is misappropriating U.S. technology through joint venture rules and other policies.

The fireworks in the stock market follow an escalation in the back-and-forth threats to global trade, which suggest that investors are becoming increasingly anxious that political rhetoric is moving toward actual policy.

After months of increasingly ribald rhetoric and threats, the trade fight seems to be coming to a head, with Europe imposing tariffs on $3.3bn of American products on Friday in response to U.S. barriers on imports of aluminium and steel.

On Wall Street, the Dow Jones Industrial Average .DJI fell 328.09 points, or 1.33 percent, to 24,252.8, the S&P 500 .SPX lost 37.81 points, or 1.37 percent, to 2,717.07, and the Nasdaq Composite .IXIC dropped 160.81 points, or 2.09 percent, to 7,532.01.

Treasury Secretary Steven Mnuchin said in a tweet earlier Monday that the report would not be specific to China "but to all countries that are trying to steal our technology".

"The only thing that's going to happen in the near term is on Friday the Treasury secretary is going to report to the president on the issue related to China".

A Chinese woman adjusts a Chinese national flag next to USA national flags before a Strategic Dialogue expanded meeting, part of the U.S.

Trump tweet may doom House Republicans effort on immigration
Jamie Davis says this is part of "prudent planning" in case the Department of Homeland Security asks for the Pentagon's help. Ever Castillo, left, and his family, immigrants from Honduras, are escorted back across the border by U.S.

China signed a deal on Monday to lift a ban on French beef and said discussions to buy Airbus planes remained open as French Prime Minister Edouard Philippe ended a four-day visit.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 25, 2018.

Harley-Davidson sank 6.0 per cent as it announced it would shift some USA manufacturing capacity overseas due to European Union tariffs on U.S. motorcycle exports.

Trump has threatened to strike back against China's retaliation to the United States tariffs that are due to take effect July 6 - potentially escalating the tariffs to $450 billion in Chinese goods. "Trade must be fair and no longer a one way street!"

The report, citing eight sources familiar with the plan, said such a move would put "Washington's trade war with Beijing on a potentially irreversible course".

The bill would allow the Committee on Foreign Investment in the United States (CFIUS) to review transfers of minority interests in companies dealing with critical infrastructure or critical technology as opposed to full acquisitions.

Spokespersons for the Treasury and the Commerce Department did not respond to requests for comment on their investment and export control plans. Its central bank said on Sunday it would cut the amount of cash some banks must hold as reserves by 50 basis points to spur lending to smaller firms.

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