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Stocks May Pull Back Sharply On Renewed Trade War Concerns
05 April 2018, 12:44 | Katrina Lee
Sight for Sore Eyes The start of April may be a welcomed change for Asian investors after a rocky March Source Bloomberg
After an early jolt, stocks rallied and finished higher Wednesday as investors bet that back-and-forth tariff threats between the US and China won't blossom into a bigger dispute that damages global commerce. Officials signaled that the implementation of the proposed measures would depend on when the US applied its own, and that there was still time for both sides to agree to a settlement.
Activity in Japan's service sector also grew at its slowest pace in 17 months last month, British shop prices dropped at the fastest pace in more than a year while Australian February building approvals fell 6.2 per cent.
Stock markets in Europe fell, with investors taken aback by the speed of China's response.
Asian stocks fell, with the MSCI Asia Pacific Index declining 0.6% to the lowest in nearly eight weeks. Broader S&P 500 futures slumped 1.5 percent to 2,575.00.
Beijing's proposed targets strike at the core of commercial relations between the two countries, and at some of the most politically sensitive goods in core Trump constituencies.
China has struck back in its trade dispute with the Trump administration, imposing tariffs on $50bn of United States goods.
Both sides have calibrated their current actions around the figure of $50 billion worth of imports - the US estimate of the annual damage to the domestic economy caused by China's intellectual-property infringements.
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He argued that his guilty plea has been punishment enough because it will prohibit him from practicing law in the U.K. The Department of Justice is now working with the Russian government to extradite the 13 Russian nationals.
"China's prompt move shows its determination - it's not afraid of a trade war and won't surrender to any intimidation".
As the trade conflict between the USA and China intensifies, the markets continue to evidence investors' anxiety - starting the trading day Wednesday in the red across the three major US indexes.
Here are some of the businesses affected on both sides of the Pacific.
The president's remarks came after China announced its decision to add an additional 25 percent tariff on imports of 106 USA products.
"Disregarding strong representations by China, the United States announced the tariff proposals that are completely unfounded, a typical unilateralist and protectionist practice that China strongly condemns and firmly opposes", according to the statement. In an interview on CNBC on Wednesday, he said China's reaction "shouldn't surprise anyone", as it's proportionate to the USA action.
The products on the USA list include heavy machinery, motorcycles and high-tech items, such as semiconductors and batteries. China's envoy to the WTO said Beijing would challenge the USA moves.
The market bulls will be hoping that China's latest move will force the U.S administration into pulling back from its plans and, when considering the fact that China was the largest buyer of U.S paper in 2017, the U.S government's need for funding this year will add further pressure on the Dollar and U.S government funding should Trump stand firm.
Neither set of tariffs goes into effect immediately. Germany's benchmark 10-year bond yield dipped back below 0.50 percent and toward 2-1/2 month lows hit last week. But both sides risk censure by the W.T.O. - the Trump administration for its tariffs, and China for swiftly retaliating without a proper review. "People from American industries may exert pressure on the USA government and influence final policy implementation".
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He was already suspected by police of sexually harassing the 12-year-old daughter of Knoll's caretaker who lived in her home. In 2011, an Islamist gunman shot dead three children and a teacher at a Jewish school in the southwestern city of Toulouse.