Asian shares extend losses as US-China trade war heats up

Asian shares extend losses as US-China trade war heats up

China industrial production and retail sales are slated for Wednesday, same day as USA retail sales and industrial production.

Washington wants Beijing to roll back government support for Chinese companies striving to become global leaders in robotics and other technology.

White House economic adviser Larry Kudlow acknowledged Sunday that US consumers and businesses pay the tariffs.

The hearing is part of Mr Trump's escalating trade offensive against Beijing.

A man browses his smartphone on a bench with a decorated with USA flag outside a fashion boutique selling US brand clothing at the capital city's popular shopping mall in Beijing, Monday, May 13, 2019.

The president insisted increases on Chinese goods don't hurt American consumers, saying there is "no reason for the U.S. Consumer to pay the Tariffs".

On Friday, the Trump administration began the process of increasing tariffs on $200 billion in Chinese imports from 10 percent to 25 percent.

However, one expert, Chen Wenling, chief economist with the China Center for International Economic Exchanges, missed the mark when he said that the trade war had been provoked by the us and has been ineffective.

In an interview with CTV News Washington Bureau Chief Joy Malbon, economist Douglas Holtz-Eakin said that the right to try to pressure China into "behaving better" when it comes to things like currency manipulation and intellectual property.

Trump said he expects his discussion with Xi to be "very fruitful", as the trade war between China and the United States intensified on Monday. But China has taken so advantage of the USA for so many years, that they are way ahead (Our Presidents did not do the job).

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China had earlier imposed additional tariffs on 60 billion US dollars worth of USA imports, the rates of additional tariffs on some of the products will now be increased to 25 percent, 20 percent, and 10 percent.

Global equities fell sharply on Monday as hopes of an imminent trade deal between the world's two largest economies were crushed.

The latest tensions "raise fresh doubts about this recovery path", said Morgan Stanley economists Robin Xing, Jenny Zheng and Zhipeng Cai in a report.

All three major US indexes lost ground in a widespread sell-off, with the tech-heavy Nasdaq posting its biggest one-day percentage loss this year. That would push annual growth below six per cent, raising the risk of politically risky job losses.

And while consumers may not have noticed the previous tariffs, they most likely will feel the impact of the ones Trump raised on May 10.

The UBS analysts said the next escalation could come in as little as one month as USA regulators prepare to follow through on Trump's threat to extend penalty tariffs to all Chinese goods.

China's state media tried to reassure businesses and consumers that the ruling Communist Party has the means to respond.

"Investors finally woke up to the fact this may ultimately go on a lot longer and be a lot nastier than people had thought", Mr. Naroff said. "It is no big deal".

'Also, the Tariffs can be completely avoided if you by from a non-Tariffed Country, or you buy the product inside the US (the best idea),' Trump added.

The June hearing will involve 3,805 product categories that could be subject to tariffs of up to 25 per cent.

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