Dow Falls 300 Points as Trump Doubles Down on Tariffs

Trump promises Apple he won’t put tariff on iPhones

Trump said his move followed China's decision to raise tariffs on $50 billion in US goods, which came after USA announced similar tariffs on Chinese goods on Friday.

In response, Beijing confirmed during the weekend it would bring in tit-for-tat tariffs on $34 billion of United States imports next month.

In the separate dispute about steel and aluminium tariffs, he also has to contend with the politically targeted retaliation that other countries such as Mexico, Canada and the European Union have in hand, meant to hit important states in the mid-term elections.

But, Trump's decision to move forward with the tariffs caused the deal to collapse and the trade battle to escalate once again.

On Monday, Trump said China's tit-for-tat tariff response illustrated the country's unwillingness to change its "unfair practices".

"Trade between our nations, however, has been very unfair, for a very long time".

Russia's Economy Minister, Maxim Oreshkin, said the tariffs would target goods of which the Russians already had domestic equivalents.

"If the USA side becomes irrational and issues the list, China will have to adopt comprehensive measures in quantity and quality in order to make strong countermeasures", said the statement.

China might be unable to match the USA tariffs because it imports much less from the United States - $130 billion in goods past year, compared with Chinese exports to the United States of $505.5 billion. "China relationship", Mr. Navarro told reporters, citing the trade imbalance and China's campaign to acquire USA technology "by any means necessary".

"China could target USA firms through tax and regulatory policies", said Citigroup in a report.

Democrats, Activists Rally Against Trump's Family Separation Policy
And on Monday, Nielsen herself underscored the stricter policy. "Illegal actions have and must have consequences". Unaccompanied immigrant children have been held in detention facilities across the USA since before the 1990s.

Read the full report at the New York Times.

He said China's recent claims of "openness and globalization" are "a joke".

"Neither side will be brought to its knees - which is one reason to think the trade dispute could drag on", research firm Capital Economics said in a note to clients on Friday.

"In a global trade war, no matter how you spin tariffs, retailers and the American families that we serve are the losers", said Hun Quach, vice-president, worldwide trade, for the Retail Industry Leaders Association.

And now the president is warning the US may impose tariffs on a total of $450 billion of Chinese goods.

"We don't want a trade war, but we're not afraid of a trade war, " ministry spokesman Geng Shuang said.

A spokeswoman for the US Trade Representative's Office said the new list would replace the previous $100 billion list that Trump ordered to be prepared in early April as a response to China's first round of $50 billion in retaliatory tariffs. "The trade relationship between the United States and China must be much more equitable", he said.

Volume on USA exchanges was 7.12 billion shares, compared to the 6.95 billion average for the full session over the last 20 trading days. And Beijing says it would impose tariffs on $16 billion more if the United States does so, too.

China has threatened "qualitative" as well as "quantitative" moves if the dispute worsens, meaning it could use inspections of goods, visa applications and other regulatory measures to make life more hard for United States companies doing business in China.

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