Dollar slips below ¥105 on fears of US-China trade war

Chinese official warns against trade war, says economic globalisation will be 'beneficial for all'

The gold index rose 3.79%, food and drug retailers 0.48% and general retailers 0.32%.

American industry, agriculture in particular, as well as members of the president's own Republican party have voiced strident opposition to his recent trade moves - but the latest actions against China did receive some support on Capitol Hill.

Despite the bluster from both the USA and China, Tsemin does not believe a trade war is inevitable.

The U.S. President Donald Trump signed a memorandum on Thursday that would impose tariffs of up to $60 billion on Chinese Imports.

The statement from the Chinese embassy said Trump's trade action was "self-defeating" and would hurt American companies, consumers and financial markets.

He also accused a USA probe into Chinese intellectual property practices of violating global trade rules.

"After we had been intimate, he tried to pay me, and I actually didn't know how to take that". They won't do anything to relent on their industrial policy system. Others said China has misjudged how determined the Trump administration is to resolve some of these issues and is mistaken now if it underestimates Washington's resolve. On the Dow, Boeing and Nike were the only stocks in positive territory. The losses this week were worse, and investors are hoping for hints the sanctions on China are more of a negotiating tactic.

Chinese official warns against trade war, says economic globalisation will be 'beneficial for all'
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But in a surprise move, Mr Trump said he was only willing to give the bloc a temporary reprieve, until May 1. China responded to news of the reforms by warning that while it did not want a trade war, it was "absolutely not afraid" of one and "fully prepared" to defend its interests.

The list noticeably does not include soybeans, a key U.S. export from Trump-voting states that Chinese state-run newspaper the Global Times had suggested should be targeted by Beijing. Analysts say this could boost shares across the board.

Investors are increasingly anxious that President Trump's crackdown on China will trigger a fierce response that darkens the otherwise bright economic outlook.

In response to President Donald Trump's tariff hike on steel and aluminum, China unveiled a list of USA goods including pork, apples and steel pipe that it may hit with higher import duties.

Trump's China-US import tariffs are essentially created to punish China for the behaviour Trump's investigation is said to have discovered.

China's ambassador to the United States, Cui Tiankai, declined to rule out cutting purchases of U.S. Treasury debt in the dispute, telling Bloomberg Television on Friday: "We are looking at all options". It added that a 25 percent tariff on other goods, including pork and aluminum, could be imposed "after further evaluating the impact of USA measures on China". The list is expected to be published within two weeks, then subject to a 30-day comment period and potential revisions by the U.S. Trade Representative's office after that period ends.

In a separate note on Friday, the UBS chief investment office said it saw a 20 to 30 percent probability of "damaging retaliation" by China to USA trade actions.




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