North American stocks fall amid U.S.-China tariff threats, loonie lower

Tim Cook meets with Apple Store employees in China

China has said it would slap a 25 percent tariff on imports of US crude, natural gas and coal on July 6 if Washington went ahead, as planned, with its own tariffs on Chinese goods that day.

Gary C. Evans, chief executive of shale producer Energy Hunter Resources, called the tariffs "a lot of saber rattling" that will not hurt exports of USA crude oil or liquefied natural gas, the latter a fuel that China has not included on its list of products facing a tariff.

China is vowing to "fight back firmly" if the United States makes good on President Donald Trump's latest tariff threats. On Monday, Trump responded with another round of tariffs.

Baker says that if China were really determined to strike back at the United States, it would employ what he describes as the "nuclear option" of totally disregarding American companies' intellectual property rights.

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said.

Friday, Trump announced a 25 percent tariff on $50 billion worth of Chinese goods.

Trump's threat of placing tariffs on Chinese products is close to hitting the ceiling, noted Politico senior trade reporter Doug Palmer in an article published late Monday.

Li said if Washington slapped 15 per cent tariffs on all imports from China, and Beijing did the same on products from the U.S., combined with non-tariff barriers that would reduce the country's growth by 1 percentage point.

Given the imbalance in American and Chinese trade, Beijing has a more limited set of options for adding to its list of tariffs.

Analysts warned that the risks are growing of an increasingly damaging clash that will ripple around the globe.

European Union says it will start to impose tariffs on United States on Friday
Canada was next at 22 percent, followed by Japan (21 percent), Germany (11 percent) and South Korea (8 percent). It's reported that Trump said the tax would be upheld until Fifth Avenue was devoid of Mercedes models.

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Beijing: Beijing on Tuesday accused Donald Trump of "blackmail" and warned it would retaliate in kind after the USA president threatened to impose fresh tariffs on Chinese goods, pushing the world's two biggest economies closer to a trade war.

A scenario in which Trump imposed a heavy 45 per cent tariff on all Chinese products would knock 1.09 percentage points off the country's growth and wipe out 7.6 million jobs. A punitive duty the Trump administration applied to lumber imports from Canada has raised the price of a new home by $9,000, according to the National Association of Home Builders.

"Dairy", Trump said. "Dairy, 275 per cent tariff".

Commodities have also suffered because of the rising US dollar following the Federal Reserve's decision to raise rates last week, he said.

Travel services accounted for nearly two-thirds of US services exports to China in 2015, according to the US International Trade Commission.

"If the US becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the Chinese Commerce Ministry said. Concerns about a trade war between the US and China have limited the momentum behind the recovery attempt. The yield on the US 10-year Treasury fell to 2.89 percent from 2.92 percent. How many tariffs are there now?

Trump said he hoped the USA could work out a trade agreement with Canada, saying the two countries had a good relationship but that Americans were being taken advantage of.

Chinese stocks recorded their steepest falls since the trade dispute started on Tuesday.

They argued that this makes it hard for China to continue to retaliate to Trump's actions.

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