Markets Right Now: Stocks open solidly higher on Wall Street

A man chooses bananas near imported apples from the United States at a supermarket in Beijing on Monday

A man chooses bananas near imported apples from the United States at a supermarket in Beijing on Monday

New tariffs China chose to impose on USA products were a reaction to the "emergency" caused by the United States violation of global obligations, it added.

Shares in USA exporters of everything from planes to tractors fell on Wednesday after China retaliated against the Trump administration's tariff plans by proposing duties on key US imports including soybeans, planes, cars, beef and chemicals, Reuters reports.

The tariffs wouldn't kick in right away. The administration said it would hold a public hearing for United States businesses next month.

Jim Boyce, a Beijing-based wine consultant who writes the blog Grapewallofchina, said while there were concerns that the duties would make US wine less cost-competitive, the greater worry was over the image the trade war would generate for USA goods.

Hormel Foods jumped $1.88, or 5.5 percent, to $36.10 and Tyson Foods rose $1.62, or 2.3 percent, to $71.55. The duties are in retaliation for USA plans to raise duties on a similar amount of Chinese goods. That gives them an incentive to reach a settlement to avoid damaging many businesses on both sides. "China alone can not make that happen", he said, adding that the U.S. do not want to sell what China wants to buy.

China has accused Trump of damaging the global system of trade regulation by taking action under USA law instead of the through the WTO.

"I'm not a fan of tariffs", he said, but added that they are "part of the process". There are carrots and sticks in life.

Both sides have calibrated their current actions around the figure of $50 billion worth of imports.

Products online commenters called for boycotting included Boeing planes, Apple products, US soybeans and even American graduate schools, with others saying that they could repeat what Chinese shoppers had done to South Korea.

The Dow tumbled as much as 500 points, or about 2%, at the open as wary investors sold off industrial giants with heavy exposure to China.

Dana White Will Never Book Ferguson vs Khabib Again
White said after the event that he was embarrassed and promised to one day make it up to the fans of Calgary. But, Ferguson injured his knee in a freak accident last week , and now Max Holloway will face Nurmagomedov.

The standoff between the world's two largest economies has sparked market fears that they could spiral into a trade war that could crush global growth.

Stocks opened sharply lower on Wall Street as an escalating trade dispute between the US and China poses a threat to global economic growth and corporate profits.

Economists and investors worry other governments might respond by raising their own import barriers.

President Donald Trump escalated tensions on Tuesday, proposing tariffs on a range of Chinese-made products worth about US$50 billion with a focus on high-tech items.

China was hitting back against U.S. President Donald Trump's plans to impose tariffs on $50 billion in Chinese goods with similar tariffs on U.S. goods even as Trump said the country is "not in a trade war with China". -China Business Council, warned that any efforts by Trump to get US companies to move production back home through tariffs could backfire, much as when President Barack Obama put tariffs on Chinese tyres only to see tyre imports from Indonesia and Taiwan surge.

China's state-run media says the probe will "poison" the relationship between the two countries, while the Chinese government later slams the Trump administration's "unilateralism and protectionism". "A lot of people are saying this affects many big companies on the NY stock exchange and that's why so many people are anxious". Business groups say companies feel increasingly unwelcome in China's state-dominated economy and are being squeezed out of promising industries.

However Adams said that there was good news for food producers, as the Chinese government proposed duties on imported beef, but not pork or chicken. Beijing's list reflects its sensitivity to American complaints that it pressures foreign companies to hand over technology.

Wang, the commerce official, defended "Made in China 2025".

USTR developed the tariff targets using a computer algorithm created to choose products that would inflict maximum pain on Chinese exporters but limit damage to USA consumers. That excludes high-end Boeing jetliners such as the 747 and 777, leaving Beijing high-profile targets for possible future conflicts. Beijing will also target US corn, cotton, beef, orange juice, whiskey, tobacco, and several lubricants and plastic products. China said the timing would be announced separately. The Trump administration on Tuesday released a list of 1,300 imported Chinese products, including industrial robots and telecoms gear, subject to potential tariffs to protest Beijing's alleged theft of USA technology.

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