Published: Fri, May 10, 2019
Markets | By Erika Turner

AMD and Nvidia Analysts Worry Amid US-China Tensions

AMD and Nvidia Analysts Worry Amid US-China Tensions

The Chinese Commerce Ministry said that if the United States tariff measures are implemented, it would take "necessary countermeasures".

Global equities tumbled toward five-week lows as the escalating trade fight fed worries about the world economy and investors sought the safety of bonds and the Japanese yen, which hit a six-week high against the U.S. dollar.

Beijing is calling for an immediate end to American retaliatory measures on trade - which have dented China's economic growth - and it believes it has already made enough concessions to the US.

Liu will arrive in Washington on Thursday for a further two days of talks but Lighthizer asserted that, no matter what the outcome of the discussions, "come Friday, there will be tariffs in place".

Chinese Vice Premier Liu He will visit the United States this week for trade talks, Beijing said on Tuesday, playing down a sudden increase in tensions after U.S. President Donald Trump vowed to impose new tariffs. "They're going to sit down tomorrow, and we'll see what happens from there", she said. China has just informed us that they (Vice-Premier) are now coming the the U.S.to make a deal. On Sunday, Trump said he will hike existing tariffs on US imports of Chinese goods on Friday and planned new levies on other products soon. Jennifer McKeown, of Capital Economics, said goods exports to the USA accounted for 3.2% of China's national output, while exports to China made up only 0.6% of U.S. gross domestic product. The goals behind seeking this trade deal have not really been about the short-term performance of the stock market, and the president has indicated in the past that there can be some acceptable giveback, considering how much the market has risen over the past two years. Mark Warner (D-VA) told Yahoo Finance he doesn't think Trump has a strategy - and China should be addressed with an worldwide coalition.

Robert Lighthizer, the U.S. trade representative, accused China on Monday of reneging on what he described as "good, firm commitments on eliminating market-distorting subsidies".

We will thus be closely following developments in the meeting of their trade officials in Washington today.

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On Sunday, Trump said on Twitter he would raise the 10% charge to 25% per cent, effective Friday.

After tumbling the Chinese stock market, President Donald Trump is continuing to aggravate negotiations between Washington and Beijing.

The trade war with the USA has hurt Chinese exporters and eroded business and consumer confidence. "These taxes are not paid by foreign nations, and they result in higher costs that are simply passed on to the American consumer".

However, economists and even Trump's fellow Republicans in Congress, stress that USA importers and consumers are the ones that pay the price for higher tariffs.

USA officials on Monday effectively canceled a six-month trade truce, accusing Chinese negotiators of backsliding on major commitments agreed to thus far in months of talks.

"The most important things are the things the Chinese won't give", he told AFP, including reducing subsidies and subjecting state-owned enterprises to market forces. "A sudden tariff increase with less than a week's notice would severely disrupt USA businesses, especially small companies that have limited resources to mitigate the impact".

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