“China’s stock markets fell on Monday, dragged by reports that U.S. President Donald Trump is planning to unveil a fresh set of tariffs on $200 billion of imported Chinese goods in the latest volley of a heated trade war,” Reuters reports. “At the midday break, both the Shanghai Composite index and the blue-chip CSI300 index were 1.1 percent lower. Hong Kong’s Hang Seng index was down 1.6 percent at midday, and the China Enterprises index fell 1.4 percent.”

“A senior official in the Trump administration told Reuters that Trump would announce the new tariffs as early as Monday,” Reuters reports. “China has vowed to retaliate to any new U.S tariff action, and may decline to participate in further talks if new tariffs are announced.”

“The new tariffs, reported to be 10 percent, will cover a wide range of items including internet technology products and other electronics, printed circuit boards and consumer goods including Chinese seafood, furniture and lighting products, tires, chemicals, plastics, bicycles and car seats for babies,” Reuters reports. “China’s yuan also weakened on the prospect of a hotter trade war, despite the central bank setting the midpoint of the currency’s daily trading band firmer than expected. The yuan traded as low as 6.8756 per dollar before strengthening to 6.8685 per dollar at 0409 GMT.”

Read more in the full article here.

MacDailyNews Note: Two hours ago, President Trump stated via Twitter:

Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”

SEE ALSO:
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