Markets stumble after Trump threatens more China tariffs

Jun 19, 2018, 7:00 AM EDT
U.S. President Donald Trump lashed out at Beijing for unfair practices in acquisition of intellectual property.
(Source: Gage Skidmore/flickr)

The fears of an all-out trade war escalated on Monday after U.S. President Donald Trump threatened to impose new tariffs on an additional $200bn of Chinese goods if Beijing goes ahead with its recently announced tariffs.

Trump lashed out at China over its “unfair practices related to the acquisition of American intellectual property and technology,” writes the BBC. A heavy-handed approach in dealing with China could be a Trump tactic to keep his loyal and potential voter base intact going into the midterm elections in November, but the measures also entail a political cost.

The Asian markets stumbled on the news of new Trump tariffs, with Shanghai sliding by three percent, Hong Kong losing over two percent and Tokyo dropping by one percent, reports The Guardian.