Stocks fall when Donald Trump imposes tariffs on the main trading partners

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Donald Trump imposed tariffs on Canada, Mexico and China, causing immediate revenge from Beijing and sending shares below when fear in the World Trade War.

25 percent tariff for Imports from Canada and Mexico came into force on Tuesday, along with an additional 10 percent collection of Chinese imports.

Tariffs in China go to the top of the previous 10 percent, which Trump imposed on Chinese imports last month.

The US president said the steps are a reaction to the countries’ inability to squeeze the deadly apioid fentanyl.

On Tuesday, China said it would break off with a 10-15 % tariff for US agricultural goods, ranging from Caucus and beef to corn and wheat. Canada Previously promised to revenge with a similar tariff against US $ 30 billion.

Tariffs against the three largest trading partners in America have raised duties to some of the highest levels in decades.

The Hang Seng Kong Index and the mainland Chinese benchmark fell by 2 percent and 0.8 percent respectively before recovering the trading area. The Nikkei 225 Japanese exporter slid 1.2 percent, and 0.6 percent retreated in Australia S&P 200.

Over the night on Wall -Rate, the S&P 500 closed almost 2 percent below, and the NASDAQ composite fell 2.6 percent after Trump said the tariffs would take effect.

“Monday” stocks take leaves from US movements, “said Mitul Kotec, Head of the Macro -Marinka and FX -strategy.” If the US slows down, it is obviously not good for the rest of the world. ”

The dollar decreased by 0.2 percent to the basket of currencies, including the euro, it and the pound on Tuesday, after the fall of 0.8 percent on Monday.

“I think the message as a whole is that the risk assets take a little beating,” Kotcha said, adding that weak American economic data leads to concern slowing in the world’s largest economy.

On Monday, Trump said at the White House that there was no place for negotiations with Canada and Mexico. “Tariffs, you know, they are all set up. They come into force tomorrow,” he said.

North American levies are set by 25 percent, except for Canadian oil and energy products that will face 10 percent tariff. Canada is about 60 percent of American imports.

China’s reaction is also aimed at US companies, and Beijing has placed 10 US companies on Tuesday to blacklisted and clapping export control over 15 others.

It also banned the American biotechnology company Illumina export equipment for gene sequence to China. In Beijing was Added Illumina to your “unreliable entity” list Last month, in response to the original flurry of Trump tariffs.

Earlier, the Ministry of Commerce in China hit the justification of the US tariffs over Fentonl’s streams, saying that the statement “ignores the facts, the rules of international trade and votes of all parties, and is a typical act of unilateral and bullying.”

The Chinese Foreign Ministry also threatened to withdraw cooperation with the United States on drug control that has resumed under the Joe Biden administration.

“If the United States continues to use the problem of fentanyl to pressure, blackmail, coercion and threatening China, it will only be counterproductive and strike on dialogue and cooperation between China and the USA in the field of drug control,” the Ministry of Foreign Affairs said.