China hits back in trade war with US

Beijing's top trade negotiator Liu He warned of retaliatory measures after the United States imposed further tariffs on imports from China

The Dow Jones Industrial Average plunged more than 700 points Monday as investors sought shelter from an escalating trade war between the USA and China.

Chipmakers enjoyed a reprieve, with the Philadelphia SE Semiconductor Index rising 2.4 per cent after suffering its worst one-day percentage loss since January 3. The Standard & Poors 500 and Nasdaq Composite indexes sustained similar losses, dropping by, respectively, 2.4% and 3.4%. The Nasdaq Composite Index sank 269.92 points, or 3.41 percent, to 7,647.02.

"The reason we're seeing this recovery is because fundamentals haven't changed", said Kevin Miller, CIO at E-Valuator Funds. Meanwhile, the US imported $18 billion in services from China in 2018, while exporting nearly $59 billion, though services are not directly affected by tariffs.

"In the short term, it looks like volatility is here to stay and we could see this risk-off, risk-on going on for a long time".

The study, by the economic consulting firm Trade Partnership Worldwide, assesses how tariffs will affect American consumers and the economy. Caterpillar shares gained 1.7%.

Coca-Cola Co's shares (KO.N) rose 2.2% after Morgan Stanley upgraded the stock to "overweight", saying higher growth has not been priced into the stock's valuation.

The euro fell 0.1% to $1.1214. -China trade tensions such as Apple Inc.

Greg Luken, CEO of Luken Investment Analytics, thinks this is a "dead-cat bounce", however. This is not something that's going to be resolved tomorrow and anybody who says they know exactly how this will play out is spinning a yarn, ' said Luken. The US economic growth momentum is expected to remain steady, while China has been showing signs of stabilizing in recent months; any significant deviation from those trajectories may add another layer of uncertainty to markets.

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He said officials might be anxious companies may shift operations out of China in response to "aggressive retaliatory actions". Trump has accused China of reneging on commitments it made during months of trade negotiations, which Beijing has denied.

Beijing announced late Monday that it would raise tariffs on $60 billion worth of USA goods from June 1. The goods targeted include a broad range of agricultural products.

The Dow Jones Industrial Average fell 617.38 points, or 2.38 percent, to 25,324.99. Wall Street saw big losses, stocks sliding more than 470 points when the opening bell rang and heading lower throughout the day.

Trump tweeted on Monday that China will be "hurt very badly if you don't make a trade deal, " noting that companies would be forced to leave the country without an agreement.

Boeing shares also declined more than 3% amid speculation the airplane maker could be singled out by China in the trade war. The president sprinkled his criticisms of China over the last 48 hours with enough signals that negotiations haven't completely broken down that traders rushed back into the beaten down market to find bargains.

After announcing the higher tariffs, the editor of Communist Party-owned Chinese newspaper Global Times warned Beijing could also hit the USA by offloading Treasuries, ending United States agricultural purchases and reducing orders for Boeing airplanes.

Though on Monday, Mr Trump said that he had "not made a decision" on whether to go ahead with those additional levies. He also believes the US-China trade conflict won't be resolved quickly. -China trade talks stumbled.

Ride-sharing company Uber tumbled another 11.5% on its first full day of trading following its rocky debut on the stock market Friday.

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