'We are not in a trade war with China,' says Donald Trump

'We are not in a trade war with China,' says Donald Trump

On Wall Street, the future for the Standard & Poor's 500 index rose 0.3% and that for the Dow Jones industrial average gained 0.2%.

The latest tit-for-tat measures represent round two of a fight that began when Trump slapped tariffs of 25 percent on imports of steel, and of 10 percent on overseas aluminum - measures firmly aimed at countering China's longstanding practice of dumping excess production on global markets at knockdown prices. The unpredictability of the USA government and its economic policies also adds uncertainty to the global economy and affects the manufacturing trends of China and the world, "but these unfavorable factors will not affect China's overall growth momentum", Zhou said.

The market's swoon was "probably an overreaction", said Art Hogan, chief market strategist at Wunderlich Securities.

Unsurprisingly, the global financial markets have balked at the release of China's 106 and when considering the fact that China is the world's largest importer of Soybeans, moving away from the U.S to alternative sources is going to have a drastic impact, not just on the U.S, but also on China. "Investors are hopeful that the final trade agreement will be much more lenient that what has been discussed in the last 12 hours".

China's new retaliatory 25% tariffs - affecting 106 United States products, including soybeans, beef, cars and planes, among other products - affect $50 billion worth of U.S. exports, said China's Ministry of Commerce (MoC). Both countries are targeting $500 billion in goods.

Big industrial and technology stocks were hardest hit by the selling.

China surprised markets overnight by announcing tariffs on yet more imports from the US, including airplanes, soybeans, and cars. Aerospace company Boeing shed $6.84, or 2.1 percent, to $323.98 and farm equipment maker Deere lost $5.72, or 3.7 percent, to $147.32.

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The Trump administration's threats against China, including the two probes, don't lead to tangible action over the rest of 2017 as Trump shows restraint amid a budding relationship with his Chinese counterpart Xi Jinping. Analysts expect a strong profit reporting season from corporate America when they start reporting results next week.

Brent Bible, a soybean and corn farmer in Lafayette, Indiana, has appeared in TV ads by the advocacy group Farmers for Free Trade, calling on the Trump administration to avoid a trade war.

Stock markets are likely to react negatively to a trade war which could easily escalate and drag in other nations.

"As for reducing dependence on imports, there are a few options, but none is a magic bullet that could hurt US farmers without generating costs at home". China's envoy to the World Trade Organization, Zhang Xiangchen, called it "an intentional and gross violation of the WTO's fundamental principles of non-discrimination and bound tariffs". The U.S.is the second-largest supplier of soybeans to China, after Brazil, and soybean farmers a year ago sent $14 billion worth of the crop to China.

After a flat open, European markets fell sharply once the China tariffs were announced.

Wall Street pros all agree that tariffs are bad for business and the economy. Trump's tariffs have a 60-day public comment period before they take effect. "I don't care what the President tweets, no one wins".