The China Mail - Markets rise despite China-US tariff clash

USD -
AED 3.672497
AFN 64.999709
ALL 81.925001
AMD 362.820272
ANG 1.790365
AOA 917.000186
ARS 1524.861701
AUD 1.444492
AWG 1.8
AZN 1.703007
BAM 1.733158
BBD 2.015756
BDT 123.052656
BGN 1.683441
BHD 0.37702
BIF 2995
BMD 1
BND 1.281424
BOB 12.054428
BRL 5.223901
BSD 1.000833
BTN 96.45446
BWP 14.158233
BYN 3.014683
BYR 19600
BZD 2.012832
CAD 1.42233
CDF 2310.000104
CHF 0.83069
CLF 0.024862
CLP 981.710243
CNY 6.7046
CNH 6.715665
COP 3320.28
CRC 457.240078
CUC 1
CUP 24.018396
CVE 97.712812
CZK 21.755502
DJF 177.71965
DKK 6.64769
DOP 59.64979
DZD 133.648678
EGP 52.318049
ERN 15
ETB 163.475001
EUR 0.88926
FJD 2.253795
FKP 0.753812
GBP 0.757875
GEL 2.595035
GGP 0.753812
GHS 11.715029
GIP 0.753812
GMD 73.491746
GNF 8755.000124
GTQ 7.645479
GYD 209.346324
HKD 7.84635
HNL 26.865513
HRK 6.699102
HTG 130.978015
HUF 327.939496
IDR 17958.8
ILS 3.086098
IMP 0.753812
INR 96.22505
IQD 1310
IRR 1746539.000348
ISK 121.839922
JEP 0.753812
JMD 157.630753
JOD 0.709009
JPY 157.8335
KES 129.641813
KGS 87.446993
KHR 4053.132006
KMF 434.999674
KPW 900.000318
KRW 1363.01501
KWD 0.30884
KYD 0.834057
KZT 443.471634
LAK 22442.975382
LBP 89622.18589
LKR 330.728128
LRD 171.587828
LSL 16.694995
LTL 2.95274
LVL 0.60489
LYD 6.411393
MAD 9.760381
MDL 17.819861
MGA 4419.297095
MKD 54.774475
MMK 2099.783199
MNT 3598.053803
MOP 8.089432
MRU 40.068766
MUR 47.819926
MVR 15.460582
MWK 1735.373872
MXN 18.32054
MYR 4.087902
MZN 63.900301
NAD 16.694969
NGN 1328.219955
NIO 36.828953
NOK 9.635797
NPR 154.325085
NZD 1.78729
OMR 0.384504
PAB 1.000833
PEN 3.453202
PGK 4.464491
PHP 62.80896
PKR 277.237331
PLN 3.89284
PYG 5831.841625
QAR 3.648069
RON 4.752499
RSD 104.515987
RUB 83.373869
RWF 1476.791379
SAR 3.756193
SBD 8.064852
SCR 13.772623
SDG 601.499925
SEK 10.046905
SGD 1.28053
SHP 0.754575
SLE 24.598405
SLL 20969.491881
SOS 571.929887
SRD 37.672496
STD 20697.981008
STN 21.711004
SVC 8.757067
SYP 13002.000254
SZL 16.695005
THB 33.671971
TJS 9.217388
TMT 3.51
TND 2.997019
TOP 2.40776
TRY 49.112398
TTD 6.789784
TWD 31.899898
TZS 2635.002977
UAH 44.939475
UGX 3973.556883
UYU 40.28499
UZS 11829.395814
VES 859.10005
VND 25982
VUV 119.747847
WST 2.7762
XAF 583.316537
XAG 0.016397
XAU 0.000239497152
XCD 2.70255
XCG 1.803617
XDR 0.707052
XOF 583.316537
XPF 105.684789
YER 236.374995
ZAR 16.714265
ZMK 9001.200605
ZMW 19.680804
ZWL 321.999592
SSP 5712.591897
MXV 2.073391
  • RYCEF

    0.4000

    19.71

    +2.03%

  • CMSC

    0.0000

    20.4

    0%

  • BTI

    0.4200

    56.05

    +0.75%

  • BP

    0.2800

    44.43

    +0.63%

  • RBGPF

    1.6000

    67

    +2.39%

  • RIO

    -0.1500

    94.41

    -0.16%

  • AZN

    -0.4300

    166.15

    -0.26%

  • GSK

    0.4600

    49.7

    +0.93%

  • BCE

    -0.4100

    20.56

    -1.99%

  • NGG

    -0.2500

    75.24

    -0.33%

  • VOD

    -0.0400

    16.58

    -0.24%

  • RELX

    -0.4500

    33.07

    -1.36%

  • BCC

    -0.5500

    76.59

    -0.72%

  • CMSD

    -0.0300

    20.27

    -0.15%

  • JRI

    -0.2500

    10.77

    -2.32%

Markets rise despite China-US tariff clash
Markets rise despite China-US tariff clash / Photo: © AFP

Markets rise despite China-US tariff clash

Stock markets regained some ground Tuesday, even as trade tensions between the United States and China were strained by turmoil over President Donald Trump's tariffs offensive.

Text size:

Trump rocked the world economy last week when he held up a chart in the White House garden showing the tariffs being levied on each country.

The move triggered a dramatic global market sell-off and fears of a widespread recession as he repeatedly doubled down on his aggressive trade policy.

Steep tariffs come into effect against goods from a raft of nations on Wednesday, with Chinese products facing a stunning 104 percent levy after Beijing announced retaliatory measures, provoking a furious US reaction.

China blasted what it called US blackmail and vowed to "fight it to the end," a commerce ministry spokesperson said.

The US president insisted that the ball was in China's court because Beijing "wants to make a deal, badly, but they don't know how to get it started."

"We are waiting for their call. It will happen!" he wrote on social media Tuesday.

- China 'confident' -

In the war of words, China also condemned remarks by Vice President JD Vance in which he said the United States had for too long borrowed money from "Chinese peasants."

The European Union sought to cool tensions, with the bloc's chief Ursula von der Leyen warning against worsening the trade conflict in a call with Chinese Premier Li Qiang.

She stressed stability for the world's economy as well as "the need to avoid further escalation," according to a readout from EU officials.

The Chinese premier told von der Leyen that the world's number two economy could weather the economic storm.

"China can fully hedge against adverse external effects, and is fully confident of maintaining sustained and healthy economic development," he said.

The EU -- which Trump has criticized bitterly over its tariff regime -- may unveil its response next week to the 20 percent levies it is facing under Trump.

French President Emmanuel Macron called on the defiant US president to reconsider, adding if the EU was forced to respond "so be it."

"France and Europe never wanted chaos," he said.

In retaliation for levies introduced in mid-March on steel and aluminum, the EU plans tariffs of up to 25 percent on US goods ranging from soybeans to motorcycles and make-up, according to a document seen by AFP.

- Deals to be cut -

Underlining Trump's willingness to negotiate, White House advisor Kevin Hassett told Fox News that the administration would prioritize allies like Japan and Korea among the dozens of nations wanting to cut deals.

Wall Street stocks rose Tuesday, as Trump reported a "great call" with South Korea's leader.

Europe's main indices finished with gains of more than two percent, while Asia's leading indices also rose after suffering heavy falls Monday.

"Investors took advantage of lower valuations and grew more optimistic about US tariff negotiations," said IG analyst Axel Rudolph.

Trump believes the tariffs will revive America's lost manufacturing base by forcing foreign companies to relocate to the United States, rather than making goods abroad.

But many business experts and economists question that, and say his tariffs are arbitrary.

In a sign of friction, key Trump ally Elon Musk described senior White House trade advisor Peter Navarro as "dumber than a sack of bricks."

Musk has signaled his opposition to the tariffs, and he hit out after Navarro described his Tesla company as "a car assembler" that wants cheap foreign parts.

The US president has ruled out any pause in his aggressive stance, despite retaliatory action from China and signs of criticism from within his Republican Party.

"Nearly 50 countries have approached me personally to discuss the president's new policy and explore how to achieve reciprocity," Trump's top trade official told the Senate.

Several countries -- including Argentina, Vietnam and Israel -- had offered to reduce their tariffs, Jamieson Greer said.

burs-bgs/des

O.Yip--ThChM