Navarro Seeks to Calm Investor Concern on Trump Trade Policy

United States Secretary of the Treasury Steven Mnuchin arrives at a news conference after the G7 Finance Ministers Summit in Whistler

The financial hit from duties on US$250-billion worth of Chinese imports, US$50-billion of aluminum and steel imports and US$40-billion of European automobile imports could cost USA businesses and consumers an estimated US$50-billion - erasing some of the impact of recent USA tax cuts and eroding economic growth forecasts.

China and the European Union firmly oppose trade unilateralism and protectionism and think these actions may bring recession and turbulence to the global economy, says Chinese vice premier Liu He. The forthcoming restrictions would apply "to all countries that are trying to steal our technology", he said.

"The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A". Last week, Chinese President Xi Jinping told a group of American and European multinational chief executives that his country was planning to strike back against the latest trade actions by the USA, according to the Wall Street Journal.

Large technology shares also had a bad day, with Amazon losing 3.1 per cent, Facebook and Google-parent Alphabet falling 2.7 per cent, and Netflix down 6.5 per cent.

China and the European Union will exchange offers related to market access at an upcoming summit in July, Liu said on Monday. - China 2025 - Trump has blamed past U.S. administrations for being soft on China and allowing the country to become dominant in manufacturing, including in products like steel and aluminum, which are subject to USA tariffs, and for failing to protect sensitive technologies.

USA technology stocks were worst hit.

Mexico march on to leave Korea Republic on the brink
Herrera kicked Ki from behind and made contact with his ankles, causing the South Korean to fall and allowing Mexico to break. Mexico so far is one of the teams that has a ideal run in the campaign and has conceded just one goa.

Most economists warn that tariffs, including ones the United States has imposed on foreign steel and aluminium, are disrupting supply chains and risk discouraging investment and hiring.

"I would not, on the investment side, be betting against the Treasury Department", Scissors said, noting that Treasury would control implementation of such rules. The administration could expand the existing authority of the Committee on Foreign Investment in the United States, or CFIUS, which is led by the Treasury and which already has blocked Chinese investments, in ports and semiconductors.

The government official said the Treasury would invoke the International Emergency Economic Powers Act of 1977 (IEEPA) to devise the restrictions.

The Nasdaq ended more than 2% lower, while the Dow Jones Industrial Average and the S&P 500 dropped more than 1.3%.

Spokespersons for the Treasury, Commerce Department and the White House did not immediately respond to Reuters' requests for comment on the proposed restrictions. Its central bank said on Sunday it would cut the amount of cash some banks must hold as reserves by 50 basis points to spur lending to smaller firms.

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