Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted <a href="https://www.wionews.com/world/beijing-ends-key-conclave-with-promise-to-protect-hong-kong-259098">US-China trade war</a>.

<a href="https://www.wionews.com/world/hong-kong-police-fire-tear-gas-in-kowloon-as-protesters-across-harbour-gatecrash-halloween-259091">Five months of protests</a> have battered the Chinese-ruled city's retail and tourism sector, and there is no sign of the demonstrations abating. Police tightened security on Thursday ahead of more potential clashes.

The city's economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday.

From a year earlier, gross domestic product (GDP) contracted 2.9%. The readings were the weakest for the Asian financial hub since the global financial crisis in 2008/2009.

The government also revised down second-quarter GDP data to show growth of 0.4% year-on-year, from a preliminary estimate of 0.6% and a later reading of 0.5%. Quarter-on-quarter was revised down to -0.5%, versus a preliminary forecast of -0.3% and a later reading of -0.4%.

Watch: Five months of Hong Kong protests take a toll on the economy

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"Domestic demand worsened significantly," the government said in a statement.

"As the weakening economic conditions dampened consumer sentiment and large-scale demonstrations cause severe disruptions to the retail, catering and other consumer-related sectors, private consumption expenditure recorded its first year-on-year decline in more than 10 years."

The government said that with no sign of protests abating, private consumption and investment sentiment would continue to be affected.

Some Hong Kong businesses have asked employees to take unpaid leave as tourists steer clear of sometimes violent running battles between protesters and police in key shopping areas and malls.

Capital Economics said in a research note that while GDP would probably continue to contract in the fourth quarter, the pace of contraction should ease barring a further escalation in the demonstrations.

"Any recovery will be constrained by weak business investment, however, as the city’s political crisis has done lasting damage to its reputation as a stable and autonomous financial hub," it said in a note to clients.

The protests and escalating violence have plunged the former British colony into its biggest political crisis in decades and unnerved many in the business and financial communities.

Protesters are angry at what they see as Beijing’s increasing interference in the Chinese-ruled city. China denies meddling and has accused foreign governments, including the United States and Britain, of stirring up trouble.

The city's leader Carrie Lam warned on Tuesday that full-year growth could contract.

Almost all growth engines in the Asian financial hub stalled over the summer as shops shut to avoid clashes between riot police and protesters, while the Sino-US trade war intensified. Hong Kong is one of the world's most popular tourism destinations and a bustling container port.

Retail sales fell the most on record year-on-year in August, while tourist arrivals dropped the most since Severe Acute Respiratory Syndrome (SARS) struck Hong Kong in 2003.

Last week, the government announced relief measures of HK$2 billion (£197 million) to support the economy, particularly in its transport, tourism and retail industries, and more is expected. It has also urged landlords to cut rents for struggling businesses.

But there is no guarantee Beijing will come to Hong Kong's rescue as it has done during previous downturns, at times relaxing mainland visitor restrictions to boost tourism.

"There is no liquidity bail-out for Hong Kong, ever. This is it. It's not coming back," said Andy Xie, a Shanghai-based independent economist formerly at Morgan Stanley.

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted US-China trade war.

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted US-China trade war. Five months of protests have battered the Chinese-ruled city's retail and tourism sector, and there is no sign of the demonstrations abating. Police tightened security on Thursday ahead of more potential clashes. The city's economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday. From a year earlier, gross domestic product (GDP) contracted 2.9%. The readings were the weakest for the Asian financial hub since the global financial crisis in 2008/2009. The government also revised down second-quarter GDP data to show growth of 0.4% year-on-year, from a preliminary estimate of 0.6% and a later reading of 0.5%. Quarter-on-quarter was revised down to -0.5%, versus a preliminary forecast of -0.3% and a later reading of -0.4%. Watch: Five months of Hong Kong protests take a toll on the economy × "Domestic demand worsened significantly," the government said in a statement. "As the weakening economic conditions dampened consumer sentiment and large-scale demonstrations cause severe disruptions to the retail, catering and other consumer-related sectors, private consumption expenditure recorded its first year-on-year decline in more than 10 years." The government said that with no sign of protests abating, private consumption and investment sentiment would continue to be affected. Some Hong Kong businesses have asked employees to take unpaid leave as tourists steer clear of sometimes violent running battles between protesters and police in key shopping areas and malls. Capital Economics said in a research note that while GDP would probably continue to contract in the fourth quarter, the pace of contraction should ease barring a further escalation in the demonstrations. "Any recovery will be constrained by weak business investment, however, as the city’s political crisis has done lasting damage to its reputation as a stable and autonomous financial hub," it said in a note to clients. The protests and escalating violence have plunged the former British colony into its biggest political crisis in decades and unnerved many in the business and financial communities. Protesters are angry at what they see as Beijing’s increasing interference in the Chinese-ruled city. China denies meddling and has accused foreign governments, including the United States and Britain, of stirring up trouble. The city's leader Carrie Lam warned on Tuesday that full-year growth could contract. Almost all growth engines in the Asian financial hub stalled over the summer as shops shut to avoid clashes between riot police and protesters, while the Sino-US trade war intensified. Hong Kong is one of the world's most popular tourism destinations and a bustling container port. Retail sales fell the most on record year-on-year in August, while tourist arrivals dropped the most since Severe Acute Respiratory Syndrome (SARS) struck Hong Kong in 2003. Last week, the government announced relief measures of HK$2 billion (£197 million) to support the economy, particularly in its transport, tourism and retail industries, and more is expected. It has also urged landlords to cut rents for struggling businesses. But there is no guarantee Beijing will come to Hong Kong's rescue as it has done during previous downturns, at times relaxing mainland visitor restrictions to boost tourism. "There is no liquidity bail-out for Hong Kong, ever. This is it. It's not coming back," said Andy Xie, a Shanghai-based independent economist formerly at Morgan Stanley.

Hong Kong falls into first recession in 10 years as protests, trade war weigh

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US&nbsp;trade war and higher development costs related to its automotive business in Europe.

Still, its September-quarter earnings of 83.9 billion yen beat analysts' average estimate of 62.74 billion yen, according to Refinitiv data, as the battery business with Tesla Inc narrowed its losses.

A year earlier, Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, had earned 95.2 billion yen.

The company maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 293.94 billion yen from 19 analysts.

Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers as well as to corporations such as factory-owners and firms that automate processes.

But the shift has failed to lift profits at a time when the US-China trade war has hit industrial purchases and output, and the global car market is contracting.

Tesla is also yet to show sustained profits. The Japanese company's chief executive, Kazuhiro Tsuga, has admitted he underestimated development costs for car components and risks associated with Tesla.

The electric carmaker surprised investors last week with a quarterly profit that sent its shares soaring.

Panasonic said on Thursday its automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter.

While Tsuga has promised to expand into "solutions services" for business customers by leveraging the company's expertise in various industries, he is yet to detail what that growth strategy would look like.

Tsuga is expected to hold a strategy briefing on November 22. He was scheduled to attend an earnings briefing on Thursday, but cancelled earlier this week.

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US trade war and higher development costs related to its automotive business in Europe.

Panasonic Corp on Thursday reported a 12 percent drop in its second-quarter operating profit as the Japanese firm was hurt by the Sino-US trade war and higher development costs related to its automotive business in Europe. Still, its September-quarter earnings of 83.9 billion yen beat analysts' average estimate of 62.74 billion yen, according to Refinitiv data, as the battery business with Tesla Inc narrowed its losses. A year earlier, Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, had earned 95.2 billion yen. The company maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 293.94 billion yen from 19 analysts. Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers as well as to corporations such as factory-owners and firms that automate processes. But the shift has failed to lift profits at a time when the US-China trade war has hit industrial purchases and output, and the global car market is contracting. Tesla is also yet to show sustained profits. The Japanese company's chief executive, Kazuhiro Tsuga, has admitted he underestimated development costs for car components and risks associated with Tesla. The electric carmaker surprised investors last week with a quarterly profit that sent its shares soaring. Panasonic said on Thursday its automotive business, which includes car batteries, recorded an operating loss of 12.7 billion yen compared with a 7.1 billion yen loss in the year-ago quarter. While Tsuga has promised to expand into "solutions services" for business customers by leveraging the company's expertise in various industries, he is yet to detail what that growth strategy would look like. Tsuga is expected to hold a strategy briefing on November 22. He was scheduled to attend an earnings briefing on Thursday, but cancelled earlier this week.

Japan's Panasonic profit drops 12% on trade war, higher costs

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.

Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents.

Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession.

US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal.

On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense.

"The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow," said Stephen Innes, Asia Pacific market strategist at AxiCorp.

In Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries, deadly anti-government unrest is posing the biggest security and political challenge so far to Prime Minister Adel Abdul Mahdi's year-old government.

Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note.

"Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said.

"While Saudi oil production is now close to 9.9 million bpd, it is not clear that the capacity is fully operational at 11.3 million bpd and the (attacked) Abqaiq facility has lost a significant part of its redundancy."

Global supply also faces facility repair and maintenance pressures.

The Buzzard oil field in the British North Sea has been shut for pipe repair work, a spokesman from China's CNOOC said on Friday. Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures.

Meanwhile Libya's National Oil Corporation (NOC) said on Sunday it will close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until October 14.

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war. Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents. Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession. US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal. On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense. "The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow," said Stephen Innes, Asia Pacific market strategist at AxiCorp. In Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries, deadly anti-government unrest is posing the biggest security and political challenge so far to Prime Minister Adel Abdul Mahdi's year-old government. Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note. "Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said. "While Saudi oil production is now close to 9.9 million bpd, it is not clear that the capacity is fully operational at 11.3 million bpd and the (attacked) Abqaiq facility has lost a significant part of its redundancy." Global supply also faces facility repair and maintenance pressures. The Buzzard oil field in the British North Sea has been shut for pipe repair work, a spokesman from China's CNOOC said on Friday. Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures. Meanwhile Libya's National Oil Corporation (NOC) said on Sunday it will close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until October 14.

Oil prices on ebb tide as gloom gathers over global economy

US President Donald Trump on Wednesday welcomed China`s decision to exempt some US anti-cancer drugs and other goods from its tariffs and announced a short delay to scheduled tariff hikes on billions worth of Chinese goods.

Stock markets in Asia rose on the news in early Thursday trade, as the concessions came days ahead of a planned meeting aimed at defusing the escalating<a href="https://www.wionews.com/world/amid-heightened-us-china-tensions-science-suffers-collateral-damage-228220"> trade war between the world`s two largest economies</a>.

Also read--&nbsp;<a href="https://www.wionews.com/world/explainer-us-china-trade-war-the-levers-they-can-pull-224809">US-China trade war: The levers they can pull</a>

China`s decision to exempt some US goods was a "big move" by Beijing and a positive gesture before trade negotiators from both countries meet in Washington, Trump told reporters at the White House.

China on Wednesday announced its first batch of tariff exemptions for 16 types of US products, including some anti-cancer drugs and lubricants, as well as animal feed ingredients whey and fish meal, according to a Ministry of Finance statement on its website.

"They made a couple of moves ... that were pretty good," Trump said at an unrelated event on vaping. "I think it was a gesture, okay? But it was a big move."

On Wednesday, Trump wrote in a post on Twitter that the United States had agreed to delay increasing tariffs on $250 billion worth of Chinese imports from October 1 to October 15 "as a gesture of good will." The tariffs were set to increase to 30 per cent&nbsp;from 25 per cent&nbsp;on the goods.

Trump said he hoped to reach a trade agreement with China following more than a year of tit-for-tat exchanges of tariffs that have roiled global markets.

"I deal with them and I know them and I like them," he said. "I hope we can do something."

Asian stocks rose on Thursday, while China`s yuan currency was also up 0.27 per cent in offshore trade, as investors hoped for a thaw in US-China trade frictions.

Deputy trade negotiators are due to meet in Washington in mid-September, with minister-level talks to follow in October. Exact dates for the meetings have not been released.&nbsp;

The gestures may ease tensions ahead of the negotiations, but some analysts don`t see it as a signal that both sides are readying a deal.

"The exemption could be seen as a gesture of sincerity towards the US ahead of negotiations in October but is probably more a means of supporting the economy," ING`s Greater China economist Iris Pang wrote in a note.&nbsp;

"There are still many uncertainties in the coming trade talks. An exemption list of just 16 items will not change China`s stance," she said.

Indeed, the exempted list pales in comparison to over 5,000 types of US products that are already subject to China`s additional tariffs.&nbsp;

Moreover, major US imports, such as soybeans and pork, are still subject to hefty additional duties, as China has ramped up imports from Brazil and other supplying countries.

Beijing has said it would work on exempting some US products from tariffs if they are not easily substituted from elsewhere. The United States is by far China`s largest supplier of whey, which is an important ingredient in piglet feed and difficult to source in large volumes from elsewhere.

Analysts say that with its duties on soybeans and US-made cars, China is taking aim at a key political support base of Trump, mainly the factories and farms across the Midwest and South at a time of receding momentum in the world`s top economy.

China has imposed several rounds of duties on US goods in retaliation against US&nbsp;Section 301 tariffs, beginning last year in July and August with a 25 per cent&nbsp;levy on about $50 billion of US imports.

In all, the United States and China have slapped tariffs on hundreds of billions of dollars worth of goods in a bitter trade war that has raised the spectre of a global recession, with further tariffs slated to take effect in coming months.

The items on the two tariff exemption lists - posted on the ministry`s website - will not be subject to additional duties imposed by China on US goods "as countermeasures to US Section 301 measures," the ministry said in its statement.

The exemption will take effect on September 17 and be valid for a year through to September 16, 2020, it said. Beijing said in May that it would start a waiver programme, amid growing worries over the cost of the protracted trade war on its already slowing economy.

ING`s Pang noted the United States had also exempted imports of 110 Chinese products from tariffs in July, including high-value items such as medical equipment and parts.

Talks

Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are expected to meet in early October in the US capital, but key officials are tamping down expectations for a major accord.

For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.

Beijing and Washington were close to a deal last spring but US officials said China backed away from an agreed text over a reluctance to change laws to address US complaints.

The South China Morning Post reported, citing an unidentified source, that China was expected to buy more agricultural products in hopes of a better trade deal with the United States.

Senior White House adviser Peter Navarro this week urged investors, businesses and the public to be patient about the trade dispute.

Earlier on Wednesday, a survey by a prominent American business association showed the trade dispute was souring the profit and investment outlook for US companies operating in the world`s second-biggest economy.

US President Donald Trump on Wednesday welcomed China`s decision to exempt some US anti-cancer drugs and other goods from its tariffs and announced a short delay to scheduled tariff hikes on billions worth of Chinese goods.

US President Donald Trump on Wednesday welcomed China`s decision to exempt some US anti-cancer drugs and other goods from its tariffs and announced a short delay to scheduled tariff hikes on billions worth of Chinese goods. Stock markets in Asia rose on the news in early Thursday trade, as the concessions came days ahead of a planned meeting aimed at defusing the escalating trade war between the world`s two largest economies. Also read-- US-China trade war: The levers they can pull China`s decision to exempt some US goods was a "big move" by Beijing and a positive gesture before trade negotiators from both countries meet in Washington, Trump told reporters at the White House. China on Wednesday announced its first batch of tariff exemptions for 16 types of US products, including some anti-cancer drugs and lubricants, as well as animal feed ingredients whey and fish meal, according to a Ministry of Finance statement on its website. "They made a couple of moves ... that were pretty good," Trump said at an unrelated event on vaping. "I think it was a gesture, okay? But it was a big move." On Wednesday, Trump wrote in a post on Twitter that the United States had agreed to delay increasing tariffs on $250 billion worth of Chinese imports from October 1 to October 15 "as a gesture of good will." The tariffs were set to increase to 30 per cent from 25 per cent on the goods. Trump said he hoped to reach a trade agreement with China following more than a year of tit-for-tat exchanges of tariffs that have roiled global markets. "I deal with them and I know them and I like them," he said. "I hope we can do something." Asian stocks rose on Thursday, while China`s yuan currency was also up 0.27 per cent in offshore trade, as investors hoped for a thaw in US-China trade frictions. Deputy trade negotiators are due to meet in Washington in mid-September, with minister-level talks to follow in October. Exact dates for the meetings have not been released. The gestures may ease tensions ahead of the negotiations, but some analysts don`t see it as a signal that both sides are readying a deal. "The exemption could be seen as a gesture of sincerity towards the US ahead of negotiations in October but is probably more a means of supporting the economy," ING`s Greater China economist Iris Pang wrote in a note. "There are still many uncertainties in the coming trade talks. An exemption list of just 16 items will not change China`s stance," she said. Indeed, the exempted list pales in comparison to over 5,000 types of US products that are already subject to China`s additional tariffs. Moreover, major US imports, such as soybeans and pork, are still subject to hefty additional duties, as China has ramped up imports from Brazil and other supplying countries. Beijing has said it would work on exempting some US products from tariffs if they are not easily substituted from elsewhere. The United States is by far China`s largest supplier of whey, which is an important ingredient in piglet feed and difficult to source in large volumes from elsewhere. Analysts say that with its duties on soybeans and US-made cars, China is taking aim at a key political support base of Trump, mainly the factories and farms across the Midwest and South at a time of receding momentum in the world`s top economy. China has imposed several rounds of duties on US goods in retaliation against US Section 301 tariffs, beginning last year in July and August with a 25 per cent levy on about $50 billion of US imports. In all, the United States and China have slapped tariffs on hundreds of billions of dollars worth of goods in a bitter trade war that has raised the spectre of a global recession, with further tariffs slated to take effect in coming months. The items on the two tariff exemption lists - posted on the ministry`s website - will not be subject to additional duties imposed by China on US goods "as countermeasures to US Section 301 measures," the ministry said in its statement. The exemption will take effect on September 17 and be valid for a year through to September 16, 2020, it said. Beijing said in May that it would start a waiver programme, amid growing worries over the cost of the protracted trade war on its already slowing economy. ING`s Pang noted the United States had also exempted imports of 110 Chinese products from tariffs in July, including high-value items such as medical equipment and parts. Talks Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are expected to meet in early October in the US capital, but key officials are tamping down expectations for a major accord. For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access. Beijing and Washington were close to a deal last spring but US officials said China backed away from an agreed text over a reluctance to change laws to address US complaints. The South China Morning Post reported, citing an unidentified source, that China was expected to buy more agricultural products in hopes of a better trade deal with the United States. Senior White House adviser Peter Navarro this week urged investors, businesses and the public to be patient about the trade dispute. Earlier on Wednesday, a survey by a prominent American business association showed the trade dispute was souring the profit and investment outlook for US companies operating in the world`s second-biggest economy.

As ‘goodwill gesture', US will delay 5% boost in tariffs on Chinese imports: Trump

The prices Chinese firms pay factories for their goods fell last month at the fastest pace in three years, official data showed Tuesday, as slackening demand and the bruising US trade war drag on the economy.

The prices Chinese firms pay factories for their goods fell last month at the fastest pace in three years, official data showed Tuesday, as slackening demand and the bruising US trade war drag on the economy. Consumer prices were also broadly subdued and only supported by a surge of almost 50 percent in the price of pork caused by African swine fever that has ravaged the country's pig industry. The producer price index (PPI) -- an important barometer of the industrial sector that measures the cost of goods at the factory gate -- dropped 0.8 percent on-year in August, following a 0.3 percent drop in July. A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits and drag on the world's number two economy, which in turn could lead to a drop in prices globally. While the figure from the National Bureau of Statistics (NBS) marked the second consecutive month of decline, it was slightly better than the 0.9 percent fall forecast in a Bloomberg News survey. Last month was the first time the PPI had fallen into negative territory since August 2016. Petroleum and natural gas mining, and coal and other fuel-processing sectors led the drop, NBS official Shen Yun said in a statement, indicating weakness in manufacturing. However, consumer price index (CPI) -- a gauge of retail inflation -- rose 2.8 percent last month, stabilising from July and beating forecasts. But while meat and egg prices rose as traditional Chinese mid-autumn festival approaches, pork was the key driver, shooting up 46.7 percent on-year owing to a shortage in supply of the staple, Shen said. The country's pig industry has taken a heavy hit from a mass outbreak of African swine fever that has seen huge amounts of the animals culled in recent months, causing China to begin relying on imports. Julian Evans-Pritchard of Capital Economics said that further easing measures are likely as pressure in demand and factory-gate deflation deepens. "Weakening demand dragged producer price inflation further into negative territory last month while surging pork prices kept consumer price inflation elevated," he said in a note. "With demand-side pressures on prices increasingly subdued, we think that further monetary easing is on the horizon." The People's Bank of China on Friday said it would cut the amount of cash lenders must keep in reserve saying it would help release more than $100 billion into the stuttering economy. China also confirmed last week a new round of trade talks will be held in Washington in early October, in an attempt to patch up the trade tensions between the world's two biggest economies.

China's factory prices fall faster as weak demand hits economy

The European Commission's next chief is to unveil her new executive team on Tuesday that, from November 1, will take on a range of tricky challenges, from climate change to an unpredictable US and the Brexit aftermath.

President-elect Ursula von der Leyen will divulge the portfolios of her vice presidents and commissioners, drawn from each member state, minus Britain whose government wants to leave the bloc on October 31.

If her selection is approved by the European Parliament and<a href="https://www.wionews.com/world/new-eu-commission-to-have-almost-as-many-women-as-men-248648"> EU leaders</a>, it will boast near gender parity, with 13 women and 14 men, meeting one of von der Leyen's key modernizing pledges.

The global issues they face will include the fight against climate change, trade wars, defending international institutions and defending Europe's commitment to democracy and the rule of law.

They will face headwinds from America, an ally seen by many as unreliable and isolationist under President Donald Trump, who is pressuring Europe on trade and for cracking down on the tax strategies of Silicon Valley giants.

Iran's shrink-back from the landmark nuclear deal it struck with world powers after America's exit, and more generally tensions across the Middle East as well as an assertive Turkey and a troublesome Russia also present foreign policy wildcards for Brussels.

And problems to confront within the European bloc include slowing growth, members such as Poland and Hungary spurning EU principles of solidarity and rule of law, and the populist current that is sustaining far-right politicians.

Mind the gap&nbsp;

Von der Leyen spent the last couple of weeks interviewing and vetting a list of candidates whose names were confirmed on Monday, though not their commission posts.

The first big drama they will likely star in will be Brexit, which, if British Prime Minister Boris Johnson gets his way, will be effective from the first day of the new Commission.

Even if that is the case which is not entirely certain given fierce British parliamentary opposition to the no-deal Brexit that Johnson says he is willing to impose negotiations to work out Britain's relationship with the EU will drag on for years.

"Our working assumption is that Brexit will happen on the 31st of October," a European Commission spokeswoman said Monday.

With Brexit, the EU would also have to find a way to fill the budget gap left by the departure of the UK, a top-tier economy in the bloc.

Negotiations are under way for the next budget cycle covering 2021-27 and meant to amount to 1.28 trillion euros ($1.4 trillion), but remaining EU members are reticent to increase their contributions to cover the shortfall.

To spur growth in the EU, von der Leyen has vowed to ease the fiscal rectitude that has notably been the hallmark of her home country of Germany.

That issue has taken on added urgency with ominous signs of a possible global recession, or at least a pronounced slowdown not helped by the US-China trade war.

Von der Leyen, previously Germany's defence minister, will be able to call on experienced hands on her team.

They include former Italian prime minister Paolo Gentiloni and outgoing Belgian Foreign Minister Didier Reynders.

There are also holdovers from the previous Commission Margrethe Vestager from Denmark and Phil Hogan from Ireland for instance, taking on new roles along with Commission vice president Frans Timmermans.

Political currents

Von der Leyen will also have to surf competing political currents within Europe.

That is why on Tuesday, attention will be focused on how she divvies up portfolios among the dominant political families, as well as among western and eastern EU states, and how her priorities will be reflected by the heft of each directorate.

On Monday, a source close to the Commission selection process acknowledged to AFP that von der Leyen has "some problems to work out" in configuring her team.

The traditional influence exerted by EU heavyweights France and Germany will also be scrutinized, especially as President Emmanuel Macron has been carving out a more pronounced global leadership role while Chancellor Angela Merkel is to bow off the political stage in 2021.

The European Commission's next chief is to unveil her new executive team on Tuesday that, from November 1, will take on a range of tricky challenges, from climate change to an unpredictable US and the Brexit aftermath.

The European Commission's next chief is to unveil her new executive team on Tuesday that, from November 1, will take on a range of tricky challenges, from climate change to an unpredictable US and the Brexit aftermath. President-elect Ursula von der Leyen will divulge the portfolios of her vice presidents and commissioners, drawn from each member state, minus Britain whose government wants to leave the bloc on October 31. If her selection is approved by the European Parliament and EU leaders, it will boast near gender parity, with 13 women and 14 men, meeting one of von der Leyen's key modernizing pledges. The global issues they face will include the fight against climate change, trade wars, defending international institutions and defending Europe's commitment to democracy and the rule of law. They will face headwinds from America, an ally seen by many as unreliable and isolationist under President Donald Trump, who is pressuring Europe on trade and for cracking down on the tax strategies of Silicon Valley giants. Iran's shrink-back from the landmark nuclear deal it struck with world powers after America's exit, and more generally tensions across the Middle East as well as an assertive Turkey and a troublesome Russia also present foreign policy wildcards for Brussels. And problems to confront within the European bloc include slowing growth, members such as Poland and Hungary spurning EU principles of solidarity and rule of law, and the populist current that is sustaining far-right politicians. Mind the gap Von der Leyen spent the last couple of weeks interviewing and vetting a list of candidates whose names were confirmed on Monday, though not their commission posts. The first big drama they will likely star in will be Brexit, which, if British Prime Minister Boris Johnson gets his way, will be effective from the first day of the new Commission. Even if that is the case which is not entirely certain given fierce British parliamentary opposition to the no-deal Brexit that Johnson says he is willing to impose negotiations to work out Britain's relationship with the EU will drag on for years. "Our working assumption is that Brexit will happen on the 31st of October," a European Commission spokeswoman said Monday. With Brexit, the EU would also have to find a way to fill the budget gap left by the departure of the UK, a top-tier economy in the bloc. Negotiations are under way for the next budget cycle covering 2021-27 and meant to amount to 1.28 trillion euros ($1.4 trillion), but remaining EU members are reticent to increase their contributions to cover the shortfall. To spur growth in the EU, von der Leyen has vowed to ease the fiscal rectitude that has notably been the hallmark of her home country of Germany. That issue has taken on added urgency with ominous signs of a possible global recession, or at least a pronounced slowdown not helped by the US-China trade war. Von der Leyen, previously Germany's defence minister, will be able to call on experienced hands on her team. They include former Italian prime minister Paolo Gentiloni and outgoing Belgian Foreign Minister Didier Reynders. There are also holdovers from the previous Commission Margrethe Vestager from Denmark and Phil Hogan from Ireland for instance, taking on new roles along with Commission vice president Frans Timmermans. Political currents Von der Leyen will also have to surf competing political currents within Europe. That is why on Tuesday, attention will be focused on how she divvies up portfolios among the dominant political families, as well as among western and eastern EU states, and how her priorities will be reflected by the heft of each directorate. On Monday, a source close to the Commission selection process acknowledged to AFP that von der Leyen has "some problems to work out" in configuring her team. The traditional influence exerted by EU heavyweights France and Germany will also be scrutinized, especially as President Emmanuel Macron has been carving out a more pronounced global leadership role while Chancellor Angela Merkel is to bow off the political stage in 2021.

Wildcards, headwinds as new European Commission executive to take over

China's exports fell by 1.0 per cent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets in the world's top two economies.

The drop comes after a surprise 3.3 per cent rebound in July despite the yearlong battle with Washington and weakening global demand.&nbsp;

But economists cited by Bloomberg had forecast a 2.2 percent rise ahead of the release of Sunday's figures by the customs administration.&nbsp;

China's trade surplus also dropped sharply in August to $34.83 billion, from $44.58 billion the previous month, while imports continued a four-month decline at 5.6 percent on-year, matching the July figure.&nbsp;

Washington imposed new tariffs on September 1 as it stepped up its high-pressure campaign to coerce Beijing into a new trade deal.&nbsp;

The additional levies come on top of the 25 per cent tariffs on $250 billion in imports already in place.

China said Thursday that new talks with the US would be held in Washington in early October.&nbsp;

In a sign of continued pressure on the Chinese economy, Beijing's central bank announced Friday it would cut deposit reserve requirements for banks.

The measure would allow an estimated $126 billion in additional loans to businesses facing an economic slowdown.&nbsp;

China's GDP growth was 6.2 per cent on-year in the second quarter, the lowest rate in nearly three decades.

China's exports fell by 1.0 per cent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets in the world's top two economies.

China's exports fell by 1.0 per cent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets in the world's top two economies. The drop comes after a surprise 3.3 per cent rebound in July despite the yearlong battle with Washington and weakening global demand. But economists cited by Bloomberg had forecast a 2.2 percent rise ahead of the release of Sunday's figures by the customs administration. China's trade surplus also dropped sharply in August to $34.83 billion, from $44.58 billion the previous month, while imports continued a four-month decline at 5.6 percent on-year, matching the July figure. Washington imposed new tariffs on September 1 as it stepped up its high-pressure campaign to coerce Beijing into a new trade deal. The additional levies come on top of the 25 per cent tariffs on $250 billion in imports already in place. China said Thursday that new talks with the US would be held in Washington in early October. In a sign of continued pressure on the Chinese economy, Beijing's central bank announced Friday it would cut deposit reserve requirements for banks. The measure would allow an estimated $126 billion in additional loans to businesses facing an economic slowdown. China's GDP growth was 6.2 per cent on-year in the second quarter, the lowest rate in nearly three decades.

China's exports fall in August as US trade war rumbles

Trade tensions between the United States and China are set to knock half a percentage point off of global growth by next year, France's finance minister said in an interview published on Thursday.

Trade tensions between the United States and China are set to knock half a percentage point off of global growth by next year, France's finance minister said in an interview published on Thursday. Bruno Le Maire told French newspaper La Croix that the trade war between the world's biggest two economies was the biggest threat to global growth. "The tariffs that the United States is putting on Chinese goods and the retaliation from China will have a negative impact of 0.5 percentage points on global growth in 2020," Le Maire said. "That's considerable, especially against the light of the weak growth in the euro zone," he added. Le Maire said that governments in the shared currency zone should step up efforts to support growth and said that the French government's efforts to reform its economy were bearing fruit. As a result, he added that there was no reason to change the government's growth forecast for this year of 1.4%.

US-China trade war to knock 0.5% points off global growth: French finance minister

China has lodged a complaint against the United States at the World Trade Organization over US import duties, the Chinese Commerce Ministry said on Monday. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday and China began imposing new duties on US crude oil, the latest escalation in their trade war.

China has lodged a complaint against the United States at the World Trade Organization over US import duties, the Chinese Commerce Ministry said on Monday. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday and China began imposing new duties on US crude oil, the latest escalation in their trade war. China did not release details of its legal case but said the US tariffs affected $300 billion of Chinese exports. The latest tariff actions violated the consensus reached by leaders of China and the United States in a meeting in Osaka, the Commerce Ministry said in the statement. China will defend its legal rights in accordance with WTO rules, it said. The lawsuit is the third Beijing has brought to challenge US President Donald Trump's China-specific tariffs at the WTO, the international organisation that limits the tariffs each country is allowed to charge. US officials say that they are penalising China for theft of intellectual property that is not covered by WTO rules, although many trade experts say that any tariff hike above the allowed maximum must be justified at the WTO. Many experts also decry China's decision to fight fire with fire, by imposing tariffs on U.S. goods imported into China, also without the WTO's approval. On Friday the United States published a written defence in the first of the three legal cases, asserting that China and the United States agreed the issue should not be judged at the WTO. "China has taken the unilateral decision to adopt aggressive industrial policy measures to steal or otherwise unfairly acquire the technology of its trading partners; the United States has adopted tariff measures to try to obtain the elimination of China’s unfair and distortive technology-transfer policies," it said. China had chosen to respond not by addressing U.S. concerns but with its own tariffs, "in an effort to maintain its unfair policies indefinitely". The US submission also said its actions were exempt from WTO rules because they were "measures necessary to protect public morals" - a clause used in the past to argue for trade restrictions over gambling, animal rights and public broadcasting. Under WTO rules, Washington has 60 days to try to settle the latest dispute. Then China could ask the WTO to adjudicate, a process that would take several years. It could end with China gaining WTO approval to take trade sanctions, if the United States is found to have broken the rules.

China lodges tariff case at WTO against the US

Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-US trade relations marred investor sentiment.

The broader NSE Nifty fell 0.46% to 10,994.55 as of 0354 GMT, while the benchmark BSE Sensex inched down 0.44% to 37,293.80.

Meanwhile, stocks in regional markets across Asia struggled to recover with MSCI's broadest index of Asia-Pacific shares outside Japan trading flat.

Domestic investors also remained cautious ahead of GDP data for the April-June quarter due on Friday.

"Sentiment is a fair worry, consumer and business sentiment has to change," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"The outcome of the trade war is also uncertain."

The weather office on Wednesday said monsoon rains in India were below average for the first time in five weeks in the week through Wednesday, further dampening spirits.

Monsoon rains are key to farm output and economic growth as the agricultural sector accounts for about 15% of India's $2.5 trillion economy.

Indian markets are likely to see some volatility ahead of August derivative contracts' expiry.

Shares of Indiabulls Housing Finance Ltd slipped as much as 7.97%, the stock will not be included on the Nifty 50 NSE Nifty from September 27.

The Nifty metals index inched 0.82% lower, with all 14 constituents trading in the red.

Only 10 of the 50 stocks on the NSE blue-chip index were trading in postive territory.

Meanwhile, sugar producers like EID-Parry (India) Ltd gained as much as 2.45% and Rana Sugars Ltd surged 6.98% after India's cabinet approved incentives of 62.68 billion rupees to help cash-strapped mills to export 6 million tonnes of sugar in the 2019/20 marketing year starting from October 1.

Shares of Sun Pharmaceutical Industries Ltd was the top gainer on the NSE index, rising as much as 4.49%. Media reports https://www.business-standard.com/article/markets/sebi-inquiry-clears-sun-pharma-finds-no-merit-in-allegations-of-fraud-119082801436_1.html on Thursday said an enquiry by the Securities and Exchange Board of India (SEBI) had found no merit in allegation of violation of securities laws by the firm.

On Wednesday late evening, India's federal cabinet approved further liberalizing of foreign direct investment (FDI) rules in digital media, coal mining, associated infrastructure and sales of fuels in an attempt to get economic growth back on track.

Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-US trade relations marred investor sentiment.

Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-US trade relations marred investor sentiment. The broader NSE Nifty fell 0.46% to 10,994.55 as of 0354 GMT, while the benchmark BSE Sensex inched down 0.44% to 37,293.80. Meanwhile, stocks in regional markets across Asia struggled to recover with MSCI's broadest index of Asia-Pacific shares outside Japan trading flat. Domestic investors also remained cautious ahead of GDP data for the April-June quarter due on Friday. "Sentiment is a fair worry, consumer and business sentiment has to change," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai. "The outcome of the trade war is also uncertain." The weather office on Wednesday said monsoon rains in India were below average for the first time in five weeks in the week through Wednesday, further dampening spirits. Monsoon rains are key to farm output and economic growth as the agricultural sector accounts for about 15% of India's $2.5 trillion economy. Indian markets are likely to see some volatility ahead of August derivative contracts' expiry. Shares of Indiabulls Housing Finance Ltd slipped as much as 7.97%, the stock will not be included on the Nifty 50 NSE Nifty from September 27. The Nifty metals index inched 0.82% lower, with all 14 constituents trading in the red. Only 10 of the 50 stocks on the NSE blue-chip index were trading in postive territory. Meanwhile, sugar producers like EID-Parry (India) Ltd gained as much as 2.45% and Rana Sugars Ltd surged 6.98% after India's cabinet approved incentives of 62.68 billion rupees to help cash-strapped mills to export 6 million tonnes of sugar in the 2019/20 marketing year starting from October 1. Shares of Sun Pharmaceutical Industries Ltd was the top gainer on the NSE index, rising as much as 4.49%. Media reports https://www.business-standard.com/article/markets/sebi-inquiry-clears-sun-pharma-finds-no-merit-in-allegations-of-fraud-119082801436_1.html on Thursday said an enquiry by the Securities and Exchange Board of India (SEBI) had found no merit in allegation of violation of securities laws by the firm. On Wednesday late evening, India's federal cabinet approved further liberalizing of foreign direct investment (FDI) rules in digital media, coal mining, associated infrastructure and sales of fuels in an attempt to get economic growth back on track.

Sensex and Nifty fall on recession worries; financials, metals drag

India&nbsp;is targeting companies including <a href="https://www.wionews.com/world/apples-data-shows-a-deepening-dependence-on-china-as-trumps-tariffs-loom-246416">Apple</a>, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China, according to a source and a document seen by Reuters.

Several&nbsp;Indian officials met on August&nbsp;14 and discussed a list of "target companies" that also include Taiwan-headquartered contract manufacturer Pegatron Corp, a source with direct knowledge said.

The dispute between the United States and China, the world's two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs.

Amid suggestions that&nbsp;India&nbsp;is late to capitalise on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest&nbsp;India, the country's foreign investment promotion agency. Nine sectors including electronics, autos pharmaceuticals and telecoms will be targeted.

The document said the government will meet companies between August&nbsp;26 and September&nbsp;5 to suggest the best investment zones for their operations. State governments will also participate.

A "complete package" detailing market factors and&nbsp;Indian incentives on offer will then be readied for presenting to potential investors, according to the government record of the August&nbsp;14 meeting seen by Reuters.

Apple, Wistron, Pegatron and Foxconn did not respond to a request for comment.

It is not clear whether the government will dole out new incentives or just detail existing ones, but the document shows&nbsp;India&nbsp;wants to explore opportunities and move swiftly, even as some fear it has missed the bus.

As companies think about rebuilding supply chains outside of China, a major global manufacturing hub, nations such as Vietnam have emerged as top destinations given the faster clearances and stable policies they offer, industry experts say.

Alphabet Inc's Google is shifting its Pixel smartphone production to Vietnam from China starting this year, the Nikkei business daily reported on Wednesday.

"There is one other monster country that has a huge domestic market,&nbsp;India, but they have got to get moving," said Richard Rossow, a US-India&nbsp;specialist at the Center for Strategic and International Studies in Washington.

"There is no time to waste in catching that new wave and in fact the question is: Have they already missed it?"

Benefitting from tariffs war

The Sino-US trade war has also rattled global automotive supply chains and affected big automakers.

Indian officials this week separately met local delegates of automakers including Volkswagen, Hyundai Motor Co and Honda Motor Co to see if they would consider moving some supply chain operations from China to&nbsp;India, according to the source and an industry official who attended the meeting.

"The government is looking at it as a great opportunity," said the industry official.

Honda declined to comment, while Volkswagen and Hyundai did not respond to Reuters' request.

The protracted trade dispute has also jolted Apple, which faces levies of 15% imposed by the US administration on major products made in China such as smartwatches on September&nbsp;1, with a tariff on its iPhone to take effect on December&nbsp;15.

India&nbsp;is the world's second-biggest smartphone market with huge room for growth. But while the likes of Foxconn, which assembles Apple phones in&nbsp;India, have deepened their&nbsp;India&nbsp;presence, executives say nations such as China offer a more skilled workforce and a better-organised components ecosystem.

A senior smartphone industry executive in&nbsp;India&nbsp;said future corporate investment decisions would rely mostly on whether a country can offer policy stability and faster clearances.

"Vietnam at the end of the day is a small country and the potential of growing to super-scale, multi-tier supply chain capability is not possible," said the executive.

The&nbsp;Indian government will also share a list of foreign companies with its consulates which will be tasked to fix meetings with the firms at their headquarters.

"This exercise to start first with Chinese companies based in China and to be completed before 15th of September 2019, including one-on-one meetings," the document said.

India is targeting companies including Apple, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China, according to a source and a document seen by Reuters.

India is targeting companies including Apple, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China, according to a source and a document seen by Reuters. Several Indian officials met on August 14 and discussed a list of "target companies" that also include Taiwan-headquartered contract manufacturer Pegatron Corp, a source with direct knowledge said. The dispute between the United States and China, the world's two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs. Amid suggestions that India is late to capitalise on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest India, the country's foreign investment promotion agency. Nine sectors including electronics, autos pharmaceuticals and telecoms will be targeted. The document said the government will meet companies between August 26 and September 5 to suggest the best investment zones for their operations. State governments will also participate. A "complete package" detailing market factors and Indian incentives on offer will then be readied for presenting to potential investors, according to the government record of the August 14 meeting seen by Reuters. Apple, Wistron, Pegatron and Foxconn did not respond to a request for comment. It is not clear whether the government will dole out new incentives or just detail existing ones, but the document shows India wants to explore opportunities and move swiftly, even as some fear it has missed the bus. As companies think about rebuilding supply chains outside of China, a major global manufacturing hub, nations such as Vietnam have emerged as top destinations given the faster clearances and stable policies they offer, industry experts say. Alphabet Inc's Google is shifting its Pixel smartphone production to Vietnam from China starting this year, the Nikkei business daily reported on Wednesday. "There is one other monster country that has a huge domestic market, India, but they have got to get moving," said Richard Rossow, a US-India specialist at the Center for Strategic and International Studies in Washington. "There is no time to waste in catching that new wave and in fact the question is: Have they already missed it?" Benefitting from tariffs war The Sino-US trade war has also rattled global automotive supply chains and affected big automakers. Indian officials this week separately met local delegates of automakers including Volkswagen, Hyundai Motor Co and Honda Motor Co to see if they would consider moving some supply chain operations from China to India, according to the source and an industry official who attended the meeting. "The government is looking at it as a great opportunity," said the industry official. Honda declined to comment, while Volkswagen and Hyundai did not respond to Reuters' request. The protracted trade dispute has also jolted Apple, which faces levies of 15% imposed by the US administration on major products made in China such as smartwatches on September 1, with a tariff on its iPhone to take effect on December 15. India is the world's second-biggest smartphone market with huge room for growth. But while the likes of Foxconn, which assembles Apple phones in India, have deepened their India presence, executives say nations such as China offer a more skilled workforce and a better-organised components ecosystem. A senior smartphone industry executive in India said future corporate investment decisions would rely mostly on whether a country can offer policy stability and faster clearances. "Vietnam at the end of the day is a small country and the potential of growing to super-scale, multi-tier supply chain capability is not possible," said the executive. The Indian government will also share a list of foreign companies with its consulates which will be tasked to fix meetings with the firms at their headquarters. "This exercise to start first with Chinese companies based in China and to be completed before 15th of September 2019, including one-on-one meetings," the document said.

India to woo foreign firms like Apple to capitalise on US-China trade war

Tapping factories in Brazil and India has not lessened<a href="https://www.wionews.com/business-economy/apple-debuts-credit-card-as-it-readies-tv-launch-244559"> Apple</a> Inc's dependence on China, the company's supply chain data shows, raising the stakes for the iPhone maker as US President Donald Trump wages a trade war and promises more tariffs.

Apple faces levies of 15% imposed by Trump's administration on major products made in China such as smartwatches and wireless headphones on Sept. 1, with a tariff on its biggest seller, the iPhone, to take effect on December&nbsp;15.

Few American firms are as tightly bound to Asia's largest economy as Apple. Contract factories owned by Hon Hai Precision Industry Co Ltd's Foxconn, Pegatron Corp, Wistron Corp and others employ hundreds of thousands of workers to assemble Apple devices.

In recent years, Apple's contract manufacturers have expanded into other countries. India, for example, had no Apple contract manufacturer locations in 2015 but expanded to three assembly facilities by 2019, including a factory owned by Foxconn, which plans to make models from the iPhone X family of devices, Reuters reported last year.

Apple taps the India operations to avoid steep import duties on iPhones in one of the last fast-growing mobile phone markets on the planet, similar to Apple and Foxconn's move to open a production facility in Brazil in 2011.

But the factories outside China are smaller and, in the case of India and Brazil, Apple only uses them to meet domestic demand. Apple's contract factories inside China, meanwhile, have added far more locations than outside, with Foxconn alone expanding from 19 locations in 2015 to 29 in 2019 and Pegatron going from eight to 12, according to Apple's data. The new locations come as Apple has added watches, smart speakers and wireless headphones to its product lineup.

And beyond the contract factories, the rest of Apple's suppliers - the companies that sell it chips, glass, aluminium casings, cables, circuit boards and much more - became more concentrated in China. Among all supplier locations, 44.9% were in China in 2015, a proportion that rose to 47.6% by 2019, the data showed.

Reuters analysed five years' worth of supply chain data published by Apple. The data includes more than 750 locations each year between 2015 and 2019 for the California company's top 200 suppliers based on Apple's spending. Apple does not disclose how much it spends with each, and the companies on the list can change as different suppliers make the top-200 cutoff among Apple's thousands of suppliers.

Reuters sorted the data and calculated the overall portion of Apple's supply chain in China. In a few cases each year, Apple did not provide a specific address and Reuters excluded that location.

Apple declined to comment on Reuters' analysis. In July, Chief Executive Tim Cook told investors on the company's quarterly earnings call that he "wouldn't put a lot of stock into" speculation about how the company would shift production because of US tariffs.

"The vast majority of our products are kind of made everywhere," Cook said on the call. "There is a significant level of content in the United States, and a lot from Japan to Korea to China, and the European Union also contributes a fair amount. ... I think that will carry the day in the future as well."

No place like China

Apple faces hurdles in diversifying beyond China, where the clustering of multiple suppliers allows it to make hundreds of millions of devices per year while holding only a few days' worth of inventory, which is critical to the free cash flow Apple investors prize.

Other phone makers ship far fewer units and have more flexibility. Alphabet Inc’s Google is shifting its Pixel smartphone production to Vietnam from China starting this year as it builds a cheap supply chain in Southeast Asia, the Nikkei business daily reported on Wednesday.

But Apple's scale works against it because few other nations have workforces as large as China. Factories require highly skilled engineers to design and troubleshoot custom tools and processes. Vietnam, where Apple has manufactured accessories for years, has a population less than one-tenth the size of China.

Even if Apple can make devices in India or Vietnam, the volumes would be small compared with Apple's overall needs.

Outside of China, "there few places in the world that have the infrastructure to produce 600,000 phones a day," said Dave Evans, chief executive of San Francisco supply chain firm Fictiv.

Apple has so far been spared tariffs on major products, winning a reprieve last year on many wireless devices. And Cook has cultivated a close relationship with Trump over dinners and private meetings at the White House.

Apple has told trade officials that it generally believes tariffs will result in higher prices for US&nbsp;consumers but has not said whether it plans to pass tariffs onto customers by raising prices.

For electronics products, where the circuit board is made can sometimes determine the product's country of origin, said George R. Tuttle III, a customs attorney who has worked with electronics firms.

That leaves open the possibility that device makers could make circuit boards or other key components outside China while still assembling devices there to avoid tariffs.

Apple has disclosed no such plans. But the India unit of Foxconn, which also performs work for HMD Global's Nokia-branded phones and Xiaomi Corp in addition to Apple, has developed the ability to make circuit boards in India, two industry sources told Reuters last year.

Tapping factories in Brazil and India has not lessened Apple Inc's dependence on China, the company's supply chain data shows, raising the stakes for the iPhone maker as US President Donald Trump wages a trade war and promises more tariffs.

Tapping factories in Brazil and India has not lessened Apple Inc's dependence on China, the company's supply chain data shows, raising the stakes for the iPhone maker as US President Donald Trump wages a trade war and promises more tariffs. Apple faces levies of 15% imposed by Trump's administration on major products made in China such as smartwatches and wireless headphones on Sept. 1, with a tariff on its biggest seller, the iPhone, to take effect on December 15. Few American firms are as tightly bound to Asia's largest economy as Apple. Contract factories owned by Hon Hai Precision Industry Co Ltd's Foxconn, Pegatron Corp, Wistron Corp and others employ hundreds of thousands of workers to assemble Apple devices. In recent years, Apple's contract manufacturers have expanded into other countries. India, for example, had no Apple contract manufacturer locations in 2015 but expanded to three assembly facilities by 2019, including a factory owned by Foxconn, which plans to make models from the iPhone X family of devices, Reuters reported last year. Apple taps the India operations to avoid steep import duties on iPhones in one of the last fast-growing mobile phone markets on the planet, similar to Apple and Foxconn's move to open a production facility in Brazil in 2011. But the factories outside China are smaller and, in the case of India and Brazil, Apple only uses them to meet domestic demand. Apple's contract factories inside China, meanwhile, have added far more locations than outside, with Foxconn alone expanding from 19 locations in 2015 to 29 in 2019 and Pegatron going from eight to 12, according to Apple's data. The new locations come as Apple has added watches, smart speakers and wireless headphones to its product lineup. And beyond the contract factories, the rest of Apple's suppliers - the companies that sell it chips, glass, aluminium casings, cables, circuit boards and much more - became more concentrated in China. Among all supplier locations, 44.9% were in China in 2015, a proportion that rose to 47.6% by 2019, the data showed. Reuters analysed five years' worth of supply chain data published by Apple. The data includes more than 750 locations each year between 2015 and 2019 for the California company's top 200 suppliers based on Apple's spending. Apple does not disclose how much it spends with each, and the companies on the list can change as different suppliers make the top-200 cutoff among Apple's thousands of suppliers. Reuters sorted the data and calculated the overall portion of Apple's supply chain in China. In a few cases each year, Apple did not provide a specific address and Reuters excluded that location. Apple declined to comment on Reuters' analysis. In July, Chief Executive Tim Cook told investors on the company's quarterly earnings call that he "wouldn't put a lot of stock into" speculation about how the company would shift production because of US tariffs. "The vast majority of our products are kind of made everywhere," Cook said on the call. "There is a significant level of content in the United States, and a lot from Japan to Korea to China, and the European Union also contributes a fair amount. ... I think that will carry the day in the future as well." No place like China Apple faces hurdles in diversifying beyond China, where the clustering of multiple suppliers allows it to make hundreds of millions of devices per year while holding only a few days' worth of inventory, which is critical to the free cash flow Apple investors prize. Other phone makers ship far fewer units and have more flexibility. Alphabet Inc’s Google is shifting its Pixel smartphone production to Vietnam from China starting this year as it builds a cheap supply chain in Southeast Asia, the Nikkei business daily reported on Wednesday. But Apple's scale works against it because few other nations have workforces as large as China. Factories require highly skilled engineers to design and troubleshoot custom tools and processes. Vietnam, where Apple has manufactured accessories for years, has a population less than one-tenth the size of China. Even if Apple can make devices in India or Vietnam, the volumes would be small compared with Apple's overall needs. Outside of China, "there few places in the world that have the infrastructure to produce 600,000 phones a day," said Dave Evans, chief executive of San Francisco supply chain firm Fictiv. Apple has so far been spared tariffs on major products, winning a reprieve last year on many wireless devices. And Cook has cultivated a close relationship with Trump over dinners and private meetings at the White House. Apple has told trade officials that it generally believes tariffs will result in higher prices for US consumers but has not said whether it plans to pass tariffs onto customers by raising prices. For electronics products, where the circuit board is made can sometimes determine the product's country of origin, said George R. Tuttle III, a customs attorney who has worked with electronics firms. That leaves open the possibility that device makers could make circuit boards or other key components outside China while still assembling devices there to avoid tariffs. Apple has disclosed no such plans. But the India unit of Foxconn, which also performs work for HMD Global's Nokia-branded phones and Xiaomi Corp in addition to Apple, has developed the ability to make circuit boards in India, two industry sources told Reuters last year.

Apple's data shows a deepening dependence on China as Trump's tariffs loom

A US Navy destroyer sailed near islands claimed by China in the South China Sea on Wednesday, the US military said, a move likely to anger Beijing at a time of tense ties between the world's two largest economies.

A US Navy destroyer sailed near islands claimed by China in the South China Sea on Wednesday, the US military said, a move likely to anger Beijing at a time of tense ties between the world's two largest economies. The busy waterway is one of a growing number of flashpoints in the US-China relationship, which include a trade war, US sanctions and Taiwan. China had denied a request for a US Navy warship to visit the Chinese port city of Qingdao. The US Navy destroyer Wayne E. Meyer carried out the operation, travelling within 12 nautical miles of Fiery Cross and Mischief Reefs, Commander Reann Mommsen, a spokeswoman for the US Navy's Seventh Fleet, told Reuters. Mommsen added that the operation was done to "to challenge excessive maritime claims and preserve access to the waterways as governed by international law." The US military operation comes amid an increasingly bitter trade war between China and the United States which sharply escalated on Friday, with both sides levelling more tariffs on each other's exports. The US military has a long-standing position that its operations are carried out throughout the world, including areas claimed by allies, and they are separate from political considerations. China and the United States have repeatedly traded barbs in the past over what Washington says is Beijing’s militarization of the South China Sea by building military installations on artificial islands and reefs. China’s claims in the South China Sea, through which about $5 trillion in ship-borne trade passes each year, are contested by Brunei, Malaysia, the Philippines, Taiwan and Vietnam.

US warship sails in disputed South China Sea amid trade tensions

Gold prices in India jumped 1% on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said.

Local gold futures hit an all-time high of 39,196 rupees&nbsp;per 10 grams in early trade, taking their gains to nearly 25% in 2019.

The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the US-China trade war whacked investor confidence and darkened the global economic outlook.

Local silver futures were 1% higher at 45,058 rupees per kg, after rising to 45,148 rupees earlier in the day, the highest since October&nbsp;3, 2016.

Gold prices in India jumped 1% on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said.

Gold prices in India jumped 1% on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said. Local gold futures hit an all-time high of 39,196 rupees per 10 grams in early trade, taking their gains to nearly 25% in 2019. The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the US-China trade war whacked investor confidence and darkened the global economic outlook. Local silver futures were 1% higher at 45,058 rupees per kg, after rising to 45,148 rupees earlier in the day, the highest since October 3, 2016.

India gold futures jump to record, silver at three-year high

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy.

Brent crude was down 63 cents, or 1.1%, at $58.71 a barrel by 0232 GMT, having earlier touched $58.24, the lowest since August 15.

US oil was down 68 cents, or 1.3%, to $53.49 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9.

Concerns about an economic slowdown are being fanned by a ratcheting up of trade tensions between the United States and China.

China's commerce ministry said late last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products such as soybeans, and small aircraft.

In retaliation, President Donald Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States.

"The only thing that will lift the storm clouds over oil markets this week will be if both China and the US talk and decide to mutually take a step back," said Jeffrey Halley, market analyst at Oanda. "I can't see that happening."

US Federal Reserve chair Jerome Powell told an annual economic symposium in Jackson Hole, Wyoming that the US economy is in a "favourable place" and the Federal Reserve will "act as appropriate" to keep the current economic expansion on track."

The remarks gave few clues about whether the central bank will cut interest rates at its next meeting.

But exacerbating concern over the possibility of recession, US manufacturing industries registered their first month of contraction in almost a decade.

The Brent/WTI spread was at minus $5.24, after widening 60 cents to settle at minus $5.17 on Friday. The spread blew out after China included US oil for the first time in its tariff moves.

Hedge funds and other money managers raised their bullish wagers on US crude to a three-month high in the latest week, the US Commodity Futures Trading Commission (CFTC) said.

US energy companies cut the most oil rigs in about four months last week, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy.

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy. Brent crude was down 63 cents, or 1.1%, at $58.71 a barrel by 0232 GMT, having earlier touched $58.24, the lowest since August 15. US oil was down 68 cents, or 1.3%, to $53.49 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9. Concerns about an economic slowdown are being fanned by a ratcheting up of trade tensions between the United States and China. China's commerce ministry said late last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products such as soybeans, and small aircraft. In retaliation, President Donald Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States. "The only thing that will lift the storm clouds over oil markets this week will be if both China and the US talk and decide to mutually take a step back," said Jeffrey Halley, market analyst at Oanda. "I can't see that happening." US Federal Reserve chair Jerome Powell told an annual economic symposium in Jackson Hole, Wyoming that the US economy is in a "favourable place" and the Federal Reserve will "act as appropriate" to keep the current economic expansion on track." The remarks gave few clues about whether the central bank will cut interest rates at its next meeting. But exacerbating concern over the possibility of recession, US manufacturing industries registered their first month of contraction in almost a decade. The Brent/WTI spread was at minus $5.24, after widening 60 cents to settle at minus $5.17 on Friday. The spread blew out after China included US oil for the first time in its tariff moves. Hedge funds and other money managers raised their bullish wagers on US crude to a three-month high in the latest week, the US Commodity Futures Trading Commission (CFTC) said. US energy companies cut the most oil rigs in about four months last week, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.

Oil prices fall as trade war raises recession fears

US President Donald Trump said on Monday China had contacted US trade officials overnight to say they wanted to return to the negotiating table, welcoming the news as a very positive development for the world, reported news agency Reuters.

US President Donald Trump said on Monday China had contacted US trade officials overnight to say they wanted to return to the negotiating table, welcoming the news as a very positive development for the world, reported news agency Reuters. Speaking on the sidelines of a summit of major industrialised nations, Trump hailed Chinese President Xi Jinping as a great leader and said he welcomed his desire for a deal and for calm, the report added. An increasingly bitter trade war between the world's two largest economies sharply escalated on Friday, with both sides levelling more tariffs on each other's exports. ''Chinese officials called to say let's get back to the table,'' he said. Trump said that US-China trade talks 'to start very shortly'. (With inputs from agencies)

US President Trump says China wants to negotiate over trade war

<a href="https://www.wionews.com/world/china-raises-tariffs-on-us-goods-amid-esclating-tensions-223347">China will fight back against the latest US&nbsp;step to increase tariffs on Chinese goods,</a> the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies.

"China is confident that it will follow its own path and do its own things well, and will never waiver in its stand on countering any provocations by the US side," the newspaper said in a commentary.

US politicians, seeking to hamper<a href="https://www.wionews.com/world/china-desperate-to-reach-trade-deal-with-us-totally-misleading-foreign-ministry-236382"> China's economic development</a>, still want to use the tactics of exerting maximum pressure on China that has achieved few results, the paper said.

The United States will not win the trade war because of the plight faced by its farmers and businesses, it said.

China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences if it does not end its "wrong actions".

US President Donald Trump announced on Friday that Washington will impose an additional 5 per cent duty on the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of US&nbsp;goods in the latest tit-for-tat moves in their bilateral trade dispute.

The intensifying US-China trade war stoked worries about a global economic recession.

China will fight back against the latest US step to increase tariffs on Chinese goods, the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies.

China will fight back against the latest US step to increase tariffs on Chinese goods, the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies. "China is confident that it will follow its own path and do its own things well, and will never waiver in its stand on countering any provocations by the US side," the newspaper said in a commentary. US politicians, seeking to hamper China's economic development, still want to use the tactics of exerting maximum pressure on China that has achieved few results, the paper said. The United States will not win the trade war because of the plight faced by its farmers and businesses, it said. China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences if it does not end its "wrong actions". US President Donald Trump announced on Friday that Washington will impose an additional 5 per cent duty on the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of US goods in the latest tit-for-tat moves in their bilateral trade dispute. The intensifying US-China trade war stoked worries about a global economic recession.

China to fight back against US tariff move: Report

China on Saturday angrily hit out at the latest <a href="https://www.wionews.com/world/trump-heaps-another-5-tariff-on-chinese-goods-in-latest-tit-for-tat-escalation-245211">US tariff hikes on its goods</a>, saying a "bullying" Washington would eventually "eat its own bitter fruit".

European leaders have also warned US President Donald Trump of the dangers of trade skirmishes with China and Europe, which look set to dominate the G7 summit due to begin in France.

Trump on Friday increased existing and planned tariffs on a total of $550 billion in Chinese goods, in response to new tit-for-tat levy hikes announced earlier that day by Beijing on $75 billion of US imports.

A Chinese commerce ministry spokesman on Saturday denounced Washington's "unilateral and bullying trade protectionism".

Watch: Trump slaps new tariffs on China, Additional 5% Tariff On Chinese Imports

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The tariff increase "seriously undermines the multilateral trading system and the normal international trade order, and the US will surely eat its own bitter fruit.

"The Chinese side strongly urges the US side not to misjudge the situation, not to underestimate the determination of the Chinese people, and immediately stop its mistaken actions, otherwise all consequences will be borne by the US," the spokesman said.

By the end of the year the feud will affect nearly all imports and exports between the two countries, with US companies -- many of whom rely on China for inputs -- particularly worried by the rapidly changing conflict.

EU Council President Donald Tusk on Saturday warned that Trump's escalating trade tensions with China and Europe could force economies around the world into recession.

Meanwhile French President Emmanuel Macron, host of the G7 summit in the French city of Biarritz, also warned of the widespread fallout from the trade disputes.

China on Saturday angrily hit out at the latest US tariff hikes on its goods, saying a "bullying" Washington would eventually "eat its own bitter fruit". European leaders have also warned US President Donald Trump of the dangers of trade skirmishes with China and Europe, which look set to dominate the G7 summit due to begin in France.

China on Saturday angrily hit out at the latest US tariff hikes on its goods, saying a "bullying" Washington would eventually "eat its own bitter fruit". European leaders have also warned US President Donald Trump of the dangers of trade skirmishes with China and Europe, which look set to dominate the G7 summit due to begin in France. Trump on Friday increased existing and planned tariffs on a total of $550 billion in Chinese goods, in response to new tit-for-tat levy hikes announced earlier that day by Beijing on $75 billion of US imports. A Chinese commerce ministry spokesman on Saturday denounced Washington's "unilateral and bullying trade protectionism". Watch: Trump slaps new tariffs on China, Additional 5% Tariff On Chinese Imports × The tariff increase "seriously undermines the multilateral trading system and the normal international trade order, and the US will surely eat its own bitter fruit. "The Chinese side strongly urges the US side not to misjudge the situation, not to underestimate the determination of the Chinese people, and immediately stop its mistaken actions, otherwise all consequences will be borne by the US," the spokesman said. By the end of the year the feud will affect nearly all imports and exports between the two countries, with US companies -- many of whom rely on China for inputs -- particularly worried by the rapidly changing conflict. EU Council President Donald Tusk on Saturday warned that Trump's escalating trade tensions with China and Europe could force economies around the world into recession. Meanwhile French President Emmanuel Macron, host of the G7 summit in the French city of Biarritz, also warned of the widespread fallout from the trade disputes.

'Bullying' US will 'eat its own bitter fruit,' says China slamming US over new tariffs

British Prime Minister Boris Johnson said Saturday that he was "very concerned" about the trade tensions between the <a href="https://www.wionews.com/world/trump-heaps-another-5-tariff-on-chinese-goods-in-latest-tit-for-tat-escalation-245211">US and China</a>, saying their tit-for-tat tariff hikes were harmful for the global economy.

"I'm very worried about the way it's going, the growth of protectionism, of tariffs that we're seeing," Johnson said as he arrived at the G7 summit in the French resort of Biarritz, where he was to make his full international debut as Britain's premier.

"Those who support tariffs are at risk of incurring the blame for the downturn in the global economy," he said. "This is not the way to proceed."&nbsp;

The question of tariffs is of particular concern for Johnson as he prepares to lead Britain out of the EU with the prospect of a no-deal Brexit on October 31 looking increasingly likely -- which experts warn would cost both sides dearly.&nbsp;

His remarks echoed earlier warnings from the European Union, which warned that the escalating trade spat between Washington and Beijing could drive economies around the world into recession.&nbsp;

"Trade wars will lead to recession, while trade deals will boost the economy," EU President Donald Tusk as G7 leaders descended on Biarritz for a three-day summit.

French President Emmanuel Macron, who is hosting the summit, also weighed in, saying trade tensions were "bad for everyone".

"We have to achieve some form of de-escalation, stabilise things, and avoid this trade war that is taking place all over," he said, just hours after Trump threatened to impose heavy punitive tariffs on France over its tax on US tech giants.&nbsp;

Trade disputes appear set to dominate the agenda of this year's G7 summit, with Tusk and Macron warning that an ambitious deal between the EU and Latin America's Mercosur bloc was at risk over Brazil's response to wildfires in the Amazon.

But Tusk also said the EU would respond in kind if the US imposed tariffs on French wine.

British Prime Minister Boris Johnson said Saturday that he was "very concerned" about the trade tensions between the US and China, saying their tit-for-tat tariff hikes were harmful for the global economy.

British Prime Minister Boris Johnson said Saturday that he was "very concerned" about the trade tensions between the US and China, saying their tit-for-tat tariff hikes were harmful for the global economy. "I'm very worried about the way it's going, the growth of protectionism, of tariffs that we're seeing," Johnson said as he arrived at the G7 summit in the French resort of Biarritz, where he was to make his full international debut as Britain's premier. "Those who support tariffs are at risk of incurring the blame for the downturn in the global economy," he said. "This is not the way to proceed." The question of tariffs is of particular concern for Johnson as he prepares to lead Britain out of the EU with the prospect of a no-deal Brexit on October 31 looking increasingly likely -- which experts warn would cost both sides dearly. His remarks echoed earlier warnings from the European Union, which warned that the escalating trade spat between Washington and Beijing could drive economies around the world into recession. "Trade wars will lead to recession, while trade deals will boost the economy," EU President Donald Tusk as G7 leaders descended on Biarritz for a three-day summit. French President Emmanuel Macron, who is hosting the summit, also weighed in, saying trade tensions were "bad for everyone". "We have to achieve some form of de-escalation, stabilise things, and avoid this trade war that is taking place all over," he said, just hours after Trump threatened to impose heavy punitive tariffs on France over its tax on US tech giants. Trade disputes appear set to dominate the agenda of this year's G7 summit, with Tusk and Macron warning that an ambitious deal between the EU and Latin America's Mercosur bloc was at risk over Brazil's response to wildfires in the Amazon. But Tusk also said the EU would respond in kind if the US imposed tariffs on French wine.

UK's Boris Johnson 'very worried' about trade tensions, tariff hikes

US President Donald Trump said on Thursday that US and Chinese negotiators were holding "productive" trade talks and expected them to meet in September despite US tariffs on over $125 billion worth of Chinese imports taking effect September 1.

US President Donald Trump said on Thursday that US and Chinese negotiators were holding "productive" trade talks and expected them to meet in September despite US tariffs on over $125 billion worth of Chinese imports taking effect September 1. "September, the meeting is still on as I understand it, but I think more importantly than September, we're talking by phone, and we're having very productive talks," Trump told reporters in New Jersey. He said US and Chinese officials had "a very good conversation" earlier this week before his administration delayed until December 15 tariffs on over $150 billion in Chinese imports, including toys, cell phones, and laptop and tablet computers. Nonetheless, China on Thursday vowed to counter the latest US tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal. Trump said he did not think Beijing would retaliate for the US tariffs and that he believes China wants to make a trade deal. "I think we're having very good discussions with China. They very much want to make a deal," Trump told reporters. He said he had a call scheduled soon with Chinese President Xi Jinping, but he did not say when. "I think the longer it goes the stronger we get," Trump said of the trade war. "I have a feeling it's going to go fairly short," he said. The Chinese finance ministry said in a statement that Washington's tariffs violated a consensus reached between Trump and Chinese President Xi Jinping at a June summit in Japan to resolve their disputes via negotiation. In a separate statement, China's foreign ministry spokeswoman, Hua Chunying, said, "We hope the U.S. will meet China halfway, and implement the consensus of the two heads of the two countries in Osaka." China hopes to find mutually acceptable solutions through dialogue and consultation on the basis of equality and mutual respect, she added. Trump, who is seeking re-election in 2020 and had made the economy and his tough stance on China a key part of his 2016 campaign for the White House, on Thursday said any agreement must meet US demands. "China, frankly, would love to make a deal, and it's got to be a deal on proper terms. It's got to be a deal, frankly, on our terms. Otherwise, what's the purpose?" Trump said in an interview on New Hampshire radio station WGIR. The trade picture is further complicated by continuing unrest in Hong Kong. Trump on Wednesday tied the situation to any possible agreement, saying Xi must first resolve the issues in the territory with protesters. On Thursday, he used Twitter to call on the Chinese president to personally meet with protesters to spur "a happy and enlightened ending to the Hong Kong problem." Trump and Xi in June had agreed to restart trade talks after negotiations stalled earlier this year. But earlier this month, the Trump administration said it would slap duties beginning September 1 on $300 billion of Chinese goods, which would effectively cover all of China's exports to the United States. He said the partial delay to Dec. 15 for about half the list was aimed at sparing retailers and consumers pain during the Christmas selling season. The tariff plan has roiled global markets and further unnerved investors as the trade dispute between the world's two largest economies stretch into its second year with no end in sight.

Trump says China talks 'productive'; Beijing vows tariff retaliation

Indian shares followed their Asian peers higher on Wednesday after Washington delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a bruising trade conflict.

Indian shares followed their Asian peers higher on Wednesday after Washington delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a bruising trade conflict. The broader NSE Nifty rose 0.36% to 10,964.20 as of 0439 GMT, while the benchmark BSE Sensex gained 0.37% to 37,095.80. US President Donald Trump delayed his September 1 deadline for 10% tariffs on some Chinese imports, delaying duties on a range of consumer goods and sending Wall Street stocks soaring on Tuesday. The trade conflict has disrupted global supply chains and slowed economic growth, dampening sentiment across markets. The Nifty metal index gained 1%, led by a 4% increase in manufacturer Tata Steel Ltd, which rose in tandem with commodity prices and was the top gainer on the NSE Nifty. Data showed on Tuesday that India's retail inflation rate had eased slightly in July, although economists said the numbers also indicated subdued demand conditions. Meanwhile, the rupee strengthened slightly on Wednesday to a high of 70.85 against the dollar, after hitting a near six-month low on Tuesday. The positive market reaction after Trump's move followed several sessions dominated by negative headlines, said Dhananjay Sinha, head of institutional research at Emkay Global Financial Services in Mumbai. "There has been a fair amount of pessimism in the last 15 days or so," Sinha said. "Sentiment in the manufacturing sector has been weak since the trade war began. So any positive news on that front is seen as positive for the market." The NSE index has slipped some 9% since its highest level this year amid worries of slowing economic growth and a proposal to raise taxes for foreign portfolio investors. Earlier this week, fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency also drove investors to safe harbours. Meanwhile, drugmakers Dr Reddy's Laboratories Ltd and Sun Pharmaceutical Industries Ltd fell some 5% each and were the top decliners on the NSE index on Wednesday. Dr Reddy's said US regulators did not approve its female contraceptive, while Sun Pharmaceutical dropped even as it reported a double-digit rise in June-quarter profits.

Nifty, Sensex rises as US President Trump delays China tariffs

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US.

The producer price index (PPI) -- an important barometer of the industrial sector that measures the cost of goods at the factory gate -- dropped 0.3 per cent year-on-year in July, down from zero per cent in June, according to the National Bureau of Statistics (NBS).

A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits and drag on the world's number two economy, which in turn could lead to a drop in prices globally.

The reading marks the first deflation since August 2016, and fell short of the -0.1 per cent forecast in a Bloomberg News survey.

The petroleum and natural gas mining sector led the drop, while a contraction in petroleum, coal and other fuel processing also widened, NBS official Dong Yaxiu said in a statement.

"The profitability for industrial firms will take a hit and the broader outlook will continue to slump," said Edward Moya, analyst at OANDA.

Additional monetary loosening is expected as the central People's Bank of China will put more weight on tackling factory-gate deflation, Julian Evans-Pritchard of Capital Economics wrote in a research note.

China's consumer price index (CPI) -- a gauge of retail inflation -- rose 2.8 per cent, up from 2.7 per cent in May, marking the fastest pace since February 2018.

Pork prices rose as supply was "slightly shortened" by the African swine fever epidemic while hot summer weather has led to decreased production in eggs, thus driving prices higher, according to Dong.

Chinese and US negotiators met in Shanghai in July in a bid to patch up the trade rift hurting the world's top two economies.&nbsp;

But tensions have mounted rapidly since then, as US President Donald Trump vowed to impose fresh tariffs on $300 billion in Chinese goods from September 1.

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US.

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US. The producer price index (PPI) -- an important barometer of the industrial sector that measures the cost of goods at the factory gate -- dropped 0.3 per cent year-on-year in July, down from zero per cent in June, according to the National Bureau of Statistics (NBS). A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits and drag on the world's number two economy, which in turn could lead to a drop in prices globally. The reading marks the first deflation since August 2016, and fell short of the -0.1 per cent forecast in a Bloomberg News survey. The petroleum and natural gas mining sector led the drop, while a contraction in petroleum, coal and other fuel processing also widened, NBS official Dong Yaxiu said in a statement. "The profitability for industrial firms will take a hit and the broader outlook will continue to slump," said Edward Moya, analyst at OANDA. Additional monetary loosening is expected as the central People's Bank of China will put more weight on tackling factory-gate deflation, Julian Evans-Pritchard of Capital Economics wrote in a research note. China's consumer price index (CPI) -- a gauge of retail inflation -- rose 2.8 per cent, up from 2.7 per cent in May, marking the fastest pace since February 2018. Pork prices rose as supply was "slightly shortened" by the African swine fever epidemic while hot summer weather has led to decreased production in eggs, thus driving prices higher, according to Dong. Chinese and US negotiators met in Shanghai in July in a bid to patch up the trade rift hurting the world's top two economies. But tensions have mounted rapidly since then, as US President Donald Trump vowed to impose fresh tariffs on $300 billion in Chinese goods from September 1.

China factory price deflates as demand weakens

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again.

The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent.

In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October.

"Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

"Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings."

US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency.

At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&amp;P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62.

Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&amp;P sectors this week.

Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets.

DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast.

Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq.

The S&amp;P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy. Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again. The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent. In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October. "Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. "Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings." US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency. At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62. Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&P sectors this week. Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets. DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast. Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

Wall Street slips as Huawei report adds to trade concerns

US President Donald Trump on Friday said Washington wasn't ready to finalise a trade deal with Beijing, amid lingering worries over the intensifying US-China trade war, reported news agency AFP.

US President Donald Trump on Friday said Washington wasn't ready to finalise a trade deal with Beijing, amid lingering worries over the intensifying US-China trade war, reported news agency AFP. "We're not ready to make a deal," Trump told reporters at the White House before heading out on vacation at his New Jersey golf resort. Trump comment comes a day after US hit China with new import duties Thursday on more than $4 billion in imported wooden cabinets and vanities, after finding manufacturers there benefit from unfair subsidies. The Commerce Department's preliminary finding comes just a week after Washington announced new punitive duties on another $300 billion in Chinese goods, meaning that starting September 1 all Chinese imports will be subject to punitive tariffs. The latest announcement is one in a series of cases Commerce has pursued against particular product lines, usually at the request of American companies claiming to be hurt by imports from China or other trading partners.

President Trump says US 'not ready' to make trade deal with China

* By Charles Hankla

President Donald Trump recently escalated his trade war with China, threatening to impose a 10 per cent tariff on the remaining $300 billion of untaxed Chinese imports.

If the new tariff goes into effect in September as promised, virtually all Chinese exports to the US would be subject to levies ranging from 10 per cent to 25 per cent. China retaliated by letting the value of its currency fall to the lowest level in more than a decade and halting all crop imports.

Many Americans like me are now wondering: Is there any end in sight?

How to win an economic war

As a scholar of trade policy, I’ve repeatedly made the point that free exchange is a positive-sum game – meaning every participating country can benefit – rather than zero sum — as Trump seems to believe. This is why commercial disputes are certain to harm all participants.

I believe that the United States could have avoided its current predicament by using the World Trade Organization’s existing dispute resolution process to address its justifiable concerns with Chinese behaviour.

Still, from the perspective of a single country, starting a trade war could potentially be justified if the end result ultimately shifts the terms of trade in its favour.

Such a victory can only be achieved when the country has more bargaining leverage than its opponent – in other words, when it can impose more pain on its adversary than it experiences itself.

And the longer the trade war continues, the more concessions that country will have to win in order to compensate for the damage caused.

So, after nearly 18 months of escalating disputes between the US and China, where are we? Is either side winning, and can any concessions justify the economic harm that both sides have already experienced?

China’s Pain

First and foremost, it has become increasingly clear that the trade war is hurting the economies of both countries. Neither will emerge from this conflict unscathed.

Unfortunately, however, the last 18 months have done little to clarify who is winning – that is, who is hurting less and can credibly hold out for longer.

Take China. Before the trade war, it was already facing a number of significant challenges, first among them how to effect a transition from its current reliance on cheap manufacturing to the production of higher value-added goods. China’s political stability is also somewhat precarious, as evidenced by recent events in Hong Kong and Xianjing, as well as Chinese leader Xi Jinping’s authoritarian crackdown.

Moreover, China’s economic growth has slowed to a 27-year low of 6.2 per cent. And perhaps more ominously for the country, there are growing signs that foreign companies from America and elsewhere are looking outside China as they expand their sourcing, production and distribution activities.

Of course, China’s growth rate still makes it among the fastest-expanding economies in the world, so the recent slowdown can hardly be termed a crisis. And the shift away from China, limited as it is, began before the trade war, spurred on by rising prices, intellectual property theft and other issues.

Not Necessarily America’s Gain

The problem for the US is that Americans are also increasingly feeling the pinch.

Perhaps most notably, farmers – many of whom continue to support Trump – are beginning to tire of the sacrifices they are making for his uncompromising positions. With the Chinese government threatening to retaliate if Trump follows through on the new tariffs, their willingness to go along may be even more sorely tested.

To keep agriculture on its side, the Trump administration has channeled billions of dollars in subsidies to those hurt by his trade policies. But this approach also has its political costs, with more fiscally conservative backers of the president balking at the price tag.

From a broader perspective, recent studies have undercut Trump’s claim that Chinese companies are bearing the brunt of the tariff payments, showing that the bulk of costs are passed to US companies and consumers. And the stock market is reacting negatively to the latest Trump threats.

It is true that the overall American economy remains strong, with expanding employment and a fast, though slowing, the growth rate of 2.1 per cent in the most recent period. But China has one more strategic advantage that could make a substantial difference: It can wait out Trump’s presidency.

If the Trump administration’s approach to trade represented a bipartisan consensus, the US could keep up the pressure over the long term. Containment policy during the Cold War, in which the United States committed itself to curbing Soviet influence, represents the classic example of a consensus that was credibly maintained, in one form or another, across several administrations.

But because the tariffs are so associated with Trump’s personality, the Chinese government can afford to wait for a new president. If a Democrat wins in 2020, he or she will likely maintain a harder line on China than we saw before Trump, but will probably repudiate the current president’s penchant for punitive and precipitous tariffs.

In a sense, America’s negotiating credibility has become yet another casualty of its polarised politics.

In Other Words: No End in Sight

In the final analysis, China may have the most to lose from the ongoing dispute. But the US bargaining position is more politically vulnerable.

And the Chinese can credibly claim that buckling under American pressure would be unacceptable to their domestic audience.

Studies of shooting wars indicate that they tend to continue until events on the ground reveal which side is likely to win. The same is surely true for trade wars.

Since neither side is clearly winning or losing, we have probably not seen the end of this conflict.

(Charles Hankla is Associate Professor of Political Science, Georgia State University) 
 
(This article was originally published on The Conversation. <a href="https://theconversation.com/will-trumps-trade-war-with-china-ever-end-121405">Read the original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.) 
&nbsp;

* By Charles Hankla President Donald Trump recently escalated his trade war with China, threatening to impose a 10 per cent tariff on the remaining $300 billion of untaxed Chinese imports.

* By Charles Hankla President Donald Trump recently escalated his trade war with China, threatening to impose a 10 per cent tariff on the remaining $300 billion of untaxed Chinese imports. If the new tariff goes into effect in September as promised, virtually all Chinese exports to the US would be subject to levies ranging from 10 per cent to 25 per cent. China retaliated by letting the value of its currency fall to the lowest level in more than a decade and halting all crop imports. Many Americans like me are now wondering: Is there any end in sight? How to win an economic war As a scholar of trade policy, I’ve repeatedly made the point that free exchange is a positive-sum game – meaning every participating country can benefit – rather than zero sum — as Trump seems to believe. This is why commercial disputes are certain to harm all participants. I believe that the United States could have avoided its current predicament by using the World Trade Organization’s existing dispute resolution process to address its justifiable concerns with Chinese behaviour. Still, from the perspective of a single country, starting a trade war could potentially be justified if the end result ultimately shifts the terms of trade in its favour. Such a victory can only be achieved when the country has more bargaining leverage than its opponent – in other words, when it can impose more pain on its adversary than it experiences itself. And the longer the trade war continues, the more concessions that country will have to win in order to compensate for the damage caused. So, after nearly 18 months of escalating disputes between the US and China, where are we? Is either side winning, and can any concessions justify the economic harm that both sides have already experienced? China’s Pain First and foremost, it has become increasingly clear that the trade war is hurting the economies of both countries. Neither will emerge from this conflict unscathed. Unfortunately, however, the last 18 months have done little to clarify who is winning – that is, who is hurting less and can credibly hold out for longer. Take China. Before the trade war, it was already facing a number of significant challenges, first among them how to effect a transition from its current reliance on cheap manufacturing to the production of higher value-added goods. China’s political stability is also somewhat precarious, as evidenced by recent events in Hong Kong and Xianjing, as well as Chinese leader Xi Jinping’s authoritarian crackdown. Moreover, China’s economic growth has slowed to a 27-year low of 6.2 per cent. And perhaps more ominously for the country, there are growing signs that foreign companies from America and elsewhere are looking outside China as they expand their sourcing, production and distribution activities. Of course, China’s growth rate still makes it among the fastest-expanding economies in the world, so the recent slowdown can hardly be termed a crisis. And the shift away from China, limited as it is, began before the trade war, spurred on by rising prices, intellectual property theft and other issues. Not Necessarily America’s Gain The problem for the US is that Americans are also increasingly feeling the pinch. Perhaps most notably, farmers – many of whom continue to support Trump – are beginning to tire of the sacrifices they are making for his uncompromising positions. With the Chinese government threatening to retaliate if Trump follows through on the new tariffs, their willingness to go along may be even more sorely tested. To keep agriculture on its side, the Trump administration has channeled billions of dollars in subsidies to those hurt by his trade policies. But this approach also has its political costs, with more fiscally conservative backers of the president balking at the price tag. From a broader perspective, recent studies have undercut Trump’s claim that Chinese companies are bearing the brunt of the tariff payments, showing that the bulk of costs are passed to US companies and consumers. And the stock market is reacting negatively to the latest Trump threats. It is true that the overall American economy remains strong, with expanding employment and a fast, though slowing, the growth rate of 2.1 per cent in the most recent period. But China has one more strategic advantage that could make a substantial difference: It can wait out Trump’s presidency. If the Trump administration’s approach to trade represented a bipartisan consensus, the US could keep up the pressure over the long term. Containment policy during the Cold War, in which the United States committed itself to curbing Soviet influence, represents the classic example of a consensus that was credibly maintained, in one form or another, across several administrations. But because the tariffs are so associated with Trump’s personality, the Chinese government can afford to wait for a new president. If a Democrat wins in 2020, he or she will likely maintain a harder line on China than we saw before Trump, but will probably repudiate the current president’s penchant for punitive and precipitous tariffs. In a sense, America’s negotiating credibility has become yet another casualty of its polarised politics. In Other Words: No End in Sight In the final analysis, China may have the most to lose from the ongoing dispute. But the US bargaining position is more politically vulnerable. And the Chinese can credibly claim that buckling under American pressure would be unacceptable to their domestic audience. Studies of shooting wars indicate that they tend to continue until events on the ground reveal which side is likely to win. The same is surely true for trade wars. Since neither side is clearly winning or losing, we have probably not seen the end of this conflict. (Charles Hankla is Associate Professor of Political Science, Georgia State University) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Will Donald Trump’s trade war with China ever end?

Oil prices tumbled nearly 4% to a fresh seven-month low, extending recent heavy losses following an unexpected build in US&nbsp;crude supplies and fears of lower crude demand due to deepening US-China trade tensions.

Brent crude futures were down $2.17, or 3.7%, at $56.77 a barrel by 9:44 a.m. CDT (1444 GMT), setting a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April.

US&nbsp;West Texas Intermediate (WTI) crude futures were down $2.06, or 3.8%, at $51.57.

Brent has plunged more than 12% after U.S. President Donald Trump said last week that he would slap a 10% tariff on a further $300 billion in Chinese imports from Sept. 1, sending global equity markets into a tailspin.

"The market continues to trade lower on concerns about demand growth and the idea that economic growth can be impacted by the trade war," said Gene McGillian, vice president of market research at Tradition Energy in Stamford Connecticut.

"The market isn't concerned about anything other than how demand is going to play out through the rest of the year," he said.

The oil markets extended losses after government data showed that U.S. crude stockpiles rose unexpectedly last week, increasing 2.4 million barrels, compared with analysts' expectations for a decrease of 2.8 million barrels.

The US&nbsp;Energy Information Administration (EIA) earlier this week reduced its forecast U.S. demand for crude and liquid fuels, expecting it to rise 210,000 barrels per day (bpd) this year - 40,000 bpd lower than its forecast last month.

The agency also cut its forecast for global crude and liquids consumption by 0.1% for both 2019 and 2020. Meanwhile, U.S. crude production was set to rise 1.28 million bpd to 12.27 million bpd this year.

"People saw those numbers and it put a negative vibe in the market," said Robert Yawger, director of energy futures at Mizuho in New York.

Trump on Tuesday dismissed fears that the trade row with China could be drawn out further. His comments failed to prevent shares in Asia from falling for an eighth straight session while London's FTSE 100 gained 0.4%.

But demand for safe-haven assets such as government debt underscored lingering anxiety over recession risks.

Tensions in the Middle East remain high after Iran seized a number of tankers in recent weeks in the Strait of Hormuz, a major chokepoint for oil shipments.

Saudi Energy Minister Khalid al-Falih and U.S. Energy Secretary Rick Perry on Tuesday expressed mutual concern over threats targeting freedom of maritime traffic in the Gulf.

Oil prices tumbled nearly 4% to a fresh seven-month low, extending recent heavy losses following an unexpected build in US crude supplies and fears of lower crude demand due to deepening US-China trade tensions.

Oil prices tumbled nearly 4% to a fresh seven-month low, extending recent heavy losses following an unexpected build in US crude supplies and fears of lower crude demand due to deepening US-China trade tensions. Brent crude futures were down $2.17, or 3.7%, at $56.77 a barrel by 9:44 a.m. CDT (1444 GMT), setting a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April. US West Texas Intermediate (WTI) crude futures were down $2.06, or 3.8%, at $51.57. Brent has plunged more than 12% after U.S. President Donald Trump said last week that he would slap a 10% tariff on a further $300 billion in Chinese imports from Sept. 1, sending global equity markets into a tailspin. "The market continues to trade lower on concerns about demand growth and the idea that economic growth can be impacted by the trade war," said Gene McGillian, vice president of market research at Tradition Energy in Stamford Connecticut. "The market isn't concerned about anything other than how demand is going to play out through the rest of the year," he said. The oil markets extended losses after government data showed that U.S. crude stockpiles rose unexpectedly last week, increasing 2.4 million barrels, compared with analysts' expectations for a decrease of 2.8 million barrels. The US Energy Information Administration (EIA) earlier this week reduced its forecast U.S. demand for crude and liquid fuels, expecting it to rise 210,000 barrels per day (bpd) this year - 40,000 bpd lower than its forecast last month. The agency also cut its forecast for global crude and liquids consumption by 0.1% for both 2019 and 2020. Meanwhile, U.S. crude production was set to rise 1.28 million bpd to 12.27 million bpd this year. "People saw those numbers and it put a negative vibe in the market," said Robert Yawger, director of energy futures at Mizuho in New York. Trump on Tuesday dismissed fears that the trade row with China could be drawn out further. His comments failed to prevent shares in Asia from falling for an eighth straight session while London's FTSE 100 gained 0.4%. But demand for safe-haven assets such as government debt underscored lingering anxiety over recession risks. Tensions in the Middle East remain high after Iran seized a number of tankers in recent weeks in the Strait of Hormuz, a major chokepoint for oil shipments. Saudi Energy Minister Khalid al-Falih and U.S. Energy Secretary Rick Perry on Tuesday expressed mutual concern over threats targeting freedom of maritime traffic in the Gulf.

Oil slumps to seven-month low on trade tensions, surprise US stock build

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US&nbsp;and China.

Brent prices have plunged 7.6% since their close on July 31, the day before US&nbsp;President Donald Trump vowed to impose new tariffs on Chinese imports, causing China to retaliate against agricultural imports from the United States, which responded to a decline in the Chinese yuan on Monday by branding the country a currency manipulator later in the day.

Brent fell more than 3% on Monday as traders are concerned the ongoing trade dispute between the world's two biggest oil buyers will dent demand.

Brent crude futures climbed 47 cents, or 0.8%, to $60.28 a barrel by 0351 GMT after earlier dipping to $59.07, their lowest since January&nbsp;14.

West Texas Intermediate (WTI) crude futures rose 47 cents, or 0.9%, to $55.16 per barrel.

"The market is back short-covering and there's also some amount of profit-booking today," said Sukrit Vijayakar, director of Indian energy consultancy Trifecta, referring to when traders with short positions, or bets on falling prices, buy back futures to lock in profits.

The United States accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The falling yuan would support Chinese exports by making them cheaper but would raise the cost of oil imports that are priced in dollars. China is the world's biggest oil importer.

"Oil prices can't shake off falling demand concerns, as China's latest escalation with devaluing the yuan and limiting US&nbsp;agricultural purchases derail hopes for a trade deal to be reached this year," said Edward Moya, senior market analyst at OANDA in New York.

Concerns that the trade conflict has entered a phase of retaliatory action was weighing down on the sentiments in the oil market, which at the moment is taking lesser notice of the Middle East tensions, analysts said.

"Despite the ongoing threat of supply disruption in the Middle East, it is clear that the US-China trade dispute is of more significant concern at the moment," Stephen Innes, managing partner at VM Markets said in a note.

Iran on Monday said it will no longer tolerate "maritime offences" in the Strait of Hormuz, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel.

Iran's seizure of the Iraqi oil tanker had raised some concerns about potential Middle East supply disruptions.

Oil prices may find some support later this week with a preliminary Reuters poll showing US&nbsp;crude oil inventories were expected to fall for an eighth consecutive week.

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US and China.

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US and China. Brent prices have plunged 7.6% since their close on July 31, the day before US President Donald Trump vowed to impose new tariffs on Chinese imports, causing China to retaliate against agricultural imports from the United States, which responded to a decline in the Chinese yuan on Monday by branding the country a currency manipulator later in the day. Brent fell more than 3% on Monday as traders are concerned the ongoing trade dispute between the world's two biggest oil buyers will dent demand. Brent crude futures climbed 47 cents, or 0.8%, to $60.28 a barrel by 0351 GMT after earlier dipping to $59.07, their lowest since January 14. West Texas Intermediate (WTI) crude futures rose 47 cents, or 0.9%, to $55.16 per barrel. "The market is back short-covering and there's also some amount of profit-booking today," said Sukrit Vijayakar, director of Indian energy consultancy Trifecta, referring to when traders with short positions, or bets on falling prices, buy back futures to lock in profits. The United States accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The falling yuan would support Chinese exports by making them cheaper but would raise the cost of oil imports that are priced in dollars. China is the world's biggest oil importer. "Oil prices can't shake off falling demand concerns, as China's latest escalation with devaluing the yuan and limiting US agricultural purchases derail hopes for a trade deal to be reached this year," said Edward Moya, senior market analyst at OANDA in New York. Concerns that the trade conflict has entered a phase of retaliatory action was weighing down on the sentiments in the oil market, which at the moment is taking lesser notice of the Middle East tensions, analysts said. "Despite the ongoing threat of supply disruption in the Middle East, it is clear that the US-China trade dispute is of more significant concern at the moment," Stephen Innes, managing partner at VM Markets said in a note. Iran on Monday said it will no longer tolerate "maritime offences" in the Strait of Hormuz, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel. Iran's seizure of the Iraqi oil tanker had raised some concerns about potential Middle East supply disruptions. Oil prices may find some support later this week with a preliminary Reuters poll showing US crude oil inventories were expected to fall for an eighth consecutive week.

Oil prices rise, escalating US-China trade war caps gains

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war.

Safe-haven assets, including bonds and some currencies such as the yen and Swiss franc, benefited as investors scurried to avoid risk.

US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing.

"Given the fragile state of markets, this is likely to be viewed as an escalation of the trade war and exacerbate the market sell-off," wrote Steve Englander, head of global G10 FX research at Standard Chartered Bank.

"In market terms, the designation, however meretricious, will likely be seen as a further ramping up of the trade dispute and possibly leading to some reaction by China."

The Trump administration's dramatic move against China hastened the risk aversion seen in global markets this week. On Monday, China let the yuan slide in response to the latest US tariffs, which are expected to further aggravate trade tensions between the world's two largest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January.

The Shanghai Composite Index retreated 2%.

Japan's Nikkei shed 2.1%, Australian stocks fell 2.3% and South Korea's KOSPI slid 1.6%.

"Following the latest development in the US-China trade war, all the economic views and moves in the currency and equity markets are driven by a 'risk off' mentality, which in turn is boosting bonds," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities.

"The fact that US yields are falling sharply even though Federal Reserve Chairman Jerome Powell did not signal further easing explains it all."

S&amp;P 500 futures were down 0.5% in Asian trade. Wall Street's major indexes posted their biggest percentage drop of the year on Monday on concerns about the US-China trade war.

MSCI's All Country World Index, which tracks shares in 47 countries, extended last week's slide and slumped 2.5% to a two-month low on Monday.

The Chinese yuan onshore fell to an 11-year low on Tuesday, brushing 7.0699 per dollar. In a symbolic move, Beijing let the yuan breach 7-per-dollar on Monday for the first time since late 2008.

China's offshore yuan stretched the previous day's slide, weakening to 7.1288, the lowest level since international trading in the Chinese currency began in 2010. It last traded at 7.0945.

The Japanese yen, a perceived safe-haven in times of market turmoil and political tensions, touched a seven-month high of 105.520 per dollar before slipping back to 106.290.

The Swiss franc, another currency sought in times of turmoil, has gained roughly 1% against the dollar this week. It touched a six-week peak of 0.9700 franc per dollar.

Investor demand for other safe-havens such government bonds also remained high as risk aversion gathered momentum.

The 10-year US Treasury yield extended sharp falls overnight and declined to 1.672%, its lowest since October 2016.

Japan's 10-year yield fell to a three-year trough of minus 0.215%.

Brent crude oil futures plumbed a seven-month low of $59.07 per barrel as the trade war raised concerns about lower demand for commodities. Brent last traded at $59.89.

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war.

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war. Safe-haven assets, including bonds and some currencies such as the yen and Swiss franc, benefited as investors scurried to avoid risk. US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing. "Given the fragile state of markets, this is likely to be viewed as an escalation of the trade war and exacerbate the market sell-off," wrote Steve Englander, head of global G10 FX research at Standard Chartered Bank. "In market terms, the designation, however meretricious, will likely be seen as a further ramping up of the trade dispute and possibly leading to some reaction by China." The Trump administration's dramatic move against China hastened the risk aversion seen in global markets this week. On Monday, China let the yuan slide in response to the latest US tariffs, which are expected to further aggravate trade tensions between the world's two largest economies. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January. The Shanghai Composite Index retreated 2%. Japan's Nikkei shed 2.1%, Australian stocks fell 2.3% and South Korea's KOSPI slid 1.6%. "Following the latest development in the US-China trade war, all the economic views and moves in the currency and equity markets are driven by a 'risk off' mentality, which in turn is boosting bonds," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities. "The fact that US yields are falling sharply even though Federal Reserve Chairman Jerome Powell did not signal further easing explains it all." S&P 500 futures were down 0.5% in Asian trade. Wall Street's major indexes posted their biggest percentage drop of the year on Monday on concerns about the US-China trade war. MSCI's All Country World Index, which tracks shares in 47 countries, extended last week's slide and slumped 2.5% to a two-month low on Monday. The Chinese yuan onshore fell to an 11-year low on Tuesday, brushing 7.0699 per dollar. In a symbolic move, Beijing let the yuan breach 7-per-dollar on Monday for the first time since late 2008. China's offshore yuan stretched the previous day's slide, weakening to 7.1288, the lowest level since international trading in the Chinese currency began in 2010. It last traded at 7.0945. The Japanese yen, a perceived safe-haven in times of market turmoil and political tensions, touched a seven-month high of 105.520 per dollar before slipping back to 106.290. The Swiss franc, another currency sought in times of turmoil, has gained roughly 1% against the dollar this week. It touched a six-week peak of 0.9700 franc per dollar. Investor demand for other safe-havens such government bonds also remained high as risk aversion gathered momentum. The 10-year US Treasury yield extended sharp falls overnight and declined to 1.672%, its lowest since October 2016. Japan's 10-year yield fell to a three-year trough of minus 0.215%. Brent crude oil futures plumbed a seven-month low of $59.07 per barrel as the trade war raised concerns about lower demand for commodities. Brent last traded at $59.89.

Stock losses steepen as US puts yuan in crosshairs

Amid escalating trade war between the United States and China, US Defence Secretary Mark Esper said on Sunday warned China against destabilising behaviour in the Indo-Pacific.&nbsp;

"We firmly believe no one nation can or should dominate the Indo-Pacific and we are working alongside our allies and partners to address the region's pressing security needs, Reuters reported Esper as saying to reporters in Sydney.

Esper's comments come even as China is increasing its assertiveness in the energy-rich South China Sea even as the US &nbsp;challenges Chinese maritime hegemony and seeking stronger ties with nations pushing back against Beijing.

"We also stand firmly against a disturbing pattern of aggressive behaviour, destabilising behaviour from China. This includes weaponising the global commons, using predatory economics and debt for sovereignty deals, and promoting state-sponsored theft of other nations' intellectual property," said Esper.

US Secretary of State Mike Pompeo on Friday decried "decades of bad behaviour" from China that have hampered free trade, laying out a case at a Southeast Asian forum for Washington's escalating trade war with Beijing.

Esper and Pompeo met with their Australian counterparts in Sydney on Sunday.

(With inputs from Reuters)&nbsp;

Amid escalating trade war between the United States and China, US Defence Secretary Mark Esper said on Sunday warned China against destabilising behaviour in the Indo-Pacific.

Amid escalating trade war between the United States and China, US Defence Secretary Mark Esper said on Sunday warned China against destabilising behaviour in the Indo-Pacific. "We firmly believe no one nation can or should dominate the Indo-Pacific and we are working alongside our allies and partners to address the region's pressing security needs, Reuters reported Esper as saying to reporters in Sydney. Esper's comments come even as China is increasing its assertiveness in the energy-rich South China Sea even as the US challenges Chinese maritime hegemony and seeking stronger ties with nations pushing back against Beijing. "We also stand firmly against a disturbing pattern of aggressive behaviour, destabilising behaviour from China. This includes weaponising the global commons, using predatory economics and debt for sovereignty deals, and promoting state-sponsored theft of other nations' intellectual property," said Esper. US Secretary of State Mike Pompeo on Friday decried "decades of bad behaviour" from China that have hampered free trade, laying out a case at a Southeast Asian forum for Washington's escalating trade war with Beijing. Esper and Pompeo met with their Australian counterparts in Sydney on Sunday. (With inputs from Reuters)

United States decries 'destabilising' behaviour by China in Indo-Pacific: Pentagon chief

Indian shares plunged more than 1 per cent on Friday dragged by auto and metal counters, after broader Asia took a beating following US President Donald Trump's threat to impose further tariffs on Chinese imports from next month.

Trump vowed to slap a 10% tariff on $300 billion of Chinese imports from September 1, sharply raising the stakes in a bruising trade war with China and jolting global financial markets.

The news raised investor fears of a revival of trade hostilities between Washington and Beijing, and sent MSCI's broadest index of Asia-Pacific shares outside Japan to its lowest level since mid-June.

In India, the broader NSE Nifty fell 1.17% at 10,853.90 as of 10am, while the benchmark BSE Sensex was 1.08% down at 36,629.77.

The volatility index rose as much as 10.1% to its highest level since June 3.

"Markets continue to be on the weaker side due to negative global cues and absence of any positive domestic news," said Gaurav Arora, head-Asia Pacific &amp; Middle East, Greenwich Associates.

Metals and autos were among the biggest drags on the markets. The Nifty metals index fell 1.3% after copper prices slumped to fresh lows following Trump's comments.

Vedanta Ltd shares traded lower by 2.5% tracking the fall in copper prices, while Hindalco was down 2.1%.

Meanwhile, auto investors remained bearish on the sector following a continued fall in monthly sales by major automakers. The Nifty auto index fell nearly 1%.

Sector heavyweights were trading in the red. Eicher Motors fell as much as 2.6% and Hero Motocorp was down 2.9%, while Bajaj Auto was down 1.6%.

Bharti Airtel shares rose 3.5%, after the company's average revenue per user (ARPU) rose during the first quarter. However, India's second-largest mobile operator by subscribers reported a staggering 28.66 billion rupee ($415.33 million) loss, its first quarterly loss in over a decade, on an exceptional charge.

Indian shares plunged more than 1 per cent on Friday dragged by auto and metal counters, after broader Asia took a beating following US President Donald Trump's threat to impose further tariffs on Chinese imports from next month.

Indian shares plunged more than 1 per cent on Friday dragged by auto and metal counters, after broader Asia took a beating following US President Donald Trump's threat to impose further tariffs on Chinese imports from next month. Trump vowed to slap a 10% tariff on $300 billion of Chinese imports from September 1, sharply raising the stakes in a bruising trade war with China and jolting global financial markets. The news raised investor fears of a revival of trade hostilities between Washington and Beijing, and sent MSCI's broadest index of Asia-Pacific shares outside Japan to its lowest level since mid-June. In India, the broader NSE Nifty fell 1.17% at 10,853.90 as of 10am, while the benchmark BSE Sensex was 1.08% down at 36,629.77. The volatility index rose as much as 10.1% to its highest level since June 3. "Markets continue to be on the weaker side due to negative global cues and absence of any positive domestic news," said Gaurav Arora, head-Asia Pacific & Middle East, Greenwich Associates. Metals and autos were among the biggest drags on the markets. The Nifty metals index fell 1.3% after copper prices slumped to fresh lows following Trump's comments. Vedanta Ltd shares traded lower by 2.5% tracking the fall in copper prices, while Hindalco was down 2.1%. Meanwhile, auto investors remained bearish on the sector following a continued fall in monthly sales by major automakers. The Nifty auto index fell nearly 1%. Sector heavyweights were trading in the red. Eicher Motors fell as much as 2.6% and Hero Motocorp was down 2.9%, while Bajaj Auto was down 1.6%. Bharti Airtel shares rose 3.5%, after the company's average revenue per user (ARPU) rose during the first quarter. However, India's second-largest mobile operator by subscribers reported a staggering 28.66 billion rupee ($415.33 million) loss, its first quarterly loss in over a decade, on an exceptional charge.

Nifty, Sensex slump as Trump hits China with fresh tariffs

China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after <a href="https://www.wionews.com/world/us-to-hit-300-billion-worth-of-chinese-goods-with-10-tariff-donald-trump-240021">President Donald Trump</a> threatened to hit $300 billion worth of Chinese goods with new duties.

"Slapping on tariffs is definitely not a constructive way to resolve economic and trade frictions, it's not the correct way," Wang Yi said on the sidelines of a meeting of Southeast Asia's top diplomats in Bangkok, according to footage broadcast on a Chinese television station.

US President Donald Trump had announced on Thursday he will hit China with punitive tariffs on another $300 billion in goods, prompting Beijing to warn it was the wrong way to resolve the trade war.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/trump-to-impose-fresh-tariffs-on-china-240053/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

The sudden deterioration meant the world's two largest economies have now erected trade barriers covering virtually all of their $660 billion in annual trade in merchandise - confirming economists' fears and sending shudders through Wall Street.

The 10 per cent duties will take effect September 1, and come on top of the 25 per cent tariffs on $250 billion in imports already in place.

He later raised the possibility he could increase the duties further.

"The 10 per cent is... for a short-term period and then I can always do much more or I can do less, depending on what happens with respect to a deal," Trump said at the White House, adding, "it could be lifted up to well beyond 25 per cent."

China has yet to say whether and how it will retaliate, but it has hinted in recent months that it could restrict exports of rare earths, which are vital to the US tech industry, and it is also working on a blacklist of "unreliable" companies that could target US firms.

China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after President Donald Trump threatened to hit $300 billion worth of Chinese goods with new duties.

China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after President Donald Trump threatened to hit $300 billion worth of Chinese goods with new duties. "Slapping on tariffs is definitely not a constructive way to resolve economic and trade frictions, it's not the correct way," Wang Yi said on the sidelines of a meeting of Southeast Asia's top diplomats in Bangkok, according to footage broadcast on a Chinese television station. US President Donald Trump had announced on Thursday he will hit China with punitive tariffs on another $300 billion in goods, prompting Beijing to warn it was the wrong way to resolve the trade war. Watch Video: The sudden deterioration meant the world's two largest economies have now erected trade barriers covering virtually all of their $660 billion in annual trade in merchandise - confirming economists' fears and sending shudders through Wall Street. The 10 per cent duties will take effect September 1, and come on top of the 25 per cent tariffs on $250 billion in imports already in place. He later raised the possibility he could increase the duties further. "The 10 per cent is... for a short-term period and then I can always do much more or I can do less, depending on what happens with respect to a deal," Trump said at the White House, adding, "it could be lifted up to well beyond 25 per cent." China has yet to say whether and how it will retaliate, but it has hinted in recent months that it could restrict exports of rare earths, which are vital to the US tech industry, and it is also working on a blacklist of "unreliable" companies that could target US firms.

Slapping tariffs not a constructive way to solve trade war: China to US

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