- Tag results for trade tariffs
Beijing has pledged to hit back with five to 25 per cent tariffs on $60 billion in US imports in retaliation for any measures from the US.
Heightened fears that Washington will slap fresh trade tariffs on China also saw investors seek safety in the dollar and pull out of emerging market currencies.
The National Stock Exchange (NSE) too slipped by 79.90 points to 11,509.20.
The company's US-made hardware products have taken it to become a USD 1 trillion company but those products are built in China which, in turn, creates thousands of jobs.
The President said that the US should get paid for securing the wealthy countries from the outside harm.
Russia announced on July 6 that it had raised duties on some imports from the US from 25 to 40 per cent, in retaliation for a similar move by Washington.
So far, China has either imposed or proposed tariffs on $110 billion of U.S. goods, representing most of its imports of American products.
The Trump team is preparing tariffs on USD 200 billion more Chinese products, and China has vowed to counterpunch by targeting USD 60 billion in American goods.
Trump has pushed aggressive trade actions to lower the US trade deficit, which he equates with theft from Americans.
China has now either imposed or proposed tariffs on USD 110 billion of U.S. goods, representing the vast majority of its annual imports of American products.
The White House on July 6 imposed 25 per cent tariffs on USD 34 billion of Chinese products entering the US, triggering a tit-for-tat response from Beijing.
The Trump administration has accused China of unfair trade practices. Talks between Washington and Beijing are at an impasse in the ongoing trade spat.
C R Chaudhary said India as a retaliatory action to the US has also slapped additional duties of 10 to 20 per cent on as many as 29 items which would come into force on August 4.
The EU-Japan deal creates a massive economic zone and stands in stark contrast to President Donald Trump's "America First" protectionism.