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USA Economy: Dow Slumps on Trump Trade War Escalation

Stocks on Wall Street closed sharply lower and global stocks tumbled on Wednesday, July 11, following the latest escalation in trade war rhetoric from the White House, which published a list of $200 billion worth of China-made goods it said will be hit with fresh tariffs.

The list, which includes products across sectors such as consumer technology, agriculture and automobile parts and equipment, came just days after Donald Trump unveiled $34 billion in tariffs on Chinese goods that were immediately reciprocated by Beijing.

"For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition," U.S. Trade Representative Robert Lighthizer said in a statement. "Rather than address our legitimate concerns, China has begun to retaliate against U.S. products ... There is no justification for such action."

China's Commerce Ministry said Wednesday that the latest tariff threat was "bad for China, the U.S. and the rest of the world" and promised to retaliate with both "quantitative and qualitative" measures.

Read more: Dow Slumps on Trump Trade War Escalation - TheStreet

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