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Denise Bode, a tax and trade expert at a Washington law firm, said a full-blown trade war is possible but it is more likely Mr. Trump will make a deal.

The Dow Jones industrial average, which was down 510 points at its low, finished the day up 230.94 points, or almost 1%, at 24,264. Thirty-seven percent of USA imports from China are intermediate products used by American firms to make themselves more competitive.

The duelling tariffs still do not impact the majority of trade between the two countries, which is valued at almost $650 billion a year.

The talk around the financial markets these days is about a trade war. I can imagine a significant backlash if these tariffs come into effect and goods and products that we buy in USA become much more expensive. "But a further rise in protectionism is a downside risk for growth and upside risk for inflation", a team of Citi analysts led by Robert Buckland wrote.

Wednesday saw the Chinese government issue a $50-billion (U.S.) list of more than 110 U.S. goods that could be subject to tariffs, responding to U.S. President Donald Trump's tariff list out late Tuesday of $50 billion worth of Chinese goods that will be subject to a 25 per cent tariff.

Chinese Foreign Ministry spokesman Lu Kang also made a response Wednesday, saying the USA tariff proposals are "a typical unilateralist and protectionist action".

Investors were aggressively selling stocks such as airplane maker Boeing and heavy-equipment maker Caterpillar. That may be created to send a political message: The central United States, the country's breadbasket, is a Republican-dominated area, meaning the Trump administration's core supporters will feel the direct impact of the impending trade war.

The broad-based S&P 500 gained 1.2% to 2 644.69, while the tech-rich Nasdaq Composite Index jumped 1.5% to 7 042.11.

Masters 2018: 68-year-old Tom Watson wins Par 3 Contest
If that was the case, Finau showed little sign of injury, as he finished his round - two more holes - without a noticeable limp. A hole in one is certainly cause for celebration, but Tony Finau may have done himself some damage on the eve of the Masters .

"It's not really a big war", Kamiyama said in a phone interview.

It's a tense time for tech companies in Beijing. Some of the cost will be borne by American consumers; some by American firms that either produce in China or use intermediate products from China; some by firms in countries (mostly USA allies) that supply China; and some by Chinese firms (mostly private ones).

China's proposed new tariffs cover a significant chunk of what it buys from the US.

April 2, 2018: China made its first retaliation by imposing tariffs on U.S. imports worth $3 billion.

WALL STREET: U.S. stock markets finished higher on Wednesday after a sharp plunge in the previous session. -Chinese trade tensions and mounting public scrutiny of technology companies.

Global stocks rocketed higher on Thursday as investors judged recent trade war fears may be overblown. There may be more tariffs to come.

Therefore, he imposed the tariffs to help the country reduce the deficit. "For our economy's sake, let's hope that the adults come to the table in good faith from all sides".