Latest Shouts In The Shoutbox -- View The Shoutbox · Rules Collapse  


 
Add Reply
New Topic
New Poll

 ASX loses $38 billion.
Bear
 Posted: Mar 24 2018, 06:09 PM
Quote


Diamond


Group: Active Member
Posts: 2221
Member No.: 79
Joined: 7-August 13

Status: Offline
Rep: 8 pts






ASX loses $38 billion; 'heavy selling' in Asia-Pacific as Donald Trump, China square off over tariffs.

user posted image
Chinese workers unload a roll of tin plate at Baosteel plant on the outskirts of Shanghai. Supplied: Reuters/Claro Corte

A stock market sell-off has gripped Australia and the Asia-Pacific, with investors on edge about a potential US-China trade war.

US President Donald Trump has signed a presidential memorandum that could impose tariffs on up to $US60 billion ($77 billion) of imports from China, sending shivers through Wall Street and prompting a vow from Beijing to "fight to the end".

Under the terms of the memorandum, Mr Trump will target the Chinese imports only after a consultation period, a measure that will give industry lobbyists and legislators a chance to water down a proposed target list which runs to 1,300 products.

In response, the Australian share market lost about $38 billion in today's trade.

The benchmark ASX 200 fell a hefty 2 per cent to 5,820 — its lowest level in five weeks, and third-lowest closing price for the year.

Only 11 stocks of the top 200 made it into the black, 4 held their ground and the other 185 fell.


How would Australia fare in a trade war?

If the US and China engage in tit-for-tat tariff warfare, Australia will be badly affected, Mr McCarthy said.

"Industrials and commodities are likely to slump if this continues, so the materials and energy sectors will be hit hard.


http://www.abc.net.au/news/2018-03-23/asx-plunges-on-trade-war-fears/9578852

As much as I can understand Trump wanting to rebuild his country, after wasting trillions on wars, and helping build developing countries like China, what could this cost Australia?

Interviews on the ABC, one Chinaman said "America doesn't want Chinese to be rich" not so in my opinion, China has done extremely well thanks to countries like the US and Australia, while we have watched our own industries fade away!

The Chinese are playing a clever game of 'developing country' to GDP while holding the second largest economy in the world - many Chinese have become rich thanks to the US, and Australia.




--------------------
Politicians and diapers should be changed frequently and all for the same reason.

~José Maria de Eça de Queiroz,

We live in a world in which politics has replaced philosophy. ~Martin L. Gross, A Call for Revolution, 1993

"Stupid people are like glow sticks: I wanna snap em and shake the shit outta them till the light comes on."
PM
^
Jonno
 Posted: Mar 24 2018, 07:11 PM
Quote


Platinum


Group: Active Member
Posts: 3101
Member No.: 86
Joined: 27-February 14

Status: Offline
Rep: 23 pts






Good News Week .... when will Aussies have the guts get rid of their country's incompetent, over-paid liars, cheats, con-men, cretins, illiterate, selfish saw-dust levellers in the four-ringed Australian circus.

--------------------
When you can't make then see the light make them feel the heat.
Henry Ford

The difference between stupidity and genius is that genius has it's limits
Albert Einstein
PMEmailMSN
^
Bear
 Posted: Mar 24 2018, 08:42 PM
Quote


Diamond


Group: Active Member
Posts: 2221
Member No.: 79
Joined: 7-August 13

Status: Offline
Rep: 8 pts






Straight to the point as usual Jonno, and correct on all counts.

"selfish saw-dust levellers"

http://fairdinkumnewschat.b1.jcink.com/uploads/fairdinkumnewschat/Smiley_winknod.gif Permission to level the sawdust between their ears, .50 Cal like, erradicate the menace. http://fairdinkumnewschat.com/ph34r.gif



--------------------
Politicians and diapers should be changed frequently and all for the same reason.

~José Maria de Eça de Queiroz,

We live in a world in which politics has replaced philosophy. ~Martin L. Gross, A Call for Revolution, 1993

"Stupid people are like glow sticks: I wanna snap em and shake the shit outta them till the light comes on."
PM
^
1 User(s) are reading this topic (1 Guests and 0 Anonymous Users)
0 Members:

Topic Options
Add Reply
New Topic
New Poll