The U.S. government said it would consider imposing additional tariffs on China's $100 billion exports, aggravating investors' fears of a large-scale trade conflict between China and the United States. New York stock market fell sharply on the 6th, with all three major stock indexes closing down more than 2%.
U.S. President trump said in a statement Friday that he has instructed the U.S. trade representative's office to consider whether it is appropriate to impose tariffs on an additional $100 billion of goods imported from China based on the "301 investigation.".
In response, a spokesperson for the Ministry of Commerce said Saturday that China will resolutely fight back at any cost. China has been prepared to take further upgrading actions against the US side in the way of bottom line thinking and has formulated very specific countermeasures.
Affected by the economic and trade conflict between China and the United States, the Dow Jones industrial average, the S & P 500 stock index and the Nasdaq composite index of New York stock market fell 2.34%, 2.19% and 2.28% respectively from the previous trading day, with the Dow Jones index plummeting more than 700 points.
Meanwhile, the CBOE volatility index, also known as the 'panic index', which measures investor panic, surged 13.46% to 21.49.
Heightened concerns about the economic and trade conflict between China and the United States also put pressure on the trend of international oil prices. On the same day, light crude oil futures for may 2018 delivery on the New York Mercantile Exchange fell $1.48, or 2.33%, to $62.06 per barrel.
The spread of concerns has increased demand for safe haven assets such as gold. On the same day, the most active June gold price in the New York Mercantile Exchange gold futures market was up 7.6 US dollars, or 0.57% to close at 1336.1 US dollars per ounce.
Many international observers believe that the trump administration's repeated escalation of trade frictions with China will not only fail to improve the U.S. trade deficit, but also cause financial market volatility, damage the U.S. economy and the world economy, and delay the global economic recovery.