'We are not in a trade war with China,' says Donald Trump

Trade war with China: What you need to know

But they worry that China's measures targeting USA exports of aircraft, soybeans and other products could help bring on a tit-for-tat trade war of escalating sanctions between the world's two biggest economies. West Texas oil fell as commodities were roiled by the growing trade dispute, while emerging-market stocks tumbled and their currencies dropped.

The U.S. and China are going for tit for tat.

The comments come after China unveiled plans to slap major U.S. exports worth $50 billion - including soybeans, cars and small airplanes - with retaliatory tariffs. The US list covers machinery, electronics, uranium, flamethrowers and even dental devices.

The Chinese list Wednesday included soybeans, the biggest USA export to China, and aircraft up to 45 tons in weight. The tariffs total $50 billion - the same amount the U.S.is proposing on about 1,300 Chinese products.

Oil dropped to a two-week low as the speed with which Beijing responded - 11 hours - to USA measures raised the prospect of a quickly spiraling trade war that could hurt the global economy and dent crude demand.

A list the USA issued Tuesday of products subject to tariff hikes included aerospace, telecoms and machinery, striking at high-tech industries seen by China's leaders as the key to its economic future. "Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion".

Thirdly, the appointment two weeks ago of Larry Kudlow as Trump's new top economic advisor suggests, that the U.S. President is neither a die-hard protectionist nor against free-trade.

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While about a third of U.S. production goes to the Asian country annually, China past year bought more of the oilseed from Brazil.

Beijing's announcement followed Washington's publishing of a list of 50 billion dollars worth of Chinese imports that could be subject to punitive tariffs. China's tariffs, if enacted, would double the current levy on US cars, to 50 percent. Tobacco and sorghum farms, too, tend to be in traditionally conservative areas of the South - Texas, Virginia and North Carolina - where Democrats have been making increasing inroads.

China's Finance Ministry then responded with its own penalties on $50 billion of United States goods ranging from cars, chemicals and corn to whisky, cigars and tobacco. Soybean prices fell to their lowest level in two years on Wednesday after China's list came out, Bloomberg reported. Almost all clothing sold in the USA - 97 percent- is imported, and China is the top import partner by far, responsible for 41 percent of US imports. The bottom line is that this tariff fight between China and the United States is the trade version of arm-wrestling, wherein each country demonstrates how much it's willing to abuse its own citizens.

That was the day after he imposed new tariffs on steel and aluminum that would affect China.

"We have to export". The U.S. economy has been humming along with a strong job market, while Brazil just previous year emerged from its punishing recession and growth in the euro area has reached its highest level in a decade.

"Trade uncertainty is the main headwind to the market", Charles St-Arnaud, an investment strategist at Lombard Odier Asset Management in London, said.

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