The Latest: US markets shrug at US-China trade war

The Latest on the U.S.-China trade war (all times local):

10:40 a.m.

Wall Street, which has anticipated rising trade tensions between the U.S. and China, took the latest volley of tariffs in stride. Gains in technology, energy and consumer-focused companies outweighed losses in utilities and elsewhere.

Apple, which has an exemption to the new tariffs on goods imported from China, is up 1 percent.

The S&P 500 index rose 8 points, or 0.3 percent, to 2,897. The Dow Jones Industrial Average climbed 32 points, or 0.1 percent, to 26,094. The Nasdaq composite gained 54 points, or 0.7 percent, to 7,949.

China says it will increase tariffs on $60 billion worth of U.S. goods Tuesday in retaliation after President Donald Trump announced new U.S. tariffs on $200 billion worth of Chinese imports.

Both sides are ratcheting up tariffs and rhetoric with an American business group is warning that a downward spiral in the conflict appears certain.

China’s Finance Ministry says it is going ahead with plans announced in August for increases of 10 percent and 5 percent on 5,207 types of U.S. goods.

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9:45 p.m.

China says it will increase tariffs on $60 billion worth of U.S. goods in retaliation after President Donald Trump announced new U.S. tariffs on $200 billion worth of Chinese imports.

It’s the latest volley in the trade war between the two countries, and an American business group is warning that a downward spiral in the conflict appears certain.

China’s Finance Ministry says it is going ahead with plans announced in August for increases of 10 percent and 5 percent on 5,207 types of U.S. goods. A list released last month included coffee, honey and industrial chemicals.

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6:55 p.m.

The European Union’s trade chief says U.S. President Donald Trump’s decision to raise tariffs on $200 billion of Chinese imports is “very unfortunate” and that the EU disagrees with the methods he’s using.

EU Trade Commissioner Cecilia Malmstrom told reporters in Brussels on Tuesday that “this escalation is of course very unfortunate.”

Malmstrom said the 28-nation EU — the world’s biggest trading bloc — shares Washington’s concerns about some of China’s policies “but we disagree with the methods that the U.S. is using.”

She noted that “trade wars are not good and they are not easy to win.”

Trade officials from the EU, U.S. and Japan meet again next week for talks aimed at easing trade tensions.

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3:40 p.m.

China said Tuesday it will take “counter-measures” to U.S. President Donald Trump’s decision to raise tariffs on $200 billion of Chinese imports and an American business group warned a “downward spiral” in their trade battle appears certain.

The Commerce Ministry gave no details of China’s response to U.S. tariffs imposed in their fight over Chinese technology policy. But Beijing previously released a $60 billion list of American goods for retaliation.

The Trump administration announced the tariffs on some 5,000 Chinese-made goods will start at 10 percent, beginning Monday. They rise to 25 percent on Jan. 1.

If China retaliates, Trump threatened Monday to add a further $267 billion in Chinese imports to the target list.

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3:20 p.m.

The American Chamber of Commerce in China says Beijing will “dig its heels in” after U.S. tariff hikes and appealed for a negotiated end to their trade battle.

The chamber on Tuesday warned a “downward spiral” appears certain after President Donald Trump approved a tariff hike on $200 billion of Chinese imports in a dispute over Beijing’s technology policy. China has said it will retaliate.

The chamber chairman, William Zarit, said in a statement, “Contrary to views in Washington, China can — and will — dig its heels in and we are not optimistic about the prospect for a resolution in the short term.”

The chamber appealed to both governments for results-oriented negotiations.