Thursday, 19 July, 2018

Trump threatens additional $200bn in tariffs on China

Trump proposes new tariffs on $200B worth of Chinese goods Modal Trigger Getty Images
Jeannette Daniel | 20 June, 2018, 01:58

Navarro also disputes any notion that the trade standoff would damage the broader relationship with China.

"Trade between our nations, however, has been very unfair, for a very long time".

South Korean and Japanese companies have all felt this effect, with their businesses in China hurt as part of a dispute between states.

The ongoing trade dispute between the United States and China knocked the yuan to 6.4660 per dollar, its weakest in more than five months in the offshore market.

The U.S. imported US$505 billion of goods from China past year and exported about US$130 billion, leaving a 2017 trade deficit of US$376 billion, according to U.S. government figures.

If Trump carries through on all his trade threats, the result would be higher costs on virtually all the goods that the United States imports from China.

The initial US tariffs are aimed at items such as semiconductors, electronics, plastics and other goods from sectors expected to benefit from China's "Made in 2025" initiative to dominate the world in technology areas such as robotics, driverless cars and advanced medical devices.

But on Monday, the US Senate defied Trump by voting to overrule his administration's deal with legislation to re-impose the ban on hi-tech chip sales to the company, whose fate has figured prominently in the trade talks.

The proposed measures caused upset on global stock markets on Tuesday, initially weakening both the USA dollar and the Chinese yuan. The Dow Jones Industrial Average and the S&P 500 also fell along with commodities. Boeing dropped 3% and construction and mining equipment maker Caterpillar shed 2.7%. "Because the United States does a very good job, I believe, in following the WTO regulations, the World Trade Organization".

"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions, and is a disappointment for the worldwide community", the ministry said in a statement on Tuesday.

China's commerce ministry said Beijing will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, accusing Washington of launching a trade war.

More news: Portugal 'stronger than Morocco', says Andre Silva

The total amount of US goods exports to China only amounted to $130 billion a year ago, meaning Trump's potential tariffs on $250 billion or more of Chinese imports can't be matched, at least directly.

The dollar rose against a basket of currencies as traders bet on a escalating trade war forcing inflation up in the USA because of costlier imports, raising the prospect of more interest rate rises.

Pompeo on Monday described USA actions as "economic diplomacy, " which, when done right, strengthens national security and global alliances, he added. -China Business Council. Parker suggested that such steps might include delaying or denying licenses required by USA companies in China.

The tit-for-tat moves could start to meaningfully slow US growth, economists warn.

China's proposed retaliatory tariffs on the United States target farm goods such as soybeans, as well as chemicals, oils and seafood.

June 15: Trump rolls out the final list of goods subject to new tariffs. A punitive duty the Trump administration applied to lumber imports from Canada has raised the price of a new home by $9,000, according to the National Association of Home Builders. Apple and the White House were not immediately available for comment.

"China could target US firms through tax and regulatory policies", said Citigroup in a report.

U.S. Trade Representative Robert Lighthizer, who spearheaded the investigation leading to Trump's initial tariff threat, put out a statement saying he supports the president's latest move.

The tariffs could affect $50-$60 billion worth of goods and increase trade tensions.

"We're going to take care of our American farmers", Trump said, without offering specifics.

Recommended

  • Bucks' Sterling Brown sues Milwaukee over stun-gun arrest for parking violation

    Bucks' Sterling Brown sues Milwaukee over stun-gun arrest for parking violation

    But additional body camera and squad vehicle videos showed the moments after officers used a stun gun on him. The police department ordered eight officers to undergo remedial training in professional communications.
    Trump assails Canadian tariffs, accuses people of smuggling U.S.  goods home

    Trump assails Canadian tariffs, accuses people of smuggling U.S. goods home

    They buy shoes and they wear 'em. "It's not easy but we're getting there", he told a group of USA small business executives. They fought World War II with us. "They fought World War I with us and we appreciate it, but we're protecting each other".
    The Fallout 76 beta is coming to Xbox One first

    The Fallout 76 beta is coming to Xbox One first

    The beta, or Break it Early Test Application as Bethesda calls it, is now available only for pre-order customers. Numerous big online games these days offer early beta access (among other exclusives) on certain platforms.
  • CVS launches nationwide prescription delivery

    CVS launches nationwide prescription delivery

    But a company representative has said the delivery service would be a faster alternative and have a wider reach than mail-order. Drugstores and other retailers have been pushing more customer-friendly services in recent years to hold Amazon.com at bay.
    Dunkin' Donuts forced to remove racist sign

    Dunkin' Donuts forced to remove racist sign

    However, there are also several customers in support of the sign, saying it addresses a real problem at that store. Dunkin' Donuts corporate offices actually defended and excused the manager's actions in a statement.
    Konta snubs umpire as Barty wins Nottingham final | AP sports

    Konta snubs umpire as Barty wins Nottingham final | AP sports

    Vekić got the better of Konta in the final of this tournament a year ago as she won 2-6, 7-6, 7-5 in a scintillating encounter. The Briton got into a heated discussion with the umpire, which seemed to affected her concentration.
  • 'Helicopter parenting' linked to bad behaviour in the classroom

    'Helicopter parenting' linked to bad behaviour in the classroom

    But overly-controlling mothers, who hover over their child's every move, may see them grow up to do worse in life. When the children were 2 years old, they were videotaped as they undertook a play activity and a cleanup task.

    Heather Locklear Hospitalized For Psychiatric Evaluation After Violent Incident

    The dispatcher pointed out that Heather was "agitated" and "violent", but "does not have access to any weapons". Actress Heather Locklear has been hospitalized for a psychiatric evaluation.
    Love Island 2018: First Look Shows Trouble Ahead For Adam And Rosie

    Love Island 2018: First Look Shows Trouble Ahead For Adam And Rosie

    Later chatting to the girls, Rosie becomes emotional as she recounts the intimate moment she and Adam shared two nights ago. Yes? She tells her love rival 'He's been with four girls in two weeks, he did it Kendall, he's done it to me'.
  • Engine catches fire on Saudi Arabia's team plane

    Engine catches fire on Saudi Arabia's team plane

    A Saudi Arabia statement said: "All the Saudi national team players have arrived safely and now are staying in their residence". Saudi Arabia will be hoping to grab some much-needed points against Luis Suarez's Uruguay in tomorrow's clash.
    England smash world record ODI score against Australia

    England smash world record ODI score against Australia

    Bairstow smashed his fourth ODI century in 2018 and Hales took England past their old record with a six, the 21st of the innings. Once again it was spin that did the damage to Australia with England tweaker Adil Rashid taking 4-47 and Moeen Ali 3-28.
    Hundreds of United Methodist Clergy file church charges against Jeff Sessions

    Hundreds of United Methodist Clergy file church charges against Jeff Sessions

    The group said in a June 18 statement that Sessions violated Paragraph 2702.3 of the Denominations's Book of Discipline. He said forcing Sessions out of the denomination would be a "tragedy" and is not the goal of the charges.

Bruce Springsteen jammed at the new Asbury Lanes Bruce Springsteen jammed at the new Asbury Lanes Springsteen, who sung the 1984 hit "My Hometown", told the crowd "it's been a joy" watching the rebirth of Asbury. Bruce Springsteen made an appearance at the Asbury Lanes' " Opening Event ", tonight.

John Travolta’s ‘Gotti’ Fires Back at Critics After 0% Rotten Tomatoes Score John Travolta’s ‘Gotti’ Fires Back at Critics After 0% Rotten Tomatoes Score But the ploy to save " Gotti " at the box office may be too little, too late, as opening weekend profits peaked at $1.67 million. Furthermore, " Gotti " marketing strategy is now to go all-in on the idea that audiences like the movie and critics hate it.

Hector Cuper rues Mohamed Salah injury after Egypt loss Hector Cuper rues Mohamed Salah injury after Egypt loss The hosts face the north Africans in St Petersburg on Tuesday and defeat would nearly certainly condemn Egypt to an early exit. Egypt's star Liverpool striker Mohamed Salah would round out the score sheet in the 73rd minute with a converted penalty.

Florida rapper XXXTentacion, 20, dead in shooting Florida rapper XXXTentacion, 20, dead in shooting But much of his brief career has been mired in controversy. "Do not let your depression make you", he said at the time. Rest In Peace young king'. "Enormous talent and limitless potential and a strong desire to be a better person".

Rohit Sharma Prepares To Take Yo-Yo Test, Ajinkya Rahane On Standby Rohit Sharma Prepares To Take Yo-Yo Test, Ajinkya Rahane On Standby Rayudu had forced his way back into the Indian team after a spectacular IPL season where he scored where he scored 602 runs. The players gave the fitness test after being picked for the United Kingdom tour because of the IPL.

Online fashion giant to ban popular luxury fibres Online fashion giant to ban popular luxury fibres While we'll easily refuse fur, many of us aren't aware of the ethical implications of mohair, cashmere, silk, and down products. Goats were found to be left with severe injuries due to this practice.

Globally, 68.5mn people forcibly displaced from their home, says UN Globally, 68.5mn people forcibly displaced from their home, says UN The new asylum seekers in Canada a year ago included 7,300 from Haiti, 5,500 from Nigeria and 2,200 from Turkey. Refugees can not be returned to their home country unless it is on a strictly voluntary basis.

McDonald's to ditch plastic straws in the United Kingdom and Ireland by 2019 McDonald's to ditch plastic straws in the United Kingdom  and Ireland by 2019 To ensure that the experience of its consumers remains unchanged, McDonald's is all set to switch from plastic to paper straws . The company is also planning to test paper straws at some restaurants in the United States this year, Fox News reports .

Russian Federation welcomes suspension of US-South Korean military drills, news agency reports Russian Federation  welcomes suspension of US-South Korean military drills, news agency reports Last year's Ulchi Freedom Guardian went on for 11 days in August and involved about 17,500 U.S. and 50,000 South Korean troops. That, incidentally, could explain North Korea's assassination of Kim Jong-nam, the elder half-brother of Kim Jong-un, in 2017.

GameStop Is Reportedly Looking For A Buyer GameStop Is Reportedly Looking For A Buyer The latest news has been viewed positively by investors, who have been vocal in questioning the company's strategic direction. This comes one month after former Microsoft executive/board director Shane Kim was appointed interim CEO of GameStop .

Khloe Kardashian Partying with Tristan Thompson in Hollywood Khloe Kardashian Partying with Tristan Thompson in Hollywood Before giving birth to True Thompson, Khloe was dealing with handfuls of cheating allegations against her partner, Tristan Thompson .

Zara Tindall Gives Birth to Baby No. 2 Zara Tindall Gives Birth to Baby No. 2 Buckingham Palace announced on Tuesday afternoon that Zara Tindall has given birth to a baby girl. A "very happy" Zara and Mike Tindall have welcomed their second child - a baby daughter.

Teen shooting victim lay untreated as paramedics mistake him for dead Teen shooting victim lay untreated as paramedics mistake him for dead About 1:30 p.m., a 23-year-old woman was shot in the neck in the 400 block of West 100th Street in the Fernwood neighborhood. A third victim was shot in the leg, a fourth was shot in the arm and a fifth was shot numerous times in the abdomen.

Theresa May promises £20 billion 'birthday' investment in NHS Theresa May promises £20 billion 'birthday' investment in NHS Any departure that involves tax increases could upset core voters and open it up to criticism from the opposition Labour Party. But she warned that Mrs May's promise to fund the rise through a " Brexit dividend " was "simply not credible".

Trump to set up 'Space Force' as sixth military branch Trump to set up 'Space Force' as sixth military branch Air Force was created through the 1947 National Security Act, passed by Congress and signed into law by President Harry Truman. However, critics have said the treaty has no enforcement mechanism, allowing the US or other countries to militarize space .