Thursday, 20 September, 2018

China says it is 'shocked' by United States actions in trade dispute

Canola is an “imperfect substitute” for soybeans
Mike Drew  Postmedia Canola is an “imperfect substitute” for soybeans Mike Drew Postmedia
Jeannette Daniel | 11 July, 2018, 22:43

US stocks fell on Wednesday and looked set to snap their four-day winning streak after Washington's threat to impose tariffs on an additional $200 billion worth of Chinese goods raised fears of an escalating trade war. "What's next is not so much a trade war or even a cold war as the dawn of an ice age in relations between China and the United States". In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, take the necessary counter-measures.

U.S. officials issued a list of thousands of Chinese imports the Trump administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. The US omitted some high-profile items like mobile phones.

These new suggested levies won't take effect until after a public comment period which runs through August. "The U.S. side ignored the progress, adopted unilateral and protectionist measures, and started the trade war".

Although the trade war obviously remains front and centre in the minds of investors, another factor at play is the nagging worry that Trump may want to pull the U.S. out of NATO (the North Atlantic Treaty Organisation) - a move that would represent a fundamental upheaval in the global order, and have a huge impact on markets.

China's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate.

"There certainly is going to be pronounced risks mainly because we've now moved on to the tit-for-tat-for-tit phase of it", said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore. They have given no indication when they might meet again.

A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.

More news: You need to see this incredible footage from NYUAD

The move marked the latest escalation of the ongoing trade war between Washington and Beijing.

China implemented the tariffs in retaliation for a previous package of USA tariffs implemented by the Trump administration to combat what it said was intellectual property theft and other unfair trade practices. Chinese tactics, the administration says, include outright cybertheft and forcing United States companies to hand over technology in exchange for access to the Chinese market.

'TARIFFS ARE TAXES' Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach".

"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", David French, the group's senior vice president for government relations, said in a statement.

"Concerns over trade and trade wars are really having an adverse effect, less so on the USA markets than the global markets, but it is certainly taking a bite".

U.S. officials released a list of 6,031 Chinese product lines the administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. That came four days after Washington added 25 per cent duties on $34 billion of Chinese goods and Beijing responded by increasing its own taxes on the same amount of American imports.

Recommended

Alexander Zverev defeats Taylor Fritz in Wimbledon second round Alexander Zverev defeats Taylor Fritz in Wimbledon second round His win on Saturday was his third successive five-setter having also played three matches in qualifying. I started to play smarter. "I was seeing the ball much better".

Israel announces Gaza sanctions in response to cross-border blazes Israel announces Gaza sanctions in response to cross-border blazes But the Defense Minister and I agree that we will be heavy-handed with the Hamas regime in the Gaza Strip - immediately. Israel will shut down the Gaza Strip's main trade terminal in a new crackdown on the region.

How Three Lions can reach the World Cup final How Three Lions can reach the World Cup final The midfield, in particular, has an enviable El Clásico combination of Real Madrid's Luka Modric and Barcelona's Ivan Rakitić. However, in the five England games he has officiated in, the Three Lions have not lost.

Caroline Flack and fiance Andrew Brady split Caroline Flack and fiance Andrew Brady split Caroline, 38, and Andrew, 27, briefly split in March when the reality TV hunk was accused of getting close to another woman. Unfortunately it was not to be. "Unfortunately it was not meant to be and I wish her all the best in the future".

Kevin Anderson didn't know he would face Roger Federer at Wimbledon Kevin Anderson didn't know he would face Roger Federer at Wimbledon Anderson took his opportunity, despite having to save three break points, to seal it in majestic fashion with an ace. I feel like a lot of aspects of my game can give him a lot of trouble'. "Matches likes that are very special".

Reds score seven runs in ninth to top Indians Reds score seven runs in ninth to top Indians Two outs happened - two outs! Raisel Iglesias worked the ninth for his second save in two nights and his 19th of the season. Adam Duvall also doubled in a pair in the ninth, while Jose Peraza and Eugenio Suarez had RBI singles off Allen.

Kylie Jenner Will Soon Be the Youngest Self-Made Billionaire Ever Kylie Jenner Will Soon Be the Youngest Self-Made Billionaire Ever At the tender age of 20, and between having a baby, Kylie has made the Forbes' annual list of America's Richest Self-Made Women . Of course, it all started with her now-infamous "Kylie Lip Kits", which she reportedly trademarked when she was just 17.

Remember Gareth Southgate In This Pizza Hut Advert? Remember Gareth Southgate In This Pizza Hut Advert? Well this lad has got one of Kane. "It was the book which never was but it's unbelievable to think that we're here now and he's taken England to the semi-finals".

Cardi B Is Counter-Suing Her Former Manager for $15 Million Cardi B Is Counter-Suing Her Former Manager for $15 Million Now, Cardi B is countersuing Raphael for $15 million, accusing him of "self-dealing" and "deceitful and disloyal conduct". She further claimed that the manager tried to gain control over her career as well, in addition to her personal life.

England fans ‘dare to dream’ after World Cup win over… England fans ‘dare to dream’ after World Cup win over… And Mother Russia's penalty shootout anguish. "Luck was against us", Cherchesov said. "They still want to fight that war". But Modric said they would be ready to face Southgate's men.

Knox socks it to Fox with box-office Irish Open finish Knox socks it to Fox with box-office Irish Open finish Knox, who was on the 18th at the same time, hit a huge putt to put the pressure on the Kiwi. I guess Ireland and Scotland feel a little bit like home as well.

Cricket Australia Glenn Maxwell slammed for handshake snub Pakistan T20 final Cricket Australia Glenn Maxwell slammed for handshake snub Pakistan T20 final Australia's Glenn Maxwell wasn't too keen to shake hands with Pakistan's Sarfraz Ahmed after the Twenty20 final in Harare. They lost debutant Sahibzada Farhan and Hussain Talat for ducks in the first over of their innings.

DJI Mavic 2 Leak Hints at 360 Sensing and More DJI Mavic 2 Leak Hints at 360 Sensing and More If the DJI Mavic 2 leak shows an accurate image, there are still some remaining questions about the next DJI drone. With the See the Bigger Picture event pushed back, there is no indication on when the drone will hit the market.

Iran threat to pull out oil cushion Iran threat to pull out oil cushion Earlier, the U.S. has told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

American tourist killed by stray bullet in Mexico City American tourist killed by stray bullet in Mexico City She'll be flown to Chicago where she'll be buried on Saturday An official with the U.S. We extend our honest condolences to friends and family members of the deceased.