Monday, 10 December, 2018

China to hit U.S. with tariffs on United States imports worth $16bn

Trump going ahead with taxes on $16B in Chinese imports U.S. to impose 25% tariffs on additional $16 billion of Chinese goods
Glenn Montgomery | 08 August, 2018, 18:24

China's exports surged more than expected in July despite fresh USA duties and its closely watched surplus with the United States remained near record highs, as Washington finalised its new tariff list in a bitter dispute that some fear could derail global growth. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on goal. Both countries have already slapped tit-for-tat duties on $34 billion of each other's goods.

This latest round makes good on the president's promise in June to impose a 25% tariff on $50 billion in Chinese goods. For instance, the major complaint is about the theft of USA intellectual property by Chinese firms. Washington applied a 25% tariff on Chinese imports including airplane tires and various industrial parts.

The escalating trade conflict between the world's two largest economies...has seen the two sides impose tariffs on 34-billion dollars worth of each other's goods.

Of more direct outcome in the Sino-U.S. trade war, China's surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June.

China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next $16 billion.

Economists say China appears to be taking a more hands-off approach to the yuan, which marked its worst 4-month fall on record between April and July and has provided some reprieve for exporters in the face of the rising trade tensions.

The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September. Last year, China imported about $130 billion of US goods.

Economists warn that a prolonged trade war between China and the U.S. could end up increasing prices for American consumers and hurting United States businesses.

The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China. Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of 23 August, the US Trade Representative's Office said in an emailed statement on Tuesday.

Farmers and United States industries have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by duties on crops such as soybeans.

Recommended

  • Plane Crashes in California Parking Lot, Killing 5

    Plane Crashes in California Parking Lot, Killing 5

    Family members identified one of the victims as Nasim Ghanadan, who was a realtor from the East Bay and on the flight for work. The crash happened just after 12:30 p.m. local time. "We looked up to see the plane falling nose first", she told the Times.
    Torreira path cleared for Arsenal as Sampdoria sign Jankto as cover

    Torreira path cleared for Arsenal as Sampdoria sign Jankto as cover

    But Torreira is in no rush to finalise the switch while Uruguay remain in the hunt for World Cup glory, according to his father. But the official confirmation of a transfer has been delayed by Torreira's global involvement with Uruguay in western Europe.
    Brian Dawkins inducted into NFL Hall of Fame — Twitter reacts

    Brian Dawkins inducted into NFL Hall of Fame — Twitter reacts

    Moss went for over 1,000 yards in his first season with the Raiders, making it to the 1,000 mark on the final day of the season. Each focused as much on their faith as they did on their careers and the impact their faith had in bringing them to this moment.
  • Elon Musk jolts Wall Street with tweet on going private

    Elon Musk jolts Wall Street with tweet on going private

    Asked on Twitter whether Musk would continue to be CEO under such a scenario, he replied there would be "no change". Mr Musk's offer is 9 per cent higher than Tesla's peak closing price of $US385 reached almost a year ago.
    Barcelona Agree Deal For Manchester United Ace, His Days Are Numbered

    Barcelona Agree Deal For Manchester United Ace, His Days Are Numbered

    And super-agent Mina Raiola has placed an offer on Barcelona's table which the Catalonian club are prepared to settle with. However, Mourinho disputed suggestions that it's down to him to get the best out of Pogba.
    The Sweet Way the Royal Family Celebrated Meghan Markle's Birthday

    The Sweet Way the Royal Family Celebrated Meghan Markle's Birthday

    This year marks the 37th birthday of MTV, Donkey Kong, Phil Collins' solo career, and - most importantly - Meghan Markle . In fact, the attention got to be so much that at one point she began wearing disguises in London to avoid unwanted eyes.
  • Angelina Jolie Pitt wants divorce finalized by end of 2018

    Angelina Jolie Pitt wants divorce finalized by end of 2018

    Now, she's filed divorce papers in court asking for the star to both pay child support and retroactively pay what he's missed. Sources close to Brad Pitt are refuting the reports that he has not paid child support to his estranged wife Angelina Jolie .
    Trump intends to force Iran

    Trump intends to force Iran "to behave as a normal country" - Pompeo

    Unlike North Korea, with whom the Trump administration is now eager to negotiate, Iran never produced a nuclear bomb. US officials last week said Iran carried out a similar exercise, though Tehran did not immediately acknowledge it.
    Trade War: Trump says tariffs are working

    Trade War: Trump says tariffs are working

    Rodgers discusses how Apple reached a $1 trillion market cap and why China will fold to President Trump's tariffs. The odds of a full-blown trade war are low, but they just got a little bit higher.
  • Republican Troy Balderson Declares Victory in Ohio Special Election

    Republican Troy Balderson Declares Victory in Ohio Special Election

    Democrats, meanwhile, have been attacking Balderson by casting his support of tax cuts as threats to Social Security and Medicare. His campaign spent $2.25 million on advertising compared to Balderson's $507,000, according to campaign tallies of ad spending.
    Jobs report misses as unemployment rate slides near 18-year low

    Jobs report misses as unemployment rate slides near 18-year low

    During the same period, inflation as measured by the Consumer Price Index rose slightly more - 2.8 percent. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.
    Switzerland crash: 20 dead in WW2 plane crash

    Switzerland crash: 20 dead in WW2 plane crash

    Among those killed were 17 people from Switzerland and three people from an Austrian family, including a couple and their son. Swiss media have been citing plane experts' speculations that the current heat wave may have contributed to the crashes.

Boy 'taken for exorcism' found dead as 11 children are freed Boy 'taken for exorcism' found dead as 11 children are freed Police described the compound as a small underground trailer covered by plastic, with no running water or electricity. According to CNN , Wahhaj is himself the son of a prominent Muslim cleric of the same name in NY .

Facebook might add your banking info to Messenger Facebook might add your banking info to Messenger The banks Facebook reportedly approached in the a year ago include JPMorgan Chase , Wells Fargo & Co., Citigroup , and U.S. A Wall Street Journal report earlier Monday said the talks with banks are ongoing, sending shares up as much as 4 percent.

President Urged to Stop Tweeting on Trump Tower Meeting Between Advisers, Russians President Urged to Stop Tweeting on Trump Tower Meeting Between Advisers, Russians His newest tweet is the closest he has come to admitting the meeting's objective was to seek dirt on Clinton from the Russians. President Donald Trump has for the first time acknowledged that a June 9, 2016 meeting at Trump Tower was the latter.

USA reimposes tough, unilateral sanctions against Iran USA  reimposes tough, unilateral sanctions against Iran The stiff economic sanctions ratchet up pressure on the Islamic Republic despite statements of deep dismay from European allies. He called on the countries of Europe to join the U.S. , saying, "The time has come to stop talking; the time has come to do".

California fire burns its way into history California fire burns its way into history Varney's radio wasn't communicating with headquarters, so his assistant relayed messages - until they lost contact. Increasing winds are expected in Northern California areas where deadly and destructive wildfires are burning.

Northern California blazes now largest in state history Northern California blazes now largest in state history The US president has criticised Governor Jerry Brown and California's environmental laws on social media in recent days. The White House did not immediately respond to a request for evidence to support Trump's tweet .

Thibaut Courtois fails to report for training in bid to force exit Thibaut Courtois fails to report for training in bid to force exit Courtois' club and worldwide colleague Eden Hazard is another who has been strongly linked with a transfer to Madrid in this window.

Maduro clamps down on opposition in wake of "assassination attempt" Maduro clamps down on opposition in wake of Maduro said investigations pointed to financial backers who "live in the United States , in the state of Florida". Oscar Perez and several comrades were later killed in a gun battle after over six months at large.

Russia casts action movie star Steven Seagal as special envoy to US Russia casts action movie star Steven Seagal as special envoy to US Russian Federation has handed Hollywood movie star Steven Seagal the task of keeping relations cordial with the United States. Seagal was also granted Serbian citizenship in 2016 after several visits to the Balkan country, the BBC reports .

Powerful quake kills 82 on Indonesia's Lombok island, thousands flee homes Powerful quake kills 82 on Indonesia's Lombok island, thousands flee homes Caught in an natural disaster in Lombok ----------------Our delegation is in Mataram , Lombok for a security conference.I. There had been a half-hour evacuation at the Lombok airport following the quake because the electricity went off.

Backlash Erupts in Canadian Province After Government Kills Basic Income Test Backlash Erupts in Canadian Province After Government Kills Basic Income Test That increase is down from the former government's scheduled increase of 3 per cent which was set for October. It's 1.5 per cent more than they're getting now, MacLeod said.

Trump admits son met with Russian to get information on opponent Trump admits son met with Russian to get information on opponent Sekulow said the important thing was that Trump's legal team shared accurate information with the special counsel. In another, he expressed frustration with both the media and Mueller's probe.

Demi Lovato shattered by the drug overdose Demi Lovato shattered by the drug overdose She is starting to grasp the severity of what happened and that she nearly died."Adding, "She is scared and grateful to be alive". Fortunately, Demi "knows she needs to finally get serious help", a second source told Us Weekly .

Superstar Chelsea Winger Signs Contract Extension, Twitter Explodes Superstar Chelsea Winger Signs Contract Extension, Twitter Explodes In a statement shared on the club's official website, Pedro noted that he was happy to sign the contract extension, adding that he wanted to help his team secure more trophies.

Crude Price Suffers Over US-China Trade War Crude Price Suffers Over US-China Trade War Security Council, said Friday it was willing to work to save a nuclear agreement that lets Iranian oil flow through the market. However, only 13 planes have been delivered since sanctions on Iran were lifted under the nuclear pact.