Saturday, 23 March, 2019

China hits back at Trump

Trump Slaps China with $60bn Tariffs Beijing Vows Retaliation China hits back at Trump
Patty Aguilar | 25 March, 2018, 22:16

While Han did not mention President Trump's name, his remarks came two days after China's Commerce Ministry unveiled a $3 billion list of USA goods, such as pork, wine and aluminum scrap, it is considering for import taxes in response to Trump's approval of higher tariffs on steel and aluminum imports and a possible tariff hike on $30 billion worth of Chinese goods. The USTR is expected to publish a proposed list of products and recommended tariff increases for public comment within the next 15 days, according to The Hill.

Trump threatened to slap tariffs on up to $60 billion of Chinese imports Thursday. Beijing went straight for America's agricultural heartlands, the same communities that helped to put Mr Trump in the White House, threatening to impose $3 billion worth of tariffs that focused on imports of USA farm produce.

Global stocks have plummeted as fears rise that the confrontation could provoke a damaging trade war. United States stocks fell sharply early Thursday amid worries that the USA action could provoke a stern response from China, with the S&P 500 down 1.1 percent at 12:30 pm NY time.

The Trump administration is framing the move as a major turning point in US-China relations.

The US President alleged that China had been indulging in tremendous intellectual property theft worth hundreds of billions of dollars on a yearly basis. He said China would target states and industries that are important to Trump, such as autos, planes, IT and semiconductors, wheat, corn and soybeans.

"I view them as a friend".

Shen said China knows that it has benefited "in unfair ways" from trade between the two nations and is prepared to open its markets further.

Will two tribes go to war?Even as the world's largest economies, the U.S. and China, send conflicting signals over whether they're heading for an all-out trade war - spooking stock markets - experts doubted either side will risk escalating a dispute over trade imbalances.

The president's action brought rare praise from Senate Democratic Leader Chuck Schumer, ordinarily a foe of the administration.

He said: "There is certainly scope to pursue China through the WTO and there is a lot the U.S. could be doing that we haven't done". I've spoken to representatives of China.

Ilkay Gundogan backs Thomas Tuchel to succeed in England
The Sun is reporting that Arsenal are counting the cost of potentially missing out on Champions League football for the second season running.

Somalia: At least 4 killed in Mogadishu auto bombing
A Reuters news agency photographer at the scene saw ruined cars and three-wheeled scooters overturned by the force of the blast. Last October, at least 300 people died in a double vehicle bombing in Mogadishu, the deadliest attack in modern Somali history.

Express Scripts Hldg Co (ESRX) Holding Maintained by Oppenheimer Asset Management Inc
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During the China Development Forum in Beijing, the country's Vice Premier Han Zheng warned that a trade war would be harmful to all the parties involved, however he did not disclose the potential retaliatory measures Beijing could undertake against the US. "That process has failed". Chinese officials last month launched a probe into American sorghum imports, and both agricultural products come from regions more supportive of Trump. It said officials would "take legal action within the framework of the World Trade Organization".

It will be Trump's first trade action directly aimed at China, which he has blamed for the hollowing out of the American manufacturing sector and the loss of U.S. jobs.

China's Ministry of Commerce has cautioned against the United States taking measures "detrimental to both sides".

"But Washington was determined to choose rashness and impetuousness, and the necessary effect from this was China's follow-up actions to resolutely protect its own legitimate interests", it said.

The Section 301 investigation report "violates worldwide trade rules and is beneficial to neither Chinese interests, USA interests nor global interests", Xinhua cited Liu as saying.

"From China's perspective, it absolutely does not want to see a trade war".

But missing from China's list of tariffs published on Friday were key USA export items to the U.S. including soybeans, sorghum and Boeing aircraft. "On the other hand, Trump should know that this is a very bad idea, and there will be no victor, and there will be no good outcome for both nations".

He also said China would push forward property tax legislation and implementation, while further improving the transparency and efficiency of fiscal budget management.

Bloomberg Economics estimates a global trade conflagration could wipe $470 billion off the world economy by 2020.

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