Saturday, 22 September, 2018

US tariffs take effect, China announces retaliation

Chinese Vice Minister of Commerce Wang Shouwen says China has not stepped up regulations in retaliation against American tariffs Chinese Vice Minister of Commerce Wang Shouwen says China has not stepped up regulations in retaliation against American tariffs
Russell Knight | 11 July, 2018, 20:28

And he is going to keep pushing to make sure that we have good trade deals.

Experts are of the opinion that this trade war could push the global economy into chaos. Recession risks have also been rising simply because of the length of time the USA economy has experienced economic expansion. But that would only be a few companies or sectors.

Tariffs are a tax on imports. By one measure, business confidence has fallen in six of the past seven months in Germany, where exports are nearly half of annual economic output.

In the weeks since the USA leveled tariffs on steel and aluminum - which the European Union called illegal - Mexico retaliated with levies of 15 percent to 25 percent on US agricultural products; Canada imposed tariffs on almost $13 billion of USA goods; and the European Union hit back with its own 25 percent tariff on distinctively American products ranging from bourbon to Harley-Davidson motorcycles.

Consumer Technology Association: "While President Trump says his trade policy is meant to punish China, the numbers show that, in reality, US businesses, workers and consumers will pay the price under this policy", said Sage Chandler, the group's vice president for global trade. The WTO issued the warning just before new USA tariffs on $34 billion of Chinese imports go into effect at midnight. The Trump administration is also studying the option of putting tariffs on cars, which would significantly escalate the confrontation.

Growth a year ago was the strongest in a decade, since before the global financial crisis.

The US and China on Friday launched tit-for-tat tariffs on each other's imports, the opening shots in what Beijing called "the largest trade war in economic history" between the world's top two economies.

It added that instead of "serving the interests of United States companies and people, the move will prove to be counter-productive and damaging".

India's Oil Imports from Iran Fall by 15.9% in June
Pompeo said that a focus remains on denying "Iran the financial capacity to continue this bad behaviour". . "... Shipping to Iran and ports in the country are also coming under the USA sanctions.

Insider provides latest Chelsea FC transfer update on Thibaut Courtois
Real Madrid are hot on the trail of Courtois, with Paris Saint Germain looking set to land Italian legend Gianluigi Buffon.

Trump, NATO head Stoltenberg have testy exchange at summit
Other presidents has raised European defence spending levels in the past but he is intent on dealing with it. Mr Trump is a hard guest: he's tweeted his meeting with Mr Putin might be easier than those with Europeans.

"Sentiment is holding up well in Asia today, reflecting that tariffs on $34 billion of goods is pretty much priced in", said Frances Cheung, head of Asia macro strategy at Westpac in Singapore.

China's commerce ministry says Beijing has "no choice but to fight" as United States prepares for enforcing tariffs on more than $34 billion in Chinese imports from Friday.

Daimler has already lowered its outlook for profits, citing higher than expected costs from the new tariffs.

"After the United States introduced the new tariffs, China's reciprocal measures also immediately took effect", said the spokesman for the Chinese Foreign Ministry Lu Kang. Tariffs discourage imports by making them more expensive. Of those, 81,000 - worth $2.37 billion - went to China. The Office of U.S. Trade Representative Robert Lighthizer released the list of categories of products affected. The Chinese government had not officially confirmed on Friday afternoon that the retaliatory tariffs had taken effect.

Have US trade partners retaliated?

Europe is waiting to see whether the Trump administration will go ahead separately with tariffs on auto imports. Volkswagen stocks added 4.5 percent.

"Europe can not win anything" on an overall basis "for one obvious reason: we are net exporters", said Garcia Herrero, chief economist for Asia Pacific at Natixis and a senior fellow at European research institute Bruegel. The EU and China agreed last month to deepen commercial ties and support trade rules. American officials worry USA industrial leadership will be eroded by Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence. "Tariffs will negate gains made by the public from tax reforms and deregulation, push up US production costs, damage the competitiveness of businesses and their workers, and force companies to look outside the U.S.to maintain production".

Recommended

  • The English fans celebrated the victory over Sweden in the IKEA store

    The English fans celebrated the victory over Sweden in the IKEA store

    Many fans are planning to head to Millennium Square - close to the march route - to watch the quarter-final on the big screen. England will face either Russian Federation or Croatia in the last four at the Luzhniki Stadium in Moscow on Wednesday.
    Zsa Zsa, 'World's Ugliest Dog' from Anoka, dies

    Zsa Zsa, 'World's Ugliest Dog' from Anoka, dies

    Zsa Zsa was about nine years old when she passed away, which is about the life expectancy for the breed. After her big win, Zsa Zsa's family said, "We are so excited for her, she deserves this".
    Liverpool confident of signing Xherdan Shaqiri from Stoke City

    Liverpool confident of signing Xherdan Shaqiri from Stoke City

    Liverpool have begun formal negotiations with Stoke City over the transfer of Xherdan Shaqiri , according to reports. A deal for the Lyon captain may yet be resurrected after France's World Cup campaign, however.
  • Conservative Party vice chairs Ben Bradley and Maria Caulfield resign over Brexit

    Conservative Party vice chairs Ben Bradley and Maria Caulfield resign over Brexit

    Mr Johnson even proposed a toast to the deal - and suggested writing a joint newspaper column with Chancellor Philip Hammond. Aldridge-Brownhills MP Wendy Morton said: "The Prime Minister is showing the same level of resilience that she always does".
    Croatia's president dances with team after victory against Russian Federation

    Croatia's president dances with team after victory against Russian Federation

    Even their own fans did not expect them to achieve anything. "It is going to be hard and interesting for both teams". The largest fan zone is in Zagreb's main square, where thousands are expected to watch the game on a giant screen.
    See Meghan Markle and Prince Harry's Shy PDA

    See Meghan Markle and Prince Harry's Shy PDA

    Meghan Markle and Prince Harry attend a reception at Glencairn, the residence of Robin Barnett, the British ambassador to Ireland. They will also visit Trinity College, the Famine Memorial and the Irish Emigration Museum over the course of their stay.
  • Airbus Mars rover will send samples back to Earth

    Airbus Mars rover will send samples back to Earth

    For some time now, both NASA and its European counterpart, ESA, are working on setting up a so-called Mars sample-return mission. With those funds, Airbus will develop its own Mars rover created to complete what NASA has started.
    Kim smashes LPGA scoring record to win Thornberry Classic

    Kim smashes LPGA scoring record to win Thornberry Classic

    During the final round, Kim showed outstanding accuracy with her iron shots, with a Greens in Regulation percentage of 94.4. Kim will take aim at Sorenstam's 72-hole record of 27-under par, set at the Standard Register Ping in 2001 in Phoenix.
    KL Rahul attains career-best third T20I ranking

    KL Rahul attains career-best third T20I ranking

    No wonder he moved up 44 spots on the table to reach No 2 with 842 points, also the best in his short worldwide career so far. Pakistan emerged champions on Sunday, beating Australia by 6 wickets in the T20I tri-series final held at Harare sports club.
  • DJI's next Mavic drone might have 360-degree obstacle awareness

    DJI's next Mavic drone might have 360-degree obstacle awareness

    The company began to push the envelope with the 2016 Mavic Pro that offered 4K video in a portable package. Another feature that was speculated from the leaked DJI Mavic 2 image is 360-degree obstacle avoidance.
    Timberlake showing England-Croatia before London show

    Timberlake showing England-Croatia before London show

    A victory against England could set the stage for a rematch in the final as Les Blues face Belgium for the other spot in the tournament decider.

    Facebook Is Getting Its First Big Fine Over the Cambridge Analytica Scandal

    The ICO said its investigation is continuing and the next phase is expected to be concluded by the end of October. Facebook has a chance to respond to the ICO before a final decision is made on the fine.

NASA’s Kepler Telescope has alarmingly low fuel, goes to sleep NASA’s Kepler Telescope has alarmingly low fuel, goes to sleep For now, Kepler's team is concentrating on the downloading of data gathered during the spacecraft's most recent observation. The team will start its 19th observation campaign on August 6 if the download is successful.

Pakistani Authorities Arrest Nawaz Sharif's Son-in-law Pakistani Authorities Arrest Nawaz Sharif's Son-in-law The NAB has already declared that Mr Sharif and Maryam will be arrested upon their arrival at any airport of the country. NAB also asked Pemra to provide footage of the rally to ascertain the identity of the culprits.

Cardi B countersues her former manager for $15 mn Cardi B countersues her former manager for $15 mn According to TMZ , the rapper has struck back with a counterclaim against her ex-manager, a man professionally known as Shaft . He claims he's entitled to money because he made Cardi a star and she froze him out of her career.

Irish Open: Russell Knox edges Ryan Fox in play-off to take title Irish Open: Russell Knox edges Ryan Fox in play-off to take title The New Zealander had that putt for the title but missed on the high side and the pair were left to go back up the last. Andy Sullivan and Zander Lombard took the other two places after finishing tied-sixth.

Klopp defends Karius after goalkeeper makes pre-season howler Klopp defends Karius after goalkeeper makes pre-season howler But that shot, it was not easy to deal with it. "Two brilliant footballers make this mistake, but we don't talk about it".

World Cup semi-final England v Croatia World Cup semi-final England v Croatia I felt something unusual in my knee and after talking with the doctor on the sideline we decided I should come off. Stan Chattersley, who has lived in Bournemouth for 15 years, admitted he would not be supporting England.

Korean-American Kevin Na Wins 2nd Career PGA Victory Korean-American Kevin Na Wins 2nd Career PGA Victory He cried during a television interview after the round as he relayed a message in Korean to his overseas fans. Carlota Ciganda closed with a 64 despite a double bogey on the 18th hole and finished alone in second.

Researchers uncover the world's oldest biological colour Researchers uncover the world's oldest biological colour In fact, the ancient oceans that were once dominated by the cyanobacterial started to disappear when algae became prevalent. In their concentrated form, the pigments ranged from blood red to deep purple, going bright pink when diluted.

Baby Stormi Doesn't Have Her Mom Kylie Jenner's Lips Baby Stormi Doesn't Have Her Mom Kylie Jenner's Lips I know I can have a super fit body. 'My ears kind of like come out a little bit, she has my ears, ' Kylie added. The makeup mogul and the "Butterfly Effect" hitmaker welcomed their first child together five months ago.

Review Of Gay Sex Law From Today At Supreme Court Review Of Gay Sex Law From Today At Supreme Court The bench comprises Chief Justice Dipak Misra and Justices Rohinton Nariman, AM Khanwilkar, DY Chandrachud and Indu Malhotra . The Centre said it has no objection with the court dealing with the validity of this penal provision.

Man City medical scheduled for Mahrez Man City medical scheduled for Mahrez Several months later Mahrez is closing in on a deal, after Leicester and City are about to agree a deal around 65 million. The basic price of the Algeria worldwide is expected to start at £60m and with add-ons may raise to £75m.

England fans' hilarious memes moaning about work before semi-final England fans' hilarious memes moaning about work before semi-final Tintin and Asterix have always been rivals in the world of the comic strips for both are popular for their entertainment and art. Goalkeeper Hugo Lloris made another excellent save to help his team to victory and he called reaching the final "crazy".

Iran downplays impact of US sanction threats Iran downplays impact of US sanction threats Boosting production this way might risk a decline in oilfield pressure that could result in long-term damage to the reservoirs. So much can change in oil markets in the course of a few weeks.

Wayne Pivac to succeed Warren Gatland as Wales head coach in 2019 Wayne Pivac to succeed Warren Gatland as Wales head coach in 2019 Gatland is set to walk away from his role as Wales boss following the 2019 Rugby World Cup and will be replaced by a fellow Kiwi. If he is appointed, it will be a return to global coaching for Pivac, who was Fiji boss for three years from 2004-2007.

'Scapegoat' Ozil should quit German team, says father 'Scapegoat' Ozil should quit German team, says father Ozil and his German team mate Ilkay Gundogan, both of whom are of Turkish descent, were already under pressure coming into the tournament.