Saturday, 22 September, 2018

USA has 'launched the largest trade war in economic history': China

Trade Wars: Trump loads first volley against China As tariffs strike, U.S., China trade conflict escalates
Russell Knight | 07 July, 2018, 01:24

US President Donald Trump told reporters on Thursday that US tariffs on an additional $16bn in Chinese goods are set to take effect in two weeks. China had lodged a case with the World Trade Organisation (WTO) against the United States, its commerce ministry said in a one-line statement late on Friday. Exports to the USA account for only 19% of all of China's exports.

Even before the first shots were fired, the prospect of a trade war was worrying investors.

What tariffs are now in effect?

USA tariffs on $34bn (£25.7bn) of Chinese goods came into effect on Friday.

United States tariffs on $34 billion in Chinese goods kicked into effort at midnight on Thursday, with 25 per cent duties on a range of products including motor vehicles, computer disk drives, parts of pumps, valves and printers and many other industrial components.

Russian Federation is introducing extra duties on a range of products imported from the United States that can be replaced by locally made equivalents. "They can make products hard to clear customs".

This ship, carrying tons of US soybeans, had been racing against the clock across the sea, trying to arrive in Dalian port before the tariff war started.

But German Chancellor Angela Merkel, signaling her eagerness to not drag the European Union further into the spat, told parliament on Wednesday, "It is worth every effort to try to defuse this conflict so that it doesn't turn into a real war, but of course there are two sides to that".

What is President Trump threatening?

The price of USA soybeans has plunged 17 percent over the past month on fears that Chinese tariffs will cut off American farmers from a market that buys about 60 percent of their soybean exports. Another $16 billion of goods could follow in two weeks, Trump earlier told reporters, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of USA goods imports from China in 2017. "So we have 50 plus 200 plus nearly 300".

Total lunar eclipse expected on July 28
According to Fundamental Astronomy, a lunar eclipse occurs when the Moon passes directly behind Earth and into its shadow. NASA says the lunar eclipse will last for 1 hour and 43 minutes with total viability in Eastern Africa and Central Asia.

Bill Shine White House Appointment Sparks Protests From Gretchen Carlson, Chelsea Handler
On your marks, get set. how long till the liberal media and snowflakes start taking shots at the great Bill Shine? Shine was never personally accused of harassment, but multiple women accused him of defending the men who were.

South Korean Basketballers Arrive in North to Mix Sports, Diplomacy
Trump insisted the talks are moving "very quickly" and that he believed North Korea is serious about total denuclearization. North Korean leader Kim Jong-un has visited the special economic zone of Sinuiju. on the North Korean border with China.

The Trump administration accuses China of building its emerging industrial dominance by "stealing the crown jewels" of American technological know-how through cyber-theft, forced transfers of intellectual property, state-sponsored corporate acquisitions and other underhand practices.

Behind the trade war, there is conflict within the Trump administration. "If we're trying to sell there (another country), we should have the same opportunity as they have the right to sell here".

In the months ahead though, China will struggle to replace the USA beans, forcing processors, which crush the beans to make oil and animal feed, to pay the extra duty or find substitutes.

The tension between these factions is occasionally on display in the West Wing. "China is never the only side to suffer", Cheng said.

"There are no winners in a trade war", said the chamber's chairman, William Zarit, in a statement.

The official China Daily newspaper accused the Trump administration of "behaving like a gang of hoodlums".

Prices are rising, especially for steel and aluminum, and companies are starting to feel reticent about investments or planning to shift production overseas to avoid retaliation against U.S. exports.

Will there be a full-scale trade war?

Heck said that U.S. Secretary of Agriculture Sonny Perdue promised that if the escalating trade dispute had not been solved by Labor Day, he would put together an aid package to protect the rural economy.

Rob Carnell, chief Asia economist at ING, said: "This is not economic Armageddon". We will not have to hunt our food with pointy sticks. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case". "These tariffs could mean the difference between a profit and a loss for an entire year's worth of work out in the field, and that's only in the near term", Bible said. "After the United States activated its tariff measures against China, China's measures against the USA took effect immediately", Lu Kang said, though he did not elaborate on the details of the measures.

Recommended

  • Danish PM: Trump has

    Danish PM: Trump has "unilateral focus" on defense spending

    Nato Secretary-General Jens Stoltenberg is expected to urge allies to focus on the "three Cs" - cash, capabilities and commitments.
    Musk sends engineers to help Thai boys trapped in cave

    Musk sends engineers to help Thai boys trapped in cave

    He also suggested inserting a narrow tube to inflate the cave network to help the students and their teacher out. Crews located the boys about two kilometres from the cave's entrance following nine days of searching.

    Thunder just trying to figure out how to get rid of Carmelo

    OKC will work with Anthony's reps and evaluate options including trade, buyout and/or stretch provision, which could save the team over $100 million.
  • In vitro fertilization might save endangered rhinos

    In vitro fertilization might save endangered rhinos

    In total, Hildebrandt and his colleagues created four hybrid embryo, the Northern white Rhino - two males and two females. The animals were killed for their horns, a gram of which valued more than gold and served as a status symbol for many.
    Thailand Cave Rescue Diver Samarn Poonan Dies After Running Out Of Oxygen

    Thailand Cave Rescue Diver Samarn Poonan Dies After Running Out Of Oxygen

    In the most recent videos a Navy SEAL is shown treating minor cuts on the feet and legs of the boys with antibiotic ointment. But families have only been able to hear from their children through footage uploaded to the Thai Navy Seal Facebook page .
    Islamic State says leader's son killed in Syria

    Islamic State says leader's son killed in Syria

    Baghdadi is the world's most wanted man, with a $25million United States reward on offer for information leading to his death or capture.
  • 3,000 migrant children still separated from parents, official says

    3,000 migrant children still separated from parents, official says

    It's unclear whether that'll satisfy the judge's order, as indefinite family detention violates another court order, Flores v. US authorities confirmed through DNA testing on March 12 that the woman was the girl's mother and the two were reunited.
    Pakistan court gives 10-year jail to Sharif in 1st corruption case

    Pakistan court gives 10-year jail to Sharif in 1st corruption case

    The court dismissed applications by lawyers of the defendants on Thursday seeking a seven-day delay in announcing the verdict. Maryam Nawaz and her husband stand barred from contesting the July 25 election from Lahore and Mansehra respectively.
    UK Poisoning: Police say Novichok may be left over March

    UK Poisoning: Police say Novichok may be left over March

    The Skripals spent weeks in critical condition after being attacked in the southwest England city of Salisbury in March. Scientists say there's no easy way to use technology to locate the container thought to be the source of the Novichok .
  • Texas mom shoots man who stole SUV with kids inside

    Texas mom shoots man who stole SUV with kids inside

    While inside, a man, who was later identified as 36-year-old Rickey Wright, entered her SUV and attempted to drive away with it. Dallas police say a woman shot a man in the face as he tried to steal her sport utility vehicle with her two children inside.
    China: 'We're Ready to Retaliate Against US Tariffs'

    China: 'We're Ready to Retaliate Against US Tariffs'

    The Chinese government responded quickly to the as President Donald Trump's tariffs went into effect at midnight ET on Friday. In a commentary, the state-run tabloid Global Times said that China was ready for a fight.
    Trudeau denies sexually assaulting reporter in 2000

    Trudeau denies sexually assaulting reporter in 2000

    After removing Kent Hehr from the cabinet for similar allegations, Trudeau himself may be fighting for his political career. I'm responsible for my side of the interaction, which certainly as I said, I don't feel was in any way untoward".

Keri Russell in talks for 'Star Wars: Episode IX' Keri Russell in talks for 'Star Wars: Episode IX' Daisy Ridley , Adam Driver , John Boyega and Oscar Isaac are all expected to return for the latest Star Wars installment. Russell recently wrapped the final season of “The Americans .” She is repped by WME and manager Joannie Burstein.

Arrest in Humboldt Broncos bus crash that killed 16 people Arrest in Humboldt Broncos bus crash that killed 16 people Sidhu, who was not injured in the crash, was arrested Friday morning at his Calgary home and remains in police custody. Tom Straschnitzki, whose son Ryan was paralyzed from the chest down, said he was relieved charges were laid.

Baltimore buildings evacuated due to possible TB release Baltimore buildings evacuated due to possible TB release Baltimore firefighters have evacuated two medical research buildings due to possible tuberculosis contamination. Symptoms of TB infection include fever and bloody coughing, and treatment can take six months or even longer.

Dozens missing after boat capsizes off Thailand's Phuket island Dozens missing after boat capsizes off Thailand's Phuket island Governor Noraphat said Phuket officials had issued a weather warning on Wednesday alerting the public about impending storms. The Pheonix boat was pummelled by huge waves as high winds whipped up the sea off the popular island of Phuket .

Grayson Allen Got Called For A Tripping Foul In NBA Summer League Grayson Allen Got Called For A Tripping Foul In NBA Summer League When Young stepped back and rose to shoot, his arms tangled with Allen's and he lost the ball. After the game, Allen told reporters that he and Young were hugging.

Beryl becomes first hurricane of 2018 season The hurricane center also cautioned that because of its small size, Beryl is harder to predict with any certainty. While the storm is expected to dissipate as it nears the southern Caribbean islands, rain and winds are expects.

Donald Trump Makes Sexual Assault Joke About Elizabeth Warren While Mocking #MeToo Donald Trump Makes Sexual Assault Joke About Elizabeth Warren While Mocking #MeToo The veracity of Warren's claimed Native American roots has been a subject of controversy since she first ran for Senate in 2012. In a second tweet , Teigen wrote: "And why would you have to toss it? where is he going with this? his brain is eating itself".

Syria rebels say talks with Russian Federation 'fail' over the south Syria rebels say talks with Russian Federation  'fail' over the south Most of those escaping the fighting have fled to the borders with Jordan and the Israeli-occupied Golan Heights. According to Syrian opposition media reports, the explosions were the result of an IDF air strike.

Hamilton, Bottas fastest in first practice for British GP Hamilton, Bottas fastest in first practice for British GP Asked whether keeping track of DRS through Turn 1 was tricky, Hamilton said: "It's not tricky, no". Fernando Alonso also had a big wobble as his McLaren ran wide but he managed to recover.

Man who challenged black mom's right to be at pool loses job Man who challenged black mom's right to be at pool loses job The HOA also announced that it has re-instituted a sign-in sheet at the pool "to make sure no resident feels singled out again". In a Twitter post , South Carolina-based Sonoco apologized to Edwards and said the situation doesn't reflect company values.

Ant-Man And The Wasp's TWO Post-Credits Scenes Explained Ant-Man And The Wasp's TWO Post-Credits Scenes Explained A second post-credits scene implies San Francisco, Ant-Man's home base, is particularly hard-hit by Thanos' snap. And we are starting now the next one which will start a few minutes after Avengers 4 wraps as a story.

Scott Pruitt resigns at EPA; Andrew Wheeler to take over Scott Pruitt resigns at EPA; Andrew Wheeler to take over Trump tweeted that Pruitt's deputy, the former coal lobbyist Andrew Wheeler , would take over Monday as acting head of the agency. Chief of staff John Kelly was seemingly obsessed with getting Pruitt ousted, according to EPA and White House officials.

Japan executes cult leader Shoko Asahara for 1995 subway attack Japan executes cult leader Shoko Asahara for 1995 subway attack In all, 13 cult members were sentenced to death during more than 20 years of trials , which came to an end in January 2018. Aum Shinrikyo followers chant before a portrait of guru Shoko Asahara on July 19, 1999, at Aum's Adachi office in Tokyo .

Sounds Like Meghan Markle Has Adopted British Accent Sounds Like Meghan Markle Has Adopted British Accent For her first royal engagement as the Duchess of Sussex , Meghan's tights were very noticeable beneath her sheer Goat dress. It's the first time Meghan has worn a bright colour on an engagement with Harry since their marriage in May.

US job growth strong; unemployment rate rises to 4 per cent It was 14.5 per cent in May, but 15.5 per cent in June. "This generates a rising standard of living and strong income growth". The unemployment rate ticked up to 4% from 3.8%, but this was because more people entered the labour force looking for work.