Monday, 22 October, 2018

Europe leads fightback after Asian shares floored again

Europe leads fightback after Asian shares floored again Europe leads fightback after Asian shares floored again
Russell Knight | 12 September, 2018, 21:30

WALL STREET: U.S. stock indexes fell on Friday after President Donald Trump said he's ready to impose tariffs on essentially every good that's imported from China.

There was a "logical gap" in Trump's statement that the vehicle not being imported to the U.S. somehow meant it could be built in the United States cost-effectively, said Reade, who now advises clients on USA and Chinese governmental issues at the Washington-based law firm Arnold & Porter.

While Asian markets declined on fears about Trump's tariffs, US stocks began the week strong, with major indexes rebounding from the previous week's losses.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers", the letter said.

Ford, BMW, Mercedes and others export about 250,000 vehicles to China from the USA each year, Dziczek said. "We hope, instead, that you will reconsider these measures and work to find other, more effective solutions that leave the USA economy and USA consumer stronger and healthier than ever before".

Trump has repeatedly called for companies to move production to the USA, or to keep it there, while pushing aggressive trade actions aimed at narrowing the United States trade deficit. It makes many of its products for the United States market in China, and it also sells gadgets including the iPhone in China, making them a potential target for Chinese retaliation against the Trump tariffs.

"Without the tariffs, the business case was pretty solid for that model in the US market", Kim said.

The U.S and China have been locked in an escalating trade dispute, with each nation levying significant tit-for-tat tariffs against one another.

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He said that North Carolinians should obey evacuation orders, as Florence is expected to affect millions in both North and SC . This could add another metre or more of surge, which is forecast to be as high as four metres in some parts of North Carolina.

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Mobile phones, the biggest United States import from China, have so far been unaffected but would be engulfed if Mr Trump activates the $267bn tariff list.

Apple slides as trade war tensions overshadow the company's new product unveiling on Wednesday. Cook has along with other titans of industry sought huge corporate tax cuts, which Trump was more than happy to sign late previous year.

The automaker decided a couple years back to shift production of the Focus to Mexico, then last year it opted for China instead. Previously, Trump assured Apple that it would be safe from his trade war with China.

The Chinese plant isn't the only location where Ford will build the fourth-generation Focus so the automaker has alternative options for sourcing the Focus Active variant for the US market, should the vehicle still be planned for our market. "We are puzzled as to why the Administration may be using tariffs in part to re-engineer global ICT (information, communication and technology) supply chains that have served USA companies so well".

Mr Trump said: "I am being strong on China because I have to be".

Apple chief executive officer Tim Cook earlier this year told US President Donald Trump tariffs "were not the right approach". Trump has set the stage for tariffs on another $200 billion in Chinese imports, which could happen any day.

Also weighing on global shares was the prospect of faster rate rises by the Federal Reserve after data on Friday showed US job growth accelerated in August and wages notched their largest annual increase in more than nine years.

New tariffs-ranging from 10% to 25%- are expected soon on US$200 billion worth of imports from China and these will be in addition to the US$50 billion already in place.

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