Sunday, 22 September, 2019

Chinese official says Trump's fentanyl tweets are 'not true at all'

US, China implement tariffs on each others good Fresh wave of tariffs from both China and U.S. take effect
Russell Knight | 03 September, 2019, 17:28

Beijing's levy of 5 per cent on USA crude marks the first time the fuel had been targeted since the world's two largest economies started their trade war more than a year ago.

The US began imposing 15% tariffs on a variety of Chinese goods yesterday - including footwear, smart watches and flat-panel televisions - as China put new duties on US crude, the latest escalation in a bruising trade war. Goods like phones and laptops, however, get a reprieve until December 15.

U.S. president Donald Trump delayed part of the levies to blunt the impact on holiday shopping.

In the currency market, the dollar dipped slightly against the yen to 106.12 yen. US equity futures fell on the news, touching their lows for the day.

USA stocks are set to open lower.

Tariffs could not impede China's development, said the official People's Daily of the ruling Communist Party.

The latest tariff hike is feared to be a painful blow to American businesses, which can not absorb all the levies and, subsequently, will hurt consumers, who will eventually bear the cost of the tariffs.

"The Trump administration has shot Americans in the foot".

Teenager went blind after living off chips
A 17-year-old teenager in the United Kingdom has suffered permanent blindness, and doctors claim his poor diet is to blame. The boy, described as a "fussy eater" but otherwise well, was given supplements and advice on how to improve his diet.

Rangers Confirm Ryan Kent Arrival, Permanent Deal
The Hoops also saved some money by sending Ewan Henderson to Ross County and Jack Aitchison to Forest Green Rovers . Former Hibs striker Jason Cummings has signed for Shrewsbury Town after months of speculation over his future.

Gold edges up on US-China tariffs; dollar caps upside
ENERGY: Benchmark U.S. crude lost 74 cents to $54.36 per barrel in electronic trading on the New York Mercantile Exchange. Negotiators are due to meet this month in Washington but neither side has given any sign it might offer concessions.

The date for a visit of Chinese officials to the USA capital hasn't been set, though that's not necessarily a sign it still won't happen, said the people, who asked not to be identified because the discussions are private. Trump later raised the new tariff on Chinese goods to a 15 percent rate rather than the initial 10 percent.

China has repeatedly decried USA pressure tactics, with signs that its officials are girding for a prolonged confrontation. It expressed hopes the US can return to normal bilateral trade, based on "fairness" and "mutual respect", rather than "continuing conflict".

The president launched his trade war in March 2018, demanding that China end practices widely seen as unfair, such as forced technology transfers from United States firms and the massive subsidies given to Chinese enterprises.

A variety of studies suggest the tariffs will cost USA households up to $1,000 a year, with the latest round hitting a significant number of United States consumer goods. "We're going to win the fight", he said. Roughly 40% of its annual sales come in the fourth quarter during the holiday shopping season. They claim that they are hurting China but, in reality, they are hurting us.

The tariffs are also harming the global economy.

China's fiscal stimulus package including about two trillion yuan (US$279 billion) of tax cuts has had less of a multiplier effect on lifting growth at home and overseas, compared with previous easing which was mainly focused on infrastructure and housing spending, the report said. Beijing then said it planned to file a complaint at the World Trade Organization against the US tariffs under the dispute settlement process, according to a Ministry of Commerce statement late Monday.

Meanwhile, China's first batch of retaliatory tariffs of either five or 10 percent on $75 billion of US goods also went into effect. Starting in mid-December, American wheat, sorghum, and cotton will also get a further 10% tariff. USA benchmark WTI crude was down 33 cents at $54.77 a barrel. With existing general duties on autos taken into account, the total tariff charged on US-made cars would be as high as 50%.

U.S. President Donald Trump said on Tuesday that trade talks between the United States and China were going well, though he warned that he would be "tougher" in negotiations if they dragged on until his second term. "This is not how you reach a meaningful trade agreement."Richard Trumka, president of AFL-CIO, said on "Fox News Sunday" that taking on China is a good thing, but that the president has "done it the wrong way" with his tariff strategy". To take on China, there has to be a multilateral approach.

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