Sunday, 23 September, 2018

European Union slaps retaliatory tariffs on U.S. as trade war rattles markets

White House downplays China trade tensions as ‘dispute Modal Trigger White House director of trade policy Peter Navarro Getty Images
Kenneth Drake | 22 June, 2018, 18:58

The possibility of such a war has been in focus after US President Trump announced tariffs on Chinese goods and China retaliated with tariffs on most agricultural imports from the US.

The imposition of tariffs has raised the specter of a full-blown trade war, which could be costly to consumers, jobs and the global economy.

The U.S. Commerce Department is investigating whether imports of automobiles and auto parts pose a risk to national security. Increased tax burden on goods from imposed duties is also carried by the end user.

Calling the European Union response proportionate and in line with World Trade Organisation rules, she said that they would be removed if Washington removed its metal tariffs. Trump imposed tariffs of 25 per cent on steel imports and 10 per cent on imported aluminium from the European Union on June 1.

Other countries hit by the United States tariffs have also retaliated, raising fears of a global trade war.


A spokesman for Prime Minister Theresa May said she expects to discuss trade tariffs with the United States president during his UK visit in July. "However, the unilateral and unjustified decision of the United States to impose steel and aluminium tariffs on the EU means that we are left with no other choice", EU Trade Commissioner Cecilia Malmstrom said.

Those personally in the line of fire are among the most concerned.

Late last month, Trump proceeded to infuriate US allies - from the European Union to Canada and Mexico by imposing tariffs of 25 percent on imported steel and 10 percent on aluminum. "It's going to hit customers, that's for sure".

The United States has imposed tariffs on Canada, Mexico and £25bn in Chinese goods.

Trump ran for the presidency on a vow to topple seven decades of American policy that had favored ever-freer trade among nations. MORE, Trump's former top economic advisor said last week the president had expressed an interest in only having cars in the US that were made here. He charged that a succession of poorly negotiated accords - including the North American Free Trade Agreement and the pact that admitted China into the World Trade Organization - put American manufacturers at an unfair disadvantage and destroyed millions of USA factory jobs. So even if the United States and China are having this battle, trade diversion means what may happen is that many of their market groups will be dumped on other markets to ensure that they don't overconsume or overproduce.

Recommended

  • Governor’s rule won’t affect ongoing military operations in J&K: Army Chief

    Governor’s rule won’t affect ongoing military operations in J&K: Army Chief

    He said the decision was not abrupt and was taken after three month long deliberations in the larger interest of the nation. Keeping it suspended has encouraged dalals", Omar said.
    Google Podcasts: Everything you need to know!

    Google Podcasts: Everything you need to know!

    Unlike the Messages app for macOS which Apple uses for desktop iMessage access, Google has instead made a web-based chat client. After tapping the + button right beside the composing section, you can search for GIFs and send them to other users.
    Trump, U.S. Republicans to meet amid furor over immigrant children

    Trump, U.S. Republicans to meet amid furor over immigrant children

    One reporter claimed that the separations began only after the administration launched it's zero-tolerance policy. There is TVs", Nielsen said at Monday's White House press briefing.
  • Sara Netanyahu's lawyer: Fraud indictment is 'ridiculous and bizarre'

    Sara Netanyahu's lawyer: Fraud indictment is 'ridiculous and bizarre'

    He is also being investigated in a third case, and some of his close associates are being investigated in an additional case. The justice ministry announced that "the Jerusalem district prosecutor. filed charges against the prime minister's wife".
    Turnbull congratulates New Zealand PM Jacinda Ardern on birth of baby girl

    Turnbull congratulates New Zealand PM Jacinda Ardern on birth of baby girl

    UK Prime Minister Theresa May and Australia's Labor Party leader Bill Shorten also congratulated the couple on the birth. An instagram of the baby captioned "Welcome to our village wee one", had reached 10,000 likes after just a few minutes.

    Instagram competes with YouTube, launches long videos

    Instagram chief executive Kevin Systrom announced the milestone as he unveiled the new video application known as IGTV. Up until now, video uploads were limited to just one minute on Instagram, but IGTV extends that limit to an hour.
  • Time Magazine Cover Features Trump And Migrant Toddler

    Time Magazine Cover Features Trump And Migrant Toddler

    Time magazine's new cover places a crying immigrant girl at the feet of US President Donald Trump . And the separation from their parents is traumatic enough to be likened to torture .
    Africa showing few signs of making World Cup breakthrough

    Africa showing few signs of making World Cup breakthrough

    Coming in the third minute, it was the second fastest red card in World Cup history and the first of this year's tournament. No African side has ever reached the World Cup semi-finals, and the continent has produced only three quarter-finalists.
    United Kingdom  vows to vote against Palestine at UN Human Rights Council

    United Kingdom vows to vote against Palestine at UN Human Rights Council

    Ambassador to the UN Nikki Haley plan to announce the withdrawal at the State Department in Washington at 5 p.m." today. Added Kenneth Roth, the executive director of Human Rights Watch: "All Trump seems to care about is defending Israel".
  • Supreme Court Rules States Can Tax All Internet Sales

    Supreme Court Rules States Can Tax All Internet Sales

    Legislators began considering going after Amazon when the company agreed to start paying the tax in other states, but not here. Even though the effective date of the decision is today, Rauschenberger is unsure when online retailers will be on the hook.
    Rescue boat Aquarius finally docks in Valencia

    Rescue boat Aquarius finally docks in Valencia

    Hundreds of migrants on the Aquarius rescue ship are set to arrive in Spain following the diplomatic row over their future. They also both called for steps to beef up Europe's borders to prevent illegal immigration.
    Stocks sink as new Trump tariff threat spooks investors

    Stocks sink as new Trump tariff threat spooks investors

    If Trump does impose these additional tariffs, the USA will have imposed tariffs on $450 billion in Chinese goods. The White House hasn't set a date for the imposition of any new tariffs beyond the initial list.

Xherdan Shaqiri says controversial celebration was 'emotion' during Switzerland win over Serbia Xherdan Shaqiri says controversial celebration was 'emotion' during Switzerland win over Serbia Switzerland held Brazil to a 1-1 draw in their opening match, while Serbia beat Costa Rica 1-0 to top the group after one round. Such displays have angered some Serbian fans, who often wear T-shirts bearing the map of Kosovo with the Serbian flag on it.

Trump says GOP lawmakers 'wasting their time' Trump says GOP lawmakers 'wasting their time' House Majority Whip Steve Scalise of Louisiana said Thursday evening they would keep trying to find consensus on the legislation. Republicans have never been able to pass a big immigration overhaul on their own, despite talking about the issue for years.

Melania Trump wears ‘I really don’t care’ jacket to visit DETAINED children Melania Trump wears ‘I really don’t care’ jacket to visit DETAINED children The words are spelled out in white, graffiti-style lettering across the back of the jacket , which retailed for $39 at Zara . While there may not be a " hidden message" in her jacket , Trump knew that wearing the outfit would prompt a reaction.

European Union slaps retaliatory tariffs on USA as trade war rattles markets European Union  slaps retaliatory tariffs on USA  as trade war rattles markets The countries have hit each other with tariffs on $50 billion worth of goods; Trump has threatened to add another $200 billion . The rising tensions and the chaos surrounding the steel and aluminum tariffs are starting to generate pushback on Capitol Hill.

Oil prices slip on expectations of rising OPEC, Russian supplies Oil prices slip on expectations of rising OPEC, Russian supplies Both countries have spare production capacity and raising output even at lower prices would yield significant returns. The final decision needs to be unanimous for OPEC, however, and many analysts expect the meeting to be a disaster.

Chelsea set to sign Juventus defender for £31 million Chelsea set to sign Juventus defender for £31 million If Sarri is appointed manager at Chelsea , he is keen to target some of his former players, including Senegal global defender Koulibaly.

Labour MPs' rebellion in Brexit Bill vote causes headache for Jeremy Corbyn Labour MPs' rebellion in Brexit Bill vote causes headache for Jeremy Corbyn Theresa May would have to get approval from Parliament before beginning negotiations on the UK's future relationship with the EU. They said: "We have not, and will not, agree to the House of Commons binding the government's hands in the negotiations".

Sergio Ramos hits back at Diego Maradona with huge Lionel Messi claim Sergio Ramos hits back at Diego Maradona with huge Lionel Messi claim Fortunately people love him and transmit that to him and he values that a lot. "I still think we can improve in all aspects". Paulo Dybala believes he can play alongside "the best player in the world" Lionel Messi for Argentina .

Kylian Mbappe Makes History As France Battle Into Last 16 Kylian Mbappe Makes History As France Battle Into Last 16 Russian Federation and Uruguay have already qualified from Group A in an order yet to be determined. Midfielder Pedro Aquino went closest to levelling when his stunning strike cannoned off the bar.

Blatter arrives in Russian Federation for World Cup despite Fifa ban Blatter arrives in Russian Federation  for World Cup despite Fifa ban At the two most recent World Cups in 2010 and 2014, fewer than 10,000 Chinese fans attended. I think that every time he comes on the world stage, he is under pressure to perform.

Republicans turn on Trump's 'cruel' border policy Republicans turn on Trump's 'cruel' border policy Under the Obama administration, such families were usually referred for civil deportation proceedings, not requiring separation. Earlier in the day, he issued a series of tweets and claimed that crime has risen in Germany as a result of migration.

Almost 2,000 children separated from adults at border: US - International Almost  2,000 children separated from adults at border: US - International The Obama administration also detained illegal immigrants at the border, but would detain parents and children together . The official tally of separations is now almost 4,000 children, not including March and the beginning of April 2018.

North Korea's Kim meets China's Xi following Trump summit North Korea's Kim meets China's Xi following Trump summit Kim's visit also reiterates the power China wields along the Korean Peninsula, having always been a communist ally of North Korea. Meanwhile, the United States and South Korea have confirmed they have suspended planning for their next joint military drills.

Chart-topping rapper XXXTentacion shot dead at 20 Chart-topping rapper XXXTentacion shot dead at 20 Cole had similarly kind words, calling him an "enormous talent" and saying he had a "strong desire to be a better person". Videos of what appeared to be Onfroy unresponsive in the driver seat of a vehicle circulated on social media Monday.

Emery handed Premier League debut against Guardiola's City Emery handed Premier League debut against Guardiola's City Liverpool will be the first visitors to the yet-to-be-named stadium on the weekend of September 15-16, the club confirmed . Liverpool will also host Southampton , Cardiff, Fulham and Everton on weekend following Champions League matches.