Chinese exports accelerate even as Trump escalates trade war
Chinese exports accelerate even as Trump escalates trade war
The White House reportedly had a private meeting with tech industry representatives last week. Daniel Terdiman CNET
10 August, 2018, 06:34
The world's top two economies have repeatedly sparred over trade in recent months, in what experts warn may become a devastating cycle of retaliation.
Chinasaid on Wednesday, August 8, it will impose 25% tariffs on a further $16 billion of United States goods, making good on its promise to retaliate against new American levies. China in turn retaliated by proposing tariffs on $60 billion worth of USA goods, with the extra levies ranging from 5 to 25 percent.
"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections".
The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September.
USA industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans.
China has now either imposed or proposed tariffs on $110 billion of USA goods, representing the vast majority of China's annual imports of American products.
Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer".
The tit-for-tat protectionist measures are poised to surge even higher, with the USA reviewing 10 per cent duties on a further US$200 billion in Chinese imports that it may even raise to 25 per cent after a comment period ends on Sept 6.
They appear far from a resolution. and according to USA local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion US dollars of Chinese imports...and is considering raising the rate to 25 percent.
The first tariffs were imposed in March and China responded in April.
Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States. Those new tariffs, totaling $16 billion, will be levied against 279 products, including motorcycles, steam turbines and railway cars. But it held off on a final $16 billion as a result of concerns raised by U.S. companies. "They are aimed at fellow Americans", the economist said. But it was 11 percent higher than in the same month a year ago. It would take a few more weeks to revise the list and make programming changes at U.S. Customs and Border Protection to begin collecting the duties.
According to a study released Tuesday by the U.S. Federal Reserve Bank of Atlanta, Washington-fueled trade tensions with other economies have prompted nearly a fifth of U.S. businesses including about 30 percent of manufacturers to review their capital spending plans.
The broader timing of the tweet is also suspect, given Musk's recent public denunciations of Tesla's (equally vocal) critics. Munster figures that there is a one-in-three in chance that Musk "can actually pull this off and bring Tesla private".
President Trump is arguing that Republicans can keep control of Congress by casting the midterms as a referendum on himself. In that race - taking place nearly exactly three months out from the national midterms - GOP candidate state Sen.
Bredesen rallied his supporters Thursday by telling them he'd be "the best damn senator you ever sent up to Washington". Bredesen, who remains popular, would again need to peel off support from moderate Republicans and independents.
The lawmaker made the allegation in an interview with Thisday on Tuesday at the lobby of the National Assembly in Abuja. Senate President Bukola Saraki is set to hold a world press conference Wednesday (today) afternoon at 12 noon.
While the president has not said much in public about his son's actions, it appears as if this is not at all the case in private. He told both NBC News and Russian officials visiting the Oval Office that he had done so because of the Russia investigation .
Paul garnered the interest of some of Europe's top clubs such as Juventus due to his fine performances in France's World Cup win. Some deals were completed on Tuesday, with Burnley signing former England number one Joe Hart and Derby striker Matej Vydra .
Thomas declined medical attention, the station reported. "We don't need to protest, we need to financially castrate this business. As Thomas runs out of the salon another can be heard saying "What are you doing", leading to Zhing attacking her as well.
But the heat forced many crews to drop back to safety zones in July and helplessly watch fires continue to rapidly expand. The Thomas Fire scorched a much more densely populated area, burning through 1,063 structures and damaging 280 more.
Mr Trump won the 12th Congressional District in 2016 by more than 11 percentage points and Republicans have held it since 1983. It's rare, but not impossible, for election results to be overturned when absentee votes skew hard in one direction.
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