Saturday, 20 October, 2018

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 The White House reportedly had a private meeting with tech industry representatives last week. Daniel Terdiman CNET
Kenneth Drake | 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.

China said 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.

Recommended

  • Turns Out Musk Might Actually Be Serious About Taking Tesla Private

    Turns Out Musk Might Actually Be Serious About Taking Tesla Private

    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".
    Republicans Seem Very Worried About Tuesday’s Ohio Special Election

    Republicans Seem Very Worried About Tuesday’s Ohio Special Election

    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.
    Tennessee set for Senate battle; Black loses governor's primary

    Tennessee set for Senate battle; Black loses governor's primary

    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.
  • Ag. President, Yemi Osinbajo fires DG of DSS

    Ag. President, Yemi Osinbajo fires DG of DSS

    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.
    Iran Receives More Airplanes Ahead of Renewed US Sanctions

    Iran Receives More Airplanes Ahead of Renewed US Sanctions

    Since the USA withdrawal from the Iran deal, Iran's currency has taken a nosedive , soaring up to around 120,000 rials to a dollar.
    Trump Acknowledges Purpose of Meeting with Russian Lawyer

    Trump Acknowledges Purpose of Meeting with Russian Lawyer

    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 .
  • Pogba's agent in Manchester to unlock Frenchman's move to Barcelona

    Pogba's agent in Manchester to unlock Frenchman's move to Barcelona

    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 .
    Video shows wild fight break out in Brooklyn nail salon

    Video shows wild fight break out in Brooklyn nail salon

    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.
    California Wildfire Becomes Second Largest In State History

    California Wildfire Becomes Second Largest In State History

    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.
  • U.S.  mid-term elections: Trump claims win in key OH  vote

    U.S. mid-term elections: Trump claims win in key OH vote

    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.
    Melania wades into Lebron James, Donald Trump feud

    Melania wades into Lebron James, Donald Trump feud

    Pro Football Hall of Famer Shannon Sharpe tweeted: "It should be beneath the dignity of a sitting POTUS to take racist shots at D. Trump has been promoting her Be Best campaign and talking to children about the "importance of responsible online behavior".
    Paul Pogba Wants Manchester United Exit

    Paul Pogba Wants Manchester United Exit

    He's my friend, I grew up with him. 'For one month the players are in a closed camp, ' Mourinho explained. Pogba came through the youth system at United before leaving for Juventus on a free transfer.

At least 91 killed in massive Indonesia quake At least 91 killed in massive Indonesia quake The West Sumatra government has donated one tonne of its most famous culinary export, beef rendang - a slow-cooked coconut curry. Volunteers and rescue personnel were erecting more temporary shelters for the over 80,000 people left homeless on Lombok.

Gates, star witness against Manafort, concludes testimony Gates, star witness against Manafort, concludes testimony His defence team is seeking to pin the blame on Gates, who they say was responsible for day-to-day operations of the business. Gates served as a deputy for Manafort's political consulting business, and then as his deputy on the Trump campaign in 2016.

Google Pixel 3 XL Clearly White leaks in new unboxing video Google Pixel 3 XL Clearly White leaks in new unboxing video As if the XL sized notch was not already enough, the Pixel 3 XL will also come with a sizeable bezel at the bottom. We also get a closer look at the new USB-C earbuds above, and they look a lot like Google's wireless Pixel Buds .

Jurgen Klopp not ruling out Deadline Day business for Liverpool Jurgen Klopp not ruling out Deadline Day business for Liverpool Liverpool FC signed Brazil global Fabinho in a £39m deal from Ligue 1 side AS Monaco at the start of the transfer window. From there it looked like Torino could be in a night like the one that befell Napoli in the Aviva Stadium last weekend.

'Mission: Impossible' bests Winnie the Pooh at box office 'Mission: Impossible' bests Winnie the Pooh at box office Universal's " Mamma Mia: Here We Go Again " landed in fourth with US$9 million for a domestic tally of US$91 million. Disney/Pixar's blockbuster Incredibles 2 advanced to $44.6 million after banking $409,000 in its eighth frame.

U.S. sets date for additional China tariffs The US is now considering tariffs on another $200bn in goods , including consumer products that were spared in the initial round. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.

Child's remains found at New Mexico makeshift compound Child's remains found at New Mexico makeshift compound What authorities found was what Hogrefe called "the saddest living conditions and poverty" he has seen in 30 years on the job. The Taos County Sheriff's Office went to the makeshift compound on Friday to search for a missing 3-year-old boy, AG Wahhaj.

Plane crashes in California parking lot; all 5 onboard killed Plane crashes in California parking lot; all 5 onboard killed The crash site is just north of the popular South Coast Plaza shopping mall and a few blocks northwest of John Wayne Airport. The plane was running on 100 octane gas, which spilled during the crash, Orange County Fire Authority Capt.

The sweet way the royal family celebrated Meghan Markle's birthday The sweet way the royal family celebrated Meghan Markle's birthday The royal couple were attending the wedding of the prince's long-time friend Charlie van Straubenzee to Daisy Jenks. However the Duchess of Sussex may very well have to return the majority of the gifts, according to The Mirror .

Transfer: Victor Moses speaks on leaving Chelsea over limited role under Sarri Transfer: Victor Moses speaks on leaving Chelsea over limited role under Sarri Courtois' club and global colleague Eden Hazard is another who has been strongly linked with a transfer to Madrid in this window. Despite that, Barkley is confident that Sarri can make his mark in the Premier League , but says his new manager needs time.

Georges St-Pierre Interested In The Winner Of Khabib/McGregor Georges St-Pierre Interested In The Winner Of Khabib/McGregor McGregor was an event first and foremost, and whether or not a competitive fight ever came out of it was never really the point. In an interview with TMZ , Diaz said the lawsuit was settled a month ago and criticized the UFC for their lack of promotion.

Star witness Rick Gates testifies against former boss Paul Manafort Star witness Rick Gates testifies against former boss Paul Manafort Manafort attorney Kevin Downing says that Rick Gates will testify at the conclusion of the testimony of Manafort's tax preparer. Gates also testified he and Manafort knew it was a crime because they had been notified by Manafort's accountants in emails.

Wildfires spreading across Portugal's Algarve region as temperatures reach 46C Wildfires spreading across Portugal's Algarve region as temperatures reach 46C Here in Evora, we reached 45.5C , nationally the temperature was 46.5C so about a degree off breaking the national record. Faced with wilting troops, the Swiss Army has allowed soldiers to wear shorts and T-shirts instead of standard uniforms.

Hamiltonians slam Ontario Premier Doug Ford for slashing basic income program Hamiltonians slam Ontario Premier Doug Ford for slashing basic income program Single persons under the plan could have received up to $17,000 per year, minus half of any income he/she earned. That was reported as an admission of breaking the PC's campaign promise not to cancel the pilot.

China plans tariffs on $60bn of imports to counter Trump China plans tariffs on $60bn of imports to counter Trump Mnuchin is more in favour of coming to an agreement that would bring about a reduction in the United States deficit. The White House has responded by saying Beijing's threats are weak and that the Chinese economy is in trouble.