Saturday, 22 September, 2018


The dollar is sliding as US-China trade war materializes

China Warns US'Opening Fire On World With Tariff Threats The dollar is sliding as US-China trade war materializes
Conrad Doyle | 07 July, 2018, 08:46

Another $16 billion of goods could follow in two weeks, Trump said, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of China's annual goods exports to the U.S.

Trump's comments appeared to increase the stakes for potential retaliation by China.

As of 12:01 eastern this morning, computers at US customs should have been reconfigured to apply new tariffs on $34 billion worth of Chinese goods, which include printers, cars and industrial parts.

Shaun Rein, managing director at the China Market Research Group in Shanghai, said the Chinese government's next play could be to stoke anti-American sentiments among consumers - similar to the boycotts it ordered a year ago on South Korea's Lotte Group, which caused dozens of the company's convenience stores to shutter.

Companies worry the spiraling dispute could chill global economic growth.

He described the U.S. actions "a violation of world trade rules" and accused Donald Trump of "initiating the largest-scale trade war in economic history".

Substantial they may be, but the average US consumer will likely not see these impacts directly for a little while.

After that, the hostilities could intensify: Trump said the U.S.is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing does not yield to USA demands and continues to retaliate.

The dispute reflects foreign frustration with China's state-led industrial development strategy, which Washington, Europe, Japan and other trading partners say hurt their companies and violate its market-opening commitments.

Trump has slapped tariffs on all major USA trading partners: China, Canada, Mexico, the European Union and Japan (India is way down the line but is not excepted).

The Chinese Ministry of Commerce called the tariffs "typical trade bullying" and said Trump "launched the largest trade war in economic history".

Some of Trump's fellow Republicans in the U.S. Congress lashed out at his actions.

"US measures are essentially attacking global supply and value chains". "To put it simply, the U.S. is opening fire on the entire world, including itself".

The list avoids direct tariffs on consumer goods such as mobile phones and footwear. But some products, including thermostats, are lumped into intermediate and capital goods categories.

USA customs officials will begin collecting an additional 25 percent tariff on imports from China of goods ranging from farming plows to semiconductors and airplane parts.

Chinese buying of soybeans has already ground almost to a halt ahead of the duties.

In the latest sign that the risk of penalties is hitting trade, a vessel carrying US coal heading for China switched its destination to Singapore.

Under a full-blown trade war in which the US slaps 10 percent tariffs on all other countries and they respond, the economists reckon USA growth would slow by 0.8 percentage point by 2020.

Donald Trump's trade war could potentially drag in products from other American trade partners, undermining relations.

The Chinese response, announced by the Chinese Ministry of Commerce following Washington's decision, is set to impact a slew of US agricultural products and industries, ranging from soybeans to seafood.

Minutes after the U.S. put its long-threatened duties into effect just after midnight on Friday morning, a spokesperson for China's ministry of commerce said it would be matching them dollar-for-dollar. Ford said it would "continue to monitor the situation as it evolves".

"Of course we want them to hold on", said Ernst. That is more than twice the amount that travelers from the USA spent.

Recommended

loading...
...

U.S. jobs growth stronger than expected The job growth shows the labour market shrugging off worries about a slowdown triggered by trade fights or rising borrowing costs. Revised figures for April and May bring the monthly average for this year to 214,000 jobs-up from 182,000 the year before.

'Fortnite' Playground LTM Is Going Away Before Coming Back for Good 'Fortnite' Playground LTM Is Going Away Before Coming Back for Good Fortnite's newest limited time mode, Playground, will leave the game on Thursday, July 12, developer Epic Games has announced. However, it is definitely coming back at some unplanned point in the future, and we know what it will look like when it does.

Hawaii to ban sunscreens harmful to coral reefs Hawaii to ban sunscreens harmful to coral reefs It is particularly targeted at the sunscreens that consists the chemicals such as oxybenzone and octinoxate. The bill , which Hawaii Governor David Ige signed on Tuesday, will not go into effect until 2021.

Young woman 'was not entirely comfortable,' Trudeau says of groping allegation Young woman 'was not entirely comfortable,' Trudeau says of groping allegation Trudeau of " groping " a young female reporter and said Mr. The editorial, which wasn't signed, accused Mr. The story didn't have a byline.

Musk sends engineers to help Thai boys trapped in cave Musk sends engineers to help Thai boys trapped in cave As he noted, the Boring Company in particular has quite a bit of experience digging holes and working with ground penetrating radar.

Brazil's World Cup misery continues at the hands of Belgium Brazil's World Cup misery continues at the hands of Belgium But, the duo have since recovered, with Kompany even featuring in the last two games for Roberto Martinez's side. Brazil came back strongly in the second half with an Augusto late header to beat Courtois.

We Happy Few approved to be published in Australia We Happy Few approved to be published in Australia More details will be published on the Classification Review Board decisions page once it's been properly prepared. Australia has a long history with game bans and cutting content, so it's nice to see We Happy Few unbanned .

Micron says has not received Chinese injunction on chip sales Micron says has not received Chinese injunction on chip sales Micron and UMC have been at loggerheads over the issue of stealing trade secrets in the Chinese court since previous year . It said the U.S. company's products infringed on three of its patents related to DDR4, SSDs, and graphic card memory.

Daraa rebels agree ceasefire, as Syrian regime seizes border crossing Daraa rebels agree ceasefire, as Syrian regime seizes border crossing A commander in the pro-Assad alliance said the army and its allies had seized a string of villages and reached the border. Syria's cash-strapped government hopes to recapture Nassib so that it can reopen trade with Jordan to the south.

FIFA invite children trapped in Thai cave to World Cup final FIFA invite children trapped in Thai cave to World Cup final The boys have asked the navy SEALs taking care of them in the cave for details about what has happened in the World Cup . They are glued to television screens in hopes of hearing news about any promising developments in the rescue operation.

Trump officials lay out ambitious plan to denuclearize North Korea Trump officials lay out ambitious plan to denuclearize North Korea David Schmerler, a research associate at MIIS, said that the Chemical Materials Institute's function was to produce parts for their missile program.

Soybean farmer reacts to China tariffs: ‘A lose-lose situation’ Soybean farmer reacts to China tariffs: ‘A lose-lose situation’ China's Ministry of Commerce said Friday in a statement that the U.S. had launched "the largest trade war in economic history ". American Soybean Association President John Heisdorffer said the retaliatory tariffs will "sting" his industry.

New Ontario government shelves portion of anti-scalping law New Ontario government shelves portion of anti-scalping law Ford said his government will honour contracts that have already been signed through GreenON, such as energy efficient insulation and window retrofits.

England have better chance against Brazil than Sweden: Eriksson England have better chance against Brazil than Sweden: Eriksson The Swede's will face England for a place in the semi-finals and the Three Lions are all too aware of their capabilities. However, he believed Sweden can beat England "if they continue what they've done in the World Cup so far".

Victims of deadly nerve agent 'handled contaminated item' Victims of deadly nerve agent 'handled contaminated item' A spokesman for Public Health England (PHE) said "it is not believed that there is a significant health risk to the wider public". Officers were called to a home in Muggleton Road , Amesbury , on Saturday morning when 44-year-old woman Ms Sturgess collapsed.