Tuesday, 17 July, 2018


China Says US 'Opening Fire' on World With Tariffs, Vows to Respond

GETTYThe US President has escalated tensions that could lead to a trade war GETTYThe US President has escalated tensions that could lead to a trade war
Conrad Doyle | 11 July, 2018, 22:38

On Friday, Washington implemented tariffs of 25 percent on $34 billion of Chinese imports, part of a total $500 billion of goods from China that could be targeted for USA duties.

In the Bulgarian capital, Li will attend a meeting between China and 16 central and eastern European countries that will focus on trade.

"China will never fire the first shot", Gao said.

Amid a relatively well-supplied global oil market, energy consultancy Wood Mackenzie said the United States "would find it hard to find an alternative market that is as big as China", as Chinese buyers make up 20 percent of US overseas crude sales.

The Chinese currency, the yuan, has dropped 3.5 percent against the USA dollar over the past month, giving Chinese companies a price edge over their US competition.

The new tariffs could just be the opening skirmish in the trade war, as U.S. President Donald Trump has vowed to hit as much as $450 billion in Chinese goods, the vast majority of that country's imports. US stocks edged higher on Thursday, lifted by technology shares, amid hopes that American trade tensions with Europe may ease after German Chancellor Angela Merkel said she would back a reduction of European vehicle tariffs if Washington abandons its threatened higher auto levies. China retaliated with taxes on an equal amount of US products, including soybeans, pork and electric cars, calling the move the start of the "biggest trade war in economic history".

US light crude futures traded up 0.6 per cent at $74.62 per barrel, after rising above $75 for the first time in more than three years on Tuesday.

Traders, economists and politicians are now concerned with what will happen next.

These would hit USA energy exports, such as coal and crude oil, among other areas. Mr Trump has indicated he's examining leaving the WTO altogether.

The European Union says it will soon take action to prevent steel produced for the US market from flooding into Europe due to tariffs introduced by President Donald Trump. (Hello Hye-sung/ Hi Ji-yoon.) So tell us more about all this trade battle.

A ship carrying tons of USA soybeans going from Seattle to China just missed the deadline to avoid a 25 percent tariff that China promised to impose on Friday in retaliation to President Trump's tariffs on Chinese imports.

Added to the tariffs are the increased scrutiny on Chinese investments in the United States, which the government says are sensitive for economic or national security reasons, which already has reduced incoming investment. "The implementation time for all policies starts at midnight".

Even though the tariffs just kicked in, they were approved in back in March and have already managed to make a negative impact.

Japan's Nikkei 225 index was up 1.2 percent by mid-afternoon Friday while South Korea's Kospi added 0.1 percent.

"These tariffs will do nothing to protect U.S.jobs, but they will undermine the benefits of tax reform and drive up prices for a wide range of products as diverse as tool sets, batteries, remote controls, flash drives and thermostats", Shay said.

The dispute has roiled financial markets including stocks, currencies, and the global trade of commodities from soybeans to coal in recent weeks. The Shanghai Composite closed 0.5% higher, but ended the week 3.5% lower - its seventh consecutive week of losses. This allows Washington to take unilateral action when it determines that a trading partner has engaged in unfair practices.

U.S. pork was already saddled with duties enacted in an earlier round of the trade row and now faces an extra 25 percent tariff that would raise the total charges up to 62 percent.

The list avoids direct tariffs on consumer goods such as cellphones and footwear.

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