Monday, 21 January, 2019


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.

Recommended

loading...
...
  • How To Watch England Vs

    How To Watch England Vs

    Every World Cup game can be streamed in English with the Fox Sports Go app . The World Cup final is Sunday in Moscow at 11 AM ET/8 AM PT.
    A look at what's ahead in the World Cup

    A look at what's ahead in the World Cup

    Croatia defender Dejan Lovren said, who plays in England for Liverpool, said his side's status as underdogs doesn't bother him. But Dalic said: "I don't think England had easy opponents, they made it look easy".

    Many Irish will echo Gareth Southgate's attitude to 'football's coming home' song

    England manager Gareth Southgate leads his side into action against Croatia tonight. We have had the chance to make a difference. It is a special feeling and a privilege".
  • Captain Safdar likely to be arrested on Sunday

    Captain Safdar likely to be arrested on Sunday

    Sharif's daughter, considered to be his political heir, was also sentenced to a seven-year term in connection with the same case. Sharif and his daughter are now in London , where the former prime minister's wife is undergoing cancer treatment.
    Photo of DJI's upcoming Mavic 2 leaked online hints at swappable cameras

    Photo of DJI's upcoming Mavic 2 leaked online hints at swappable cameras

    If the DJI Mavic 2 leak shows an accurate image, there are still some remaining questions about the next DJI drone. In a leak coming from Drone DJ , we can reportedly see what the unannounced DJI Mavic 2 model will look like.
    Na cruises to victory at Greenbrier for first win since 2011

    Na cruises to victory at Greenbrier for first win since 2011

    Defending champion Xander Schauffele , who was one shot behind when the round started, bogeyed five of his first six holes. Anirban Lahiri of India, who shot a 61 in the second round, shot 71-76 on the weekend to end up tied for 39th at 5 under.
  • Brexiters unveil plan to derail Theresa May's Chequers proposals

    Brexiters unveil plan to derail Theresa May's Chequers proposals

    May is holding a meeting of her new-look cabinet on Tuesday, following a forced reshuffle in the aftermath of the resignations. Aldridge-Brownhills MP Wendy Morton said: "The Prime Minister is showing the same level of resilience that she always does".
    Cardi B counter 'sues' ex manager for R203 million

    Cardi B counter 'sues' ex manager for R203 million

    Almanzar's entertainment-related activities to an additional 25% (from the management agreement's previous 20%)". The suit, which came weeks after her hit album Invasion of Privacy was released, is for $10 million.
    Starbucks will rid stores of plastic straws, go with 'strawless lids' instead

    Starbucks will rid stores of plastic straws, go with 'strawless lids' instead

    The company said at least 180 million 21-centimeter-long plastic straws are used at its stores in Korea annually. A number of local governments have pushed to limit the use of plastic straws by passing restrictive legislation.
  • Officer off beat after dispute over Puerto Rican shirt

    Officer off beat after dispute over Puerto Rican shirt

    Those born there are US citizens, although they can not vote in USA presidential elections. Puerto Rico was hit by a devastating storm, Hurricane Maria, last September.
    Kylie Jenner Says Daughter Stormi Has 'Perfect Lips'

    Kylie Jenner Says Daughter Stormi Has 'Perfect Lips'

    "My boobs are like three times the size, which bothers me", she said. "She didn't get those from me, she can thank her dad for those", Kylie half-joked.
    Tayyip Erdogan sworn in as Turkey's first executive president

    Tayyip Erdogan sworn in as Turkey's first executive president

    Mr Erdogan , who was re-elected last month, has vowed to "propel our country forward" with his sweeping new powers. No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests.

The English Patient by Michael Ondaatje wins the Golden Man Booker Prize The English Patient by Michael Ondaatje wins the Golden Man Booker Prize The victor was revealed at the closing event of the Man Booker 50 Festival in Royal Festival Hall at Southbank Centre in London on Sunday.

Kent fans watch England in World Cup semi-final against Croatia Kent fans watch England in World Cup semi-final against Croatia The Duke of Cambridge, who is president of the Football Association, told the Three Lions the whole country is behind them. I scored but we delivered a good match and I'm very proud of everyone".

NASA's Kepler Spacecraft Downloads Science Data before beginning next campaign NASA's Kepler Spacecraft Downloads Science Data before beginning next campaign The data from this mission will help astronomers to confirm previous exoplanet candidates, as well as find any new candidates. NASA says that the fuel is running very low and it is likely to run out in a few months at best.

Russell Knox Final Round Winning Highlights | 2018 Dubai Duty Free Irish Open Russell Knox Final Round Winning Highlights | 2018 Dubai Duty Free Irish Open Knox is set to climb into the world's top 50, having tied for second place at the French Open last week, and is fifth in the Race to Dubai.

Liverpool pre-season: Every player fighting for his future Liverpool pre-season: Every player fighting for his future The former Borussia Dortmund manager added that he believes that Karius will continue to be criticised until "he has a few fantastic games".

PGA: 3M Open Set For Fourth Of July Week In 2019 PGA: 3M Open Set For Fourth Of July Week In 2019 The tour really gets busy at the British Open, set for next year at Royal Portrush in Northern Ireland. After the RBC Heritage and Zurich Classic of New Orleans comes the Wells Fargo Championship.

Airbus is designing a rover that will retrieve Martian samples Airbus is designing a rover that will retrieve Martian samples Clearly it would be a mission of huge firsts for humanity, but the real action will start once the samples show up here on Earth. The goal is to have machines on Mars by the end of the next decade collecting samples and sending them back to Earth.

Galaxy S8 update brings this new feature to Samsung’s smartphone Galaxy S8 update brings this new feature to Samsung’s smartphone Unfortunately, we only have the front to look at this time around, as there isn't a separate render for the back of the phone. In any case, I imagine Samsung is keeping its big redesigns for next year's Note 10, because 10 is a special number and all.

World's Ugliest Dog Zsa Zsa Passes Away World's Ugliest Dog Zsa Zsa Passes Away She said her family held a small memorial for the pooch, known to love Slim Jims and burritos from the Mexican fast-food chain Chipotle.

Australia and NZ recall frozen vegetables over listeria fears Australia and NZ recall frozen vegetables over listeria fears Nine deaths in Europe have been reported during the outbreak, which is believed to have started at a packaging plant in Hungary. Woolworths - Essentials snap frozen mixed veg 1kg: Carrots, peas, corn, green beans & potatoes - National distribution.

Supreme Court to hear tomorrow pleas seeking to decriminalise homosexuality Supreme Court to hear tomorrow pleas seeking to decriminalise homosexuality He said "pre-constitutional law like section 377" will have to go as it does not conform to the Constitution. The hearing will resume on Wednesday.

Gareth Southgate says England face toughest World Cup test against Croatia Gareth Southgate says England face toughest World Cup test against Croatia A 1998 update changed the third verse to "no more years of hurt". Southgate wants to break stereotypes, and not just on the field. I'm an Englishman that doesn't drink tea", he said.

Meghan Markle's outfit sends message to New Zealand designer Meghan Markle's outfit sends message to New Zealand designer They will also visit Trinity College, where they will see the Book of Kells, one of Ireland's greatest cultural treasures. The Duke and Duchess of Cambridge and the Duke and Duchess of Sussex arrive at the Westminster Abbey service.

Misfiring Olivier Giroud making unwanted World Cup history for France Misfiring Olivier Giroud making unwanted World Cup history for France They worked in '98 and we worked today, we reached out target to get to the final. Pogba and France overcame Belgium 1-0 in St. I feel very proud for my group.

Warner Bros. Greenlights Joker Origin Movie With Joaquin Phoenix Warner Bros. Greenlights Joker Origin Movie With Joaquin Phoenix If you have the ability to transcend the genre, then that's what you want to do. The plan is for the pic to be released under a new DC banner.