Wednesday, 22 May, 2019


China vows fightback against Trump’s proposed US$200b tariff threat

Beijing A woman transports goods past workers sleeping on a street-side in Beijing on Tuesday
Bennie Garza | 13 July, 2018, 10:40

"Consumers will feel it and perhaps as early as Christmas", said Mary Lovely, an economics professor at Syracuse University who studies trade.

Economists warn this poses a serious risk to the world economy, as it will depress investment and U.S. growth and accelerate unemployment.

President Donald Trump has threatened to tax as much as $550 billion in Chinese products - an amount that exceeds America's total imports from China a year ago.

"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Robert Lighthizer, the USA trade representative (USTR), said. If the tariffs were imposed on Chinese-made hats, he said, he would consider acquiring them from another low-priced country like Vietnam.

From exporters of Wi-Fi equipment to households splurging on ME lobsters and other American goods, China is beginning to adjust to the effect of the current tariffs from both nations, and the possibility of more.

The prospect of a 10% tariff on Chinese furniture imports sent shares of online home store WayFair Inc down almost 4% while shares of Restoration Hardware fell almost 6%.

"China is shocked by the United States move and the Chinese government, as always, will have to react to defend the core interests of our nation and people", the Commerce Ministry says.

It also highlights how dependent US businesses and consumers are on Chinese goods.

Representative Dave Reichert added that he "strongly disagrees" with the tariff plans, which he said would lead to "higher prices here at home for American families and less sales overseas for American workers and farmers as markets are closed to American-made goods through retaliation".

The growing share of worldwide trade under threat has raised the prospect the escalating trade war could harm the global economy, shrinking investments and undermining supply chains. This would be the third round of tariffs on Chinese goods imposed by the Trump administration and comes shortly after a tariff of 25% went into effect against $34 billion of Chinese goods.

Last week, China and the USA imposed another round of tariffs on each other, and the USA said on Tuesday that it could impose tariffs on an additional US$200 billion worth of Chinese imports.

- Japan - Japan is another target of Trump's steel tariffs, which Tokyo calls "extremely deplorable".

"But more tariffs like these will punish America's manufacturing workers - and could undermine our hard-won gains thanks to tax and regulatory reform". In particular, they could target things like US energy exports. "The negative impact of the trade friction has already appeared". "America has China's attention, so instead of more tariffs, the USA and China should immediately begin working toward a fair, bilateral, enforceable, rules-based trade agreement to end China's market-distorting activities".

The European Union Chamber of Commerce in China said this week its member companies are rearranging the global flow of their goods to make sure any bound for the United States don't pass through China. The U.S. has now listed another 170 bn euros ($200bn) worth of tariffs on more products that are due to go into force in September.

"We are stronger together than apart", North Atlantic Treaty Organisation secretary general Jens Stoltenberg claimed in a retort to Mr Trump's comments but the United States leader countered by asking how the North Atlantic Treaty Organisation alliance could be stronger when Germany is "making Russian Federation richer", referring to energy pipeline deals Berlin recently has signed with Moscow. "It has to resolutely fight back while taking proper measures to help minimise the cost to domestic enterprises and further open up its economy to global investors", it said.

Recommended

loading...
...

Frozen vegetables pulled from shelves in Woolworths, ALDI, IGA amid listeria fears Frozen vegetables pulled from shelves in Woolworths, ALDI, IGA amid listeria fears When you're cooking up a storm and you still have to put the pot of rice on the stove, it can be a bit of an effort. Listeria is a life-threatening illness for certain people, particularly those over the age of 60.

Investigation into 1955 murder of black U.S. teenager Emmett Till reopened Investigation into 1955 murder of black U.S.  teenager Emmett Till reopened The government hasn't specified if any new charges will be added, or if the prosecution will bring a case to anyone involved. Relatives of Till pushed Attorney General Jeff Sessions to reopen the case previous year after publication of the book.

Storm is over, strip club charges dropped Storm is over, strip club charges dropped After the performance of her "Make America Horny Again" show, Daniels was arrested by undercover officers, Avenatti said. Because Clifford does not regularly appear at the Columbus strip club, charges were dismissed.

Brett Kavanaugh female law clerks say judge an advocate for women Brett Kavanaugh female law clerks say judge an advocate for women Dana Loesch slammed Democrats for "shameless fearmongering" about President Donald Trump's Supreme Court pick. As a Supreme Court justice, Kavanaugh would make about $255,300 per year.

Thailand cave rescue Brit diver says: 'We are not heroes' Thailand cave rescue Brit diver says: 'We are not heroes' The IT tech said that the divers were not heroes and directed attention to the rest of his team and the Thai Navy Seals. To get them out , they would have to dive for 1.7km in darkness through narrow, rocky and winding passages underground.

Three Former Legends Named to 2018 MLB All-Star Game Three Former Legends Named to 2018 MLB All-Star Game Two Astros' pitchers are getting the nod to head to Washington, but the third wheel Morton is being left back home, for now. Dodgers' manager Dave Roberts, who is managing the National League roster, will select a designated hitter for the game.

Donald Glover, John Legend, & Bruno Mars Score Emmy Nominations Donald Glover, John Legend, & Bruno Mars Score Emmy Nominations Leading the nominations in totals by platform were Netflix (112), leapfrogging last year's leader HBO , which scored 108. The 70th Emmy Awards will telecast live from the Microsoft Theater in Los Angeles, Sunday, September 17 (8 p.m.

Trumps kick off United Kingdom visit with black-tie gala Trumps kick off United Kingdom  visit with black-tie gala Italian Prime Minister Giuseppe Conte told reporters his country has no plans to increase defense funding. Trump will be using London as a base during his visit, Johnson added.

Homeowners preparing to pay more following interest rate hike Homeowners preparing to pay more following interest rate hike It also said underlying wage growth has been weaker than what would normally be expected in a tightened job market. Overall, the Bank still expects average growth of close to 2 per cent over 2018-2020.

AirPlay 2 makes Sonos the best audio option for most iPhone owners AirPlay 2 makes Sonos the best audio option for most iPhone owners Sonos' big-sound-in-small-speakers design has won praise , along with loyalty of some users who install them in multiple rooms. Setting up AirPlay 2 on Sonos unlocks another exciting new feature: You can now use Siri to control Apple Music on Sonos.

Wimbledon men's semi-finals -- five facts Wimbledon men's semi-finals -- five facts A few hours earlier, however, it looked as if it was going to be 32-year-old Nadal who would end up down and out. Anderson made his breakthrough last September by reaching the US Open final, where he lost to Nadal.

IPhone Is The Most Common Symbol Of Wealth, Shows New Research IPhone Is The Most Common Symbol Of Wealth, Shows New Research Interestingly, in 1992, using Grey Poupon Dijon mustard was 62.2 percent indicative of having a higher income. IF YOU are one of the millions of Aussies who own an iPhone, congratulations - you're officially wealthy.

General Overview of Cisco CCNA R&S Questions and Answers In addition to this, they will also build their skills and knowledge levels required to implement WLAN in a small/medium network. At the end of the course, they will also be able to resolve regular issues with EIGRP, STP, and OSPF in IPv4 and IPv6 networks.

Gustav Klimt Could Challenge For 2,000 Guineas Gustav Klimt Could Challenge For 2,000 Guineas However, Gustav Klimt bounced back with a fine performance at the Barronstown Stud Irish European Breeders Fund in June last year. Gustav Klimt moved to the inside down the final furlong and found just enough speed to beat out his compatriot Nebo by a head .

How to Choose the Best Tennis Racket How to Choose the Best Tennis Racket It’s worth familiarising yourself with these categories, as it makes it easier to predict how any given racket will respond. By being less taught and more elastic, you can benefit from a better feel for the ball, and as a result, more power over it.