Trade war begins between China, US as tariffs kick in
Trade war begins between China, US as tariffs kick in
U.S. tariffs take effect, China warns of 'counterattack'
09 July, 2018, 19:38
Chinese economist Hu Xingdou said that while China's development would be affected by the trade war, the effects would not be too deep so long as it kept its doors open and deepened its reforms. American officials worry Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence will erode US industrial leadership.
After months of rhetoric, a 25 percent levy on $34 billion of Chinese goods entering the US took effect just after midnight Washington time on Friday with farming plows and airplane parts among the products targeted.
The 25% duties, which went into effect at 12:01 am EST, prompted quick retaliation by Beijing, which said it immediately put its own similarly sized tariffs on US goods, including fruits and vegetables.
It is also unclear whether they considered how their actions might encourage closer trade relations between China and the European Union (which are being discussed), or China and other Asia Pacific economies (also being negotiated). The Dow Jones Industrial Average shed 1,000 points from a high in mid-June, while the S&P 500 has also retreated notably since concerns about a trade war started to loom.
The riskiest economic gamble of Trump's presidency could spread as it enters a new and unsafe phase by imposing direct costs on companies and consumers globally.
In January 2018, the Trump Administration found that China's overproduction of steel and aluminum, and the resulting impact on global markets, is a circumstance that threatens to impair America's national security. Japan's Nikkei 225 index gained 1.4 percent while the Shanghai Composite index jumped 0.7 percent and Hong Kong's Hang Seng surged 0.8 percent.
-China tit-for-tat tariff fight is likely to shrink trade volume worldwide, which would weigh on the global economy that has been on a recovery track.
On the campaign trail, Trump attacked the 24-year-old North American Free Trade Agreement with Canada and Mexico as unfair to the United States. Beijing has announced reforms this year including ending limits on foreign ownership in its auto industry, but none directly addresses complaints that are fueling its conflict with Washington.
President Trump said that the US tariffs on Chinese goods will take effect just after midnight on Friday in Washington.
Trump also said the U.S. is ready to target an additional $200bn in Chinese imports - and then $300bn more - if Beijing does not yield to United States demands and continues to retaliate.
India win series with Rohit's hundred Letzcricket After a good day with the ball, Pandya was handed a promotion to No. 4 with India still 48 away, and he did not disappoint. In between those two losses to West Indies, India beat England 2-1 in a three-match T20I series at home in January 2017.
China's tariff list is heavy on agricultural goods such as soybeans, sorghum and cotton, threatening USA farmers in states that backed Trump in the 2016 US election, such as Texas and Iowa.
Trump alleges that China uses foreign ownership restrictions, administrative review, and licensing processes to force or pressure technology transfers from American companies.
"A little fighting may be the only way the Trump administration clears its mind and allows everyone to sober up", the state-run Global Times said. It said they would damage the global economy unless other countries stop them.
Soybean farmers, apple growers and auto workers are among the U.S. workers bracing for fallout from a trade war between the United States and China.
China has also banned imports of United States agricultural products such as poultry, cutting off America's ranchers and farmers from a major market for their goods. The reality is that trade wars are damaging to everyone, not just the participants, and no one will "win".
The LSU Ag Center expects South America, particularly Brazil, to capture the majority of the market-share of USA soybean exports into China.
A member of China's central bank monetary policy committee, Ma Jun, said Friday that the first punches will have a "limited impact" on the Chinese economy. "We urge the two governments to come back to the negotiation table".
The Benicio Del Toro and Josh Brolin-led sequel picked up another US$7.6 million, taking the domestic tally to US$35 million. It's the first animated film to ever surpass $500 million at the North American box office, and the 12th film ever to do so.
The announcement from McDonald's followed an April proposal by the United Kingdom government to ban plastic straws in the country. The company said it will make a strawless lid available at 8,000 stores in the United States and Canada for certain drinks.
Just last week Kylie drew attention to her pout in a YouTube video where she spoke about what Stormi had inherited from her. During a six-minute clip, Jenner admits that she "bounced back fast", but that her body is not how it was pre-pregnancy.
Thai soldiers unload diving gear and rescue equipment during the ongoing rescue operation . "Don't be anxious , I miss everyone". As of this writing, four of the boys have already been rescued but operations have been put on hold to restock on supplies.
In a final flurry, Hamilton passed Bottas for second and Raikkonen beat his compatriot to the final podium place. Mercedes' errors cost both Hamilton and Bottas in the Austrian GP the week before when neither finished.
Badrinath Singh, the victim's father, said his daughter has "finally got justice". "Faith in the judiciary has been reinstated". She later succumbed to her injuries in a hospital in Singapore on December 29, 2012 after she was taken there for treatment.
Lopetegui was sacked two days before their opening World Cup match with Portugal after he was named Real Madrid boss. Hierro will also not return to his previous role of sports director of the Spanish FA.
It was great to see Jean-Michel Aulas yesterday at Istra (base camp) but we did not at all discuss my situation at Lyon . Rangers will have first refusal on any young players Liverpool want to send out on loan, reports the Sun on Sunday .
News broke Friday that the two are in the works on playing each other for $10 million dollar victor takes all exhibition. Woods and Mickelson, however, remain committed to making this thing happen, Golf .com reports.
Dana White: Brock Lesnar will fight Daniel Cormier
The loss was equally devastating for Miocic, who was hoping to extend his record for most consecutive title defenses to four. Bear in mind, Cormier still has Light Heavyweights knocking at the door for their shot as well.
US Service Member Killed In Apparent Insider Attack
A USA service member has been killed and two others injured in what appears to be an insider attack in Afghanistan , Nato says. They became more rare as the number of USA troops shrunk afterward, and as the military coalition added security precautions.
Google Duplex AI Ready to Replace Call Centers
Google Duplex may have a solution to that problem by making the automated interactions less robotic and more life-like. Google may be on its way to use its human-sounding assistant for handling customer calls.