Trade war Round 2? U.S. threatens new tariffs on China
Trade war Round 2? U.S. threatens new tariffs on China
Soybean prices have fallen dramatically in recent weeks.
Daniel Acker Bloomberg
12 July, 2018, 03:26
US officials insist China's retaliatory tariffs are unjustified.
The US complains that China uses predatory practices in a push to challenge American technological dominance.
Analysts say a full-blown trade war with China could wound the U.S.in several ways.
Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of United States exports to China.
China's Commerce Ministry has said that Beijing has no choice but to fight back after the U.S. "launched the largest trade war in economic history", accusing Washington of violating the rules of the World Trade Organization (WTO).
The Chinese commerce ministry said that it was "shocked at the USA action" and warned that it would be forced to retaliate "to protect the core interests of the nation and its people". "China is shocked by the irrational movement of the US".
Overnight, Donald Trump began the process of slapping 10% tariffs on a further $200bn of imports from China, on top of the $34bn (soon to be $50bn) imposed last week.
Chinese officials are expected to retaliate in other ways, hitting us firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches.
The U.S. dollar strengthened on Wednesday as the market put aside trade tension fears and focused on the Labor Department's expectation-beating inflation report, which increased prospects that the Federal Reserve will raise interest rates another two times this year.
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.
The US said it had no choice but to move forward on the new tariffs after China failed to respond to the administration's concerns over unfair trade practices and Beijing's abuse of American intellectual property, according to two senior officials who spoke to reporters. But China only bought about $135 billion in USA goods previous year, meaning it will run out of American products to tax before it matches Trump's latest move.
Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach". "China has not changed its behaviour - behaviour that puts the future of the US economy at risk".
The US Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but it has been critical of Trump's aggressive tariff policies. Those nations also have retaliated.
"Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".
China has warned that the United States threatens to wreck the global economy after Washington escalated the trade war on Tuesday night.
Lighthizer said the initial $50 billion in US tariffs were aimed at goods that "benefit from China's industrial policy and forced technology transfer practices".
Australia's dollar, often seen as a proxy for China's economic fortunes due to Australian raw materials exported there, was 1.09 percent lower.
Russell Knox's hopes of making this year's European Ryder Cup have received a significant boost with victory in the Irish Open . In terms of the Irish on the field, Rory McIlroy and Shane Lowry were best placed, both on 2 under, 12 shots off the victor .
Croatia will now face England on Wednesday evening at the Luzhniki Stadium in Moscow with a place in the World Cup final at stake. Kane has scored six goals so far, and is two goals clear in the race for the Golden Boot award.
Robert Prosinecki, a member of the 1998 squad, said: "I would so much like that they be better than us". England's dream that "it's coming home" continues, with Dele Alli scoring a second-half victor .
He scored quite a few for Manchester City because of the way they play, but that is not what he is going to do (with England ). And this could benefit England if Sterling makes the most of the space presented to him.
China gave no details, but it has plenty of options to retaliate that could extend beyond additional tariffs on U.S. imports. The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S.
Kim earned her full time status card on the LPGA Tour after finishing tied for ninth at the 2014 LPGA Qualifying Tournament. Kim closed with a seven-under-par 65 for a nine-shot victory to break the record she had shared with Annika Sorenstam.
Varane was injured when France lost the European Championship final two years ago, and he looks determined to make up for it. Alli, 22, scored that February night in 2015 past Jordan Pickford in the Bradford goal.
Now the Croatia center-back is eager to make amends. 24' - Raheem Sterling has been an absolute handful for the Croatian defense. Surely Harry Kane , the tourney leader with six goals , or another instant hero would convert the one chance they needed.
Few more problems for the Croatian side to sort out, they are sweating on the fitness of their full-back Sime Vrsaljko. England have not been in the semi-finals of the World Cup since 1990 when they lost on penalties to then West Germany.
China will counterattack US tariffs
In this July 4, 2018, photo, a robot from Chinese search company Baidu welcomes visitors to a developer event in Beijing , China. Both the U.S. and China are expected to expand their tariff measures to cover goods worth a total of 50 billion dollars.
Na ends drought with 5-shot win at Greenbrier
By the time he strolled up to the 18th green, Na was at ease, relaying his love to his wife and young daughter via a TV camera. They went back to the 18th tee for the playoff, and Knox pitched from 131 yards to virtually the same spot on the green.
Another day, another upset: No. 1 Halep is out
Making her fourth appearance at Wimbledon, Ostapenko will look to improve on her run to the quarter-final previous year . Two-time champion Rafael Nadal reached the last 16 for the eighth time and made sure of keeping the World No.1 ranking.
Haiti civil unrest continues despite fuel hike rollback
In neighboring Dominican Republic, which shares the island of Hispaniola with Haiti, oil prices are 43 percent higher. The State Department also expressed its "deepest condolences" to all those affected by the ongoing violence.