China trade war escalates as latest tariffs kick in

Aug 24, 2018, 03:29
China trade war escalates as latest tariffs kick in

The United States on Thursday imposed steep import tariffs on another US$16 billion of Chinese goods over what Washington has called rampant theft of American technology, even as trade negotiators were in talks to avert further confrontation.

The world's two largest economies have slapped tit-for-tat tariffs on a combined £77bn ($100bn) of products since July.

The Chinese state-run tabloid Global Times said in an editorial late Wednesday that the Chinese delegation shouldn't feel too much pressure over the outcome of talks.

Chinese authorities have said they will take "comprehensive measures", which companies worry could mean targeting operations of American businesses in China for disruption.

China had to "continue to make the necessary counterattacks", the Chinese Commerce Ministry said in a statement immediately after the tariffs began around midnight on the US East Coast (0400 GMT).

Beijing has rejected US demands to scale back plans for state-led technology development that its trading partners say violate its market-opening commitments and that American officials worry might erode the United States' industrial leadership.

Updated 1:15 pm: Hurricane watch posted for Maui County
The latest track from the Central Pacific Hurricane Center has just about all the island chain inside the "Cone of Uncertainty ". Sandbags are seen near a stairway at the west end of the Sheraton Waikiki hotel in Honolulu in preparation for Hurricane Lane.

"While Trump has said these trade tariffs will benefit the USA economy, no economist polled by Reuters shared that view", the news service reported.

Trump has warned that he could tax up to $550 billion in Chinese products, exceeding the US' total imports from China during 2017.

"They're not going to give that up easily".

The Trump administration says the aggressive stance is meant to pressure Beijing to change policies that allow and encourage the theft of United States technology and unfairly undercut American producers. But at the end of the day, we have many more bullets than they do. An NBC/Marist poll of Texas voters released this week shows that 40 percent believe tariffs will hurt the economy while only 31 percent say they will protect jobs.

That makes it $50 billion worth of imports subjected to tariffs on either side since early July, and more are in the pipeline, adding to risks for global economic growth.

With no settlement in sight, economists warn the conflict could spread and knock up to 0.5 percentage points off global economic growth through 2020.

Trump defends Manafort: "It’s a very sad day for our country"
But you know what? Unlike CNN's request, Ellis granted this, meaning the jury will not return to their deliberations until Monday. Manafort was forced to step down from the Trump campaign when questions emerged about his work for Yanukovych.

The tariffs took effect amid two days of talks in Washington between mid-level officials from both sides, the first formal negotiations since U.S. Commerce Secretary met with Chinese economic adviser Liu He in Beijing in June.

Implementation of the latest 25 percent tariffs on Thursday did not derail the talks, led by U.S. Treasury Under Secretary David Malpass and Chinese Commerce Vice Minister Wang Shouwen.

Trump's hard line has rattled Beijing and spurred criticism within Chinese policy circles over its handling of the trade war, sources have said.

Chinese-made children's shoes carrying a Chinese map and US flags are displayed for sale in a shop in Beijing.

China denies the allegations and its state media has said Beijing will not be cowed by Washington's threats. In response, the Chinese delegation could this week offer a private pledge not to let the currency weaken further as long as negotiations continue, said Derek Scissors, a China expert at the American Enterprise Institute in Washington.

However, Federal Reserve officials have warned that "an escalation in worldwide trade disputes was a potentially consequential downside risk for real activity", according to the minutes of the July 31-August 1 policy meeting.

Friendly Report: Bayern Munich v Manchester United 05 August 2018
Manchester United appear to have named Marcus Rashford as the club's new number 10 ahead of the upcoming season. David de Gea was kept relatively busy in the first period, making diving saves from Martinez and Serge Gnabry .

Economists with the Peterson Institute for International Economics say almost all of the USA tariffs imposed on China to date are on intermediate goods and capital equipment needed by U.S. industry.

loading...
loading...
YOU MIGHT ALSO LIKE
  • Thomas Markle calls the Royal Family a cult

    Thomas Markle calls the Royal Family a cult

    The Mirror reports that money is what initially caused tension between Thomas and his children after he retired seven years ago. While Priyanka was in attendance at Meghan's gorgeous royal wedding, it's unknown as to whether or not the opposite will occur.
    Roy Hodgson: it's clearly not a penalty, I don't accept that

    Roy Hodgson: it's clearly not a penalty, I don't accept that

    Van Dijk admits Liverpool had to work hard for the win and says he always knew Crystal Palace would be direct and tough. Made a couple more really important saves throughout along with some catches and punch outs that needed attention.
    John Kasich: GOP Candidate Said He Didn't Invite Trump To Ohio Rally

    John Kasich: GOP Candidate Said He Didn't Invite Trump To Ohio Rally

    The crowd cheered and chanted the campaign staple rallying cry, "Build the wall, build the wall". President Donald Trump speaks during a rally, Saturday, Aug. 4, 2018, in Lewis Center, Ohio.
  • US Threatens Further Turkey Sanctions if Pastor Not Freed Soon

    US Threatens Further Turkey Sanctions if Pastor Not Freed Soon

    Erdogan has remained defiant in the face of the crisis with Washington, saying Turkey could turn to new alternative markets. Turkey says Brunson has ties to political groups responsible for the 2016 attempted coup of President Recep Tayyip Erdogan.
    Parker Solar Probe launches on mission to 'touch the sun'

    Parker Solar Probe launches on mission to 'touch the sun'

    The car-sized, $1.5 billion Parker Solar Probe launched on a Delta IV Heavy rocket from Cape Canaveral , Florida. The probe is protected by an ultra-powerful heat shield that is just 4.5 inches (11.43 centimeters) thick.
    Dallas resident is county's first West Nile death of 2018

    Dallas resident is county's first West Nile death of 2018

    The health district said mosquito testing, which began in June is expected to continue through the late fall. Symptoms, which include fever, nausea, headache and muscle aches, may last from a few days to a few weeks.
  • Storm Lane South of Hawaii Strengthens Into Major Hurricane

    Storm Lane South of Hawaii Strengthens Into Major Hurricane

    On Wednesday morning, a hurricane warning was issued for Maui County, while a hurricane watch was issued for Kauai County. Hurricane Lane has weakened as it approaches Hawaii but was still expected to pack a wallop, forecasters said Wednesday.
    Trump Calls On SEC to Study Ending Quarterly Reporting

    Trump Calls On SEC to Study Ending Quarterly Reporting

    The SEC enjoys some level of distance from the White House because it's an independent agency. Quarterly reports are "early warning signs of other bigger problems", Elson said.

    Oscars announce new popular film category

    Last year's telecast hit an all-time low in ratings with just 26.5 million viewers, a drop of 20% from the previous year. In a tweet Wednesday morning, the Academy announced it's planning a new category "around achievement in popular film ".
  • State of emergency declared ahead of Charlottesville anniversary

    State of emergency declared ahead of Charlottesville anniversary

    Later, a woman was killed when a auto drove into a crowd of people opposing the white nationalists, and dozens more were injured. He told reporters Wednesday that central Charlottesville would be be accessible by only two entry points.
    Bernie Sanders, Alexandria Ocasio-Cortez Bring A Joint Progressive Push To Kansas

    Bernie Sanders, Alexandria Ocasio-Cortez Bring A Joint Progressive Push To Kansas

    Whitmer, the first-ever female leader of a MI state Senate caucus, beat back challenges from former Detroit health director Dr. In a sign of Trump's looming presence in the midterms, both winners alluded to the president in their acceptance speeches.
    Chelsea boss Maurizio Sarri to send Bakayoko on loan this summer

    Chelsea boss Maurizio Sarri to send Bakayoko on loan this summer

    Either way, Bakayoko has intense competition in Cesc Fabregas, Ross Barkley, Jorginho, N'Golo Kante and possibly Mateo Kovacic . The Brazilian was late in turning up for pre-season, which new manager Maurizio Sarri was not too happy about.
popular