Home » Money

Trump slaps 24% tariff on Chinese goods

15 June, 2018, 15:50 | Author: Lawrence Cooper
  • US Secretary of State Mike Pompeo and his Chinese counterpart Wang Yi traded barbs on trade and China's territorial claims Thursday just as the two seek cooperation on resolving the North Korean nuclear issue

As Trump prepares to impose the new tariffs on China, there is already evidence that his program is having a negative impact on some areas of industry and agriculture in Europe. "That is why I am calling on President Trump to fight for American jobs with a comprehensive strategy that puts American economic interests front and centre", she said.

The goods on the list targeted specific industries that China identified as part of its Made in China 2025 plan. Commitments made so far in talks with the United States will be withdrawn if the threat to impose tariffs is carried out, China said this month.

Tariffs from the United States have already prompted reciprocal measures from China, Canada and Mexico with the European Union unanimously approving reciprocal tariffs this week.

At the daily briefing here, Chinese Foreign Ministry spokesman Geng Shuang said, "If the USA side adopts unilateralism and protectionism and damages China's interests, we will respond in the first instance and take necessary measures to firmly safeguard our legitimate rights and interests".

The White House has declared that by June 15 it would announce its final list of $50 billion in Chinese products that would be subject to 25% tariffs under Section 301 of the Trade Act of 1974.

North Dakota farmer and NCGA President Kevin Skunes says, "Farmers are busy in the fields and need to be able to count on markets for their crops when it comes harvest time".

The countries said in a joint statement that China would "significantly increase" purchases of USA agricultural and energy products to reduce the trade imbalance, a top Trump administration demand.

If the president presses forward as expected, it could set the stage for a series of trade actions against China and lead to retaliation from Beijing.

"I'm a China-basher on trade", he told AFP, but added: "I don't see why we're imposing $50 billion worth of tariffs on China. Those are all historic ingredients for an economic slowdown", Cohn said at an event sponsored by The Washington Post. "This situation is no longer sustainable", he said.

Blow to Man United as Griezmann announces where he'll play next season
His " decision " behind him, Griezmann can now focus on the World Cup with France. Am I staying? How much they will pay me? "This is going to make a difference".

Anthony Bourdain and Kate Spade's deaths are part of a growing problem in the US
That compares to 69 percent and 41 percent, respectively, among those with known mental health conditions . In half of the states, suicide among people 10 years and older increased more than 30 percent.

United States reaches deal with China's ZTE, commerce secretary says
Separately, Qualcomm is trying to get Chinese approval for its pending US$44 billion acquisition of NXP Semiconductors NV NXPI.O . Neither the Commerce Department, the White House nor ZTE immediately responded to requests for comment.

Such a move would mark a significant step toward a full-blown trade war between the United States and China despite months of trade talks and negotiations in an effort to avoid that outcome.

Spain's newly appointed agricultural minister, Luis Planas, also opposed the tariff's impact, saying it was unjust.

Trump's approval in this regard followed a 90-minute meeting he had with Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin and US Trade Representatives Robert Lighthizer yesterday.

The tariffs, which Trump set in motion in March, are a response to China's practice of compulsory technology licensing for foreign companies and its efforts to steal US trade secrets via cybertheft, administration officials have said.

Then in April, the administration provided a preliminary list of technology goods that the USA might target for tariffs.

The list is meant to minimise the impact on USA consumers and businesses by selecting goods where there are ample alternative supplies from other countries.

"The decision by the US Department of Commerce to impose unreasonably high and prohibitive anti-subsidy and anti-dumping duties on Spanish olives is simply unacceptable", the commission spokesman said.

But this time, He said, the inconsistency of the USA administration could mean several rounds of small-scale retaliation and talks.



Colorado wildfire forces nearly 2K evacuations amid drought
On top of that, human-caused fires usually affect regions close to population centers. In Utah, a fast moving fire destroyed multiple structures including 8 homes.

Premier League fixtures deal Arsenal boss Unai Emery a nightmare start
The new year will see the north London side travel to Cardiff before they welcome Manchester United to their new stadium. Guardiola will look to retain the Premier League title for the first time since Manchester United in 2008/09.

Cristiano Ronaldo Reportedly 'Angry' at 'Derisory' Real Madrid Contract Offer
While Ronaldo cast doubts over his own future with Real Madrid shortly following their Champions League final win last month.

Special Elections Being Held in Northeast Wisconsin on Tuesday
The District Four congressional seat, including Chesterfield and Powhatan, is now held by Democrat Don McEachin. Although Frostman's term is short, his win is a huge victory for the Democratic Party.

Microsoft Teases Halo Infinite at E3
Halo Infinite is powered by a new game engine created by Halo developer 343 Industries , called the Slipspace Engine. On Sunday at Microsoft's E3 briefing, the company confirmed that it's working on its next-generation Xbox console.

How Vettel and Ferrari turned 'disaster' into triumph - F1
Vettel referred to the upcoming World Cup and said fans would watch that passionately regardless of the quality of every match. Valtteri Bottas sees "no reason why" he will not be racing with Mercedes next season despite having yet to win in 2018.

Trump takes more swipes at Canada after arrival in Singapore
Jeff Flake, a frequent critic of the president on foreign policy, also tweeted , "No, Russia should not be added to the G-7". Friday's talks came after Trump indicated he might cut short his time at the summit, and leave before it ends Saturday.

Marcus Rashford names performance against Costa Rica his best for England
There are also no obvious signs of the end-of-season fatigue that has so often weighed them down before major tournaments. It has been a hard season, but I feel like I will be stronger for it. "There is genuine competition for places".

Nabil Fekir’s move to Liverpool is now OFF
Fekir enjoyed a career-best season with Lyon in Ligue 1 , scoring 18 times in 30 games and supplying a further eight assists. Fekir's medical had reportedly taken place at French national team's training camp and that's where the complications began.

Trump just issued this challenge to National Football League players who kneel for anthem
Trump also floated the idea of pardoning the late boxing legend Muhammad Ali, who was convicted for refusing to fight in Vietnam. When asked if he'd invite players to the White House for a roundtable chat, the president said he doesn't have to do that.