Home » Money

China trade war hits US$100 billion in goods

24 August, 2018, 07:42 | Author: Lawrence Cooper
  • Chinese President Xi Jinping and US President Donald Trump

Last month the USA electric vehicle maker announced plans to build a new plant in Shanghai, the first in China that will be wholly owned by a foreign company.

The Trump administration says the aggressive stance is meant to pressure Beijing to change policies that allow and encourage the theft of U.S. technology and unfairly undercut American producers.

United States president Donald Trump has threatened to target all $500bn of Chinese imports unless Beijing agrees to sweeping changes to its intellectual property practices over what his administration alleges are unfair trade practices.

"The risk that current trade tensions escalate further with adverse effects on confidence, asset prices and investment is the greatest near-term risk to global growth", International Monetary Fund chief economist Maury Obstfeld told a news conference last month.

If those tariffs are approve, more than 50% of all Chinese goods into the USA will then be subject to import taxes. The US added its latest 25 per cent tariff today, completing Donald Trump's first round of measures targeting Dollars 50 billion in Chinese products.

U.S. Treasury officials have been working on a revised list of American demands in the lead-up to this week's meetings, according to people familiar with the U.S. preparations.

But the two are unlikely to come to an agreement, and reports suggests US President Trump remains committed to a trade war.

Trump started his trade war with China in March by imposing higher tariffs, after saying an investigation had found that China is using foreign ownership restrictions to require tech transfers from U.S. to Chinese companies, as well as conducting espionage to acquire intellectual property.

Samsung Galaxy Note 9 launching in India soon
Further, there are HDR and live focus modes and an AR Emoji feature that first arrived on the Galaxy S9 models earlier this year. The Samsung Galaxy Note 9 features a massive 6.4-inch QHD+ display and it comes with a Bluetooth-enabled S Pen.

Nicki Minaj Compared Herself To Harriet Tubman And Twitter Users Are Pissed
However, most of social media is still confused as to why this is happening-and wasted no time. Later, she laughed and thanked her fans for Queen reaching number one in 86 countries.

Manchester United and Jose Mourinho may be stuck with one another
It has to be mentioned here that Pogba had said that there were things that I could not say, as he could well be fined. We are used to the referees letting it go but Kevin (Friend) looked like he was in a hurry to finish the game.

The new exchange of fire in the trade war between the two economic superpowers comes as officials from both countries hold talks in Washington over the dispute.

China's commerce ministry has said that it firmly opposes and reserves its right to retaliate to the latest batch of U.S. tariffs that went into effect on Thursday and targeted another $16bn worth of imports from the Asian country.

VNA Xinhua News Agency/NewscomAmid warnings from economists and his own political base, President Donald Trump is pressing forward with a misguided trade war. -China relations at the Center for Strategic and International Studies in Washington. US President Donald Trump is insisting that China should bring down the trade deficit by Dollars 100 billion immediately followed by USD 200 billion by improving access to more US goods ensuring intellectual property rights of the American technology.

The dispute centres around Mr Trump's demand for Beijing to drop its protectionist economic stance and buy more United States goods.

He said: "I think China is manipulating their currency, absolutely". Resolving the dispute will "take time because China's done too well for too long, and they've become spoiled", he said.

Trump's administration has also been cracking down on all Chinese involvement in the American tech sphere, including with draft legislation barring the sale of national security-sensitive technology to China and blocking government or contractors from buying telecommunications equipment and services from Chinese heavyweights Huawei and ZTE.

The mid-level Trump administration officials participating in the talks would brief the heads of their agencies on the discussions, she added.

China's list of 333 US product categories hit with duties includes coal, copper scrap, fuel, steel products, buses and medical equipment.

Recommended:

  • Bringing back coal will kill thousands of people per year

    Bringing back coal will kill thousands of people per year

    That rule aimed to cut greenhouse gas emissions from power plants in an effort to stem the effects of climate change. EPA called the Obama-era regulations on coal power plants "overly prescriptive and burdensome".
    North Korea to host emotional family reunions

    North Korea to host emotional family reunions

    The two Koreas, which are technically still at war, have organised reunion events before, but this is the first in three years. Since Moon took office a year ago , officials and experts have expressed concerns over the advanced age of the family members.
    Injury Update For Philadelphia Eagles QB Nick Foles

    Injury Update For Philadelphia Eagles QB Nick Foles

    The NFL Network tweeted a video of Jenkins coming out for the warm-up wearing a shirt that said: "YOU AREN'T LISTENING". Safety Malcolm Jenkins and cornerback De'Vante Bausby hung back until the song ended, NBC Sports Philadelphia reported.
  • OU No. 7 in Preseason AP Top 25

    OU No. 7 in Preseason AP Top 25

    While OSU opens at No. 5, it is the Wisconsin Badgers one spot ahead of them who take the top spot among B1G teams. It was the tenth consecutive year in which the Seminoles have opened the season ranked in the AP poll.
    Racket-smashing Djokovic reaches Cincinnati semifinals

    Racket-smashing Djokovic reaches Cincinnati semifinals

    Djokovic came to Cincinnati hoping to build on the momentum of his Wimbledon title and get in shape for a deep run in the U.S. Novak Djokovic destroyed a racket to get on track and took another step toward the title that has eluded him.
    Former Indian prime minister Vajpayee passes away at 93

    Former Indian prime minister Vajpayee passes away at 93

    He was a lifelong poet who revered nature but who oversaw India's growth into a swaggering regional economic power. Kidney tract infection, chest congestion and urine output being on the lower side are the medical complaints.
  • Dead ravens in B.C. test positive for West Nile virus

    Dead ravens in B.C. test positive for West Nile virus

    Panama City Beach Mosquito Control, Bay County Mosquito Control and DOH-Bay continue surveillance and prevention efforts. DO NOT USE personal insect repellents on children under two years of age.
    Amazon Takes Away Prime Preorder Discount, Ad-Free Twitch Prime

    Amazon Takes Away Prime Preorder Discount, Ad-Free Twitch Prime

    All other Twitch Prime benefits, like monthly channel subs, monthly games and loot, and chat badges are not changing. To activate your Twitch Prime account, all you need is an active Amazon Prime subscription, which most people have.
    Unai Emery warns Mesut Ozil 'every player' must defend for Arsenal

    Unai Emery warns Mesut Ozil 'every player' must defend for Arsenal

    FC's Craig Burley breaks down the defensive struggles that plagued both Chelsea and Arsenal in a game littered with goals. Marcos Alonso scored a late victor for Chelsea after Arsenal had come back from two down.
  • Help us rebuild Syria to end migrant crisis, Putin tells Merkel

    Help us rebuild Syria to end migrant crisis, Putin tells Merkel

    The United States is against the pipeline and claims it will increase Germany's dependence on Russian Federation for energy. On Iran, the Russian president said he would discuss with Merkel the Iran nuclear deal between world powers and Iran.
    Orean leaders to hold third summit in Pyongyang

    Orean leaders to hold third summit in Pyongyang

    Seoul has been preparing for possible economic collaboration with Pyongyang that could go ahead when sanctions are lifted. The talks started at 10 a.m.in Tongilgak in the border village of Panmunjom, according to the joint press corps report.
    President Trump Revokes Security Clearance of Former CIA Director John Brennan

    President Trump Revokes Security Clearance of Former CIA Director John Brennan

    Brennan directly, concluding unequivocally that agency officials had indeed improperly accessed congressional staffers' files". And the campaign's former deputy chairman, Rick Gates , has pleaded guilty to financial fraud and lying to investigators.


Popular

Madonna confuses VMAs crowd with self-centered tribute to Aretha Franklin
The Shade Room posted Kandi's video, and as you will see for yourself in the comments, most people agree with Kandi 100%. Long live the Queen ", Madonna added. "Does Madonna know Madonna didn't die? ".

Nvidia reveals $800 GeForce RTX 2080 at Gamescom 2018
If true, this will be the biggest PC gaming graphics news since 2016. Specifically, they are the: RTX 2070, RTX 2080, and RTX 2080 Ti. It's exactly one month until we find out first-hand.

Thousands stranded after Kerala floods kill 324
He said weather conditions had improved considerably and expected the almost 10,000 people still stranded to be rescued by Monday. UAE residents with friends and family in Kerala have spoken of unprecedented devastation to their homes and communities .

It will be tough for Trump's SEC to overhaul reporting rules
British companies are obliged to report their financial results every six months, although some provide more regular updates.... Others said that the prospect of fewer financial reports could exacerbate price swings around earnings or fuel insider trading.

SpaceX could fund bid to take Tesla private
But he said: 'If you have anyone who can do a better job, please let me know. "They can have the reins right now", stated Musk. Musk, in a company-wide email, accused an unnamed Telsa employee of "quite extensive and damaging sabotage to our operations".

Jurgen Klopp refuses to rule out a loan move for Dominic Solanke
Jurgen Klopp does have a poor record in Cup finals and I am sure that will be in the back of his mind. I have no intention of hurting a player deliberately, ” said Ramos on Tuesday.

Turkey has more to ‘lose’ in Apple boycott
Tensions between Turkey and the USA have been on the rise as Trump has pressed for the release of the pastor. We've put sanctions on several of the cabinet members.

Aretha Franklin all-star tribute concert in the works
On Monday, reports surfaced that the iconic singer was battling cancer and that her death is imminent . Her last performance was on November 2, 2017 for the Elton John AIDS Foundation in NY .

Turkish court rejects U.S. pastor Brunson's appeal for release
Brunson, who attended Wheaton College, has lived in Turkey for more than two decades as pastor of a small local church. Trump prefaced Mnuchin's remarks by saying that Turkey had not been a very good friend. "They can't take our people".

Malta rescues 114 migrants from sinking dinghy
Matteo Salvini, the country's far-right populist interior minister, also wrote: "It can go anywhere it wants, NOT in Italy". Many recounted how they were "held in inhumane conditions in Libya", where human traffickers are based, the aid group said.