New tariffs on China take effect today

25 September, 2018, 07:08 | Author: Regina Silva
  • US-Chinese Trade War to Hit Washington as LNG Exporter to China- Commerce Ministry

LONDON - European and Asian markets were lower on Monday after China said it won't negotiate with the United States on trade if the Trump administration continues to threaten higher tariffs.

Secretary of State Mike Pompeo vowed that the United States would emerge victorious in an intensifying trade war with China, a day before Washington imposes $200 billion (R2 863 300 000 000,00) worth of tariffs.

Mr Trump has repeatedly threatened higher tariffs on the remaining Chinese imports should Beijing retaliate against Monday's round.

The latest escalation in the US-China trade war came after China cancelled further trade talks with Washington.

The charges came in a white paper published by China's cabinet, the State Council, and claimed the U.S. had turned toward "unilateralism, protectionism and economic hegemonism" as Trump pursues his "America First" agenda.

On Monday, US imposed a 10 percent tax on 6,000 Chinese goods, ranging from rice and textiles to clothes and manufacturing goods.

"The trade war is now a reality", Fitch chief economist Brian Coulton said in the release.

Fitch Ratings has cut its growth estimates for China and the world for 2019.

Question that stopped Australian presenter Lisa Wilkinson's interview with Serena Williams
In a separate interview with Australia's Sunday Project , she said she did not understand why Patrick Mouratoglou said he was giving her signals from the stands.


'Game of Thrones' could learn something from this ice-cold political ad
In addition to Grace , David and Jennifer , Gosar's other siblings - Joan , Tim and Gaston - also appear in the ad. The siblings said they were upset by Gosar's views on a range of issues but especially on healthcare and medicare.


Ontario Premier Doug Ford visits Ottawa in the wake of devastating tornadoes
The Ottawa Hospital tweeted that two people were in critical condition, one was in serious condition and two others were stable. He has compared the damage to the city's power grid as being on the magnitude of the debilitating ice storm of 1998.


Imports of American goods previous year totalled $153.9 billion while the United States bought Chinese goods worth $429.8 billion, according to Chinese customs data.

In announcing the rates for the retaliatory duties last week, the government in Beijing said the tariffs would be effective as of 12.01pm local time on Sept 24.

After the $200 billion tariffs officially came into force Monday, Beijing reportedly cancelled scheduled talks with Washington, which had been meant to defuse trade tensions. The spat between the USA and China further encouraged the markets to move to the U.S. dollar over gold.

Efforts at diplomacy have failed, with no breakthroughs since high-level talks began in May.

But in a policy statement issued just hours after the dual tariffs took effect, Beijing accused Washington of using tariffs as a means of intimidating other countries to submit to US wishes on economic matters.

Still, the U.S. remains open to talks, Lindsay Walters, deputy White House press secretary, said.

"President Trump has an excellent relationship with President Xi and our teams have been in frequent communication since President Trump took office", Ms Walters said. In fact, Trump revels in it. Trump got himself elected in large part on a promise to get tough with China and other trading partners to reverse the damage done to American manufacturing over the last several decades. A protracted trade war will fuel inflation in the U.S., particularly as tariffs are added to categories such as furniture, apparel and technology, according to analysts at Bloomberg Intelligence.

"Retailers are already facing a tidal wave of tariffs". Though Beijing has not revealed what such steps might be, business executives and analysts say it could withhold exports of certain products to the USA or create more administrative red tape for American companies operating in China. A senior White House official said last week the United States will continue to engage China, but added there was no date for further talks.

Recommended:



Popular

ESPN’s College GameDay returns to Happy Valley for Penn State
Ohio State is just 1-4 against the spread in their last five games when they've scored more than 40 points in their previous game. Penn State (3-0) and IL (2-1) have not met since the Nittany Lions' 39-0 win over the Illini at Beaver Stadium in 2015.

UK's Brexit stance 'surprisingly tough and uncompromising', says Tusk
However, "there could be a big gap" in what they have acknowledged and what ends up on the page, said the source. "For the negotiations to go forward they're going to have to take their hand off the handbrake", he said .

Yale Law School Cancels Classes So That Students Can Protest Brett Kavanaugh
Rather, she's become ensnared in the latest coverage of Supreme Court nominee Brett Kavanaugh and his interaction with women. In Portland on Monday afternoon, approximately 50 rape survivors and their supporters gathered in John E.

Modric sees off Ronaldo & Salah for Player of the Year
German forward Lennart Thy won the fair play award after missing a game for Dutchside VVV-Venlo to help a leukemia patient. The best goal category - established in 2009 - is inclusive of women, but none appeared on the top 10 list this year.

Attorney General Rod Rosenstein resigns before Trump can fire him
One person with knowledge of the situation said he expected to be fired, though other reports suggested that he would resign. Axios' Jonathan Swan was the first to break news of a potential Rod Rosenstein DOJ departure this morning.

Iran says Trump pressing oil majors to raise output
It comes amid fears oil prices could hit an eye-watering $100 per barrel as U.S. sanctions against Iran begin. OPEC and Russian Federation have capped production since January 2017 to bolster prices.

Japan Lands 2 Robot Rovers on Asteroid Surface
The space agency also noted that Ryugu is thought to contain water - making it an appropriate namesake of an underwater palace. Later, it will deploy an explosive kinetic impactor and create a new crater on Ryugu.

Trump says second North Korea summit ‘quite soon’
The South Korean leader also said he hopes the revised agreement with the USA will help solidify their cooperation in other areas. Rouhani, appearing on NBC on Monday, cited the threat of more USA sanctions in stating, "There is no such program for a meeting".

Modric breaks Ronaldo-Messi dominance, wins top FIFA award
This trophy is not just mine but for all my teammates from Real Madrid , my Croatia national teammates, my coaches and my family. France boss Didier Deschamps picked up the best manager award after guiding his nation to their second World Cup victory.

Barrick Gold agrees to buy rival Randgold in all-stock deal
Barrick and Randgold are hoping that joining forces and combining their enormous resources will help them weather the storm. The price of gold has fallen more than 8% this year, putting all gold producers under pressure.