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.

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.


Jimmy Garoppolo Done For Season With Torn ACL
Garoppolo had gone 20-of-30 for 251 yards for two touchdown and no interceptions before leaving the game. It's not my first time in the regular season.


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.


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:

  • 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.
    Jets interested in Le'Veon Bell

    Jets interested in Le'Veon Bell

    As of right now, an official offer has not been made as the team just began talking to the Steelers about his availability. Mehta further notes that the Jets have around $17 million in cap space, more than enough to acquire Bell's contract.
    Alyssa Milano opens up on why she never reported her sexual assault

    Alyssa Milano opens up on why she never reported her sexual assault

    Top Chef host Padma Lakshmi also joined the movement, tweeting that she was "7 the first time I was sexually assaulted". Supreme Court nominee Brett Kavanaugh of sexually assaulting her in 1982 while they attended high school.
  • Question that stopped Australian presenter Lisa Wilkinson's interview with Serena Williams

    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.
    Tip: Use Google Chrome to create strong passwords for websites

    Tip: Use Google Chrome to create strong passwords for websites

    According to StatsCounter , Chrome holds almost 60 percent of the marketshare, so opinions are bound to be all over the place. If you log into any Google service on that browser, it will automatically log Chrome into the corresponding Google account.
    Trump says second North Korea summit ‘quite soon’

    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".
  • Russian Federation  says will send newer S-300 missile systems to Syria

    Russian Federation says will send newer S-300 missile systems to Syria

    Its unsophisticated air defence missiles instead hit a Russian Il-20 surveillance plane, killing all 15 servicemen onboard. According to the statement, Putin reiterated that Russia holds Israel responsible for the downing of the Russian plane.
    Modric sees off Ronaldo & Salah for Player of the Year

    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.
    Skype support coming to Alexa later this year

    Skype support coming to Alexa later this year

    Amazon says the preferred method to hook up Echo Auto is via Bluetooth or an auxiliary jack, which many modern cars possess. The newest smart display goes for $229.99 and an extra $30 will also bring you a stand so you can position it better.
  • UK's Brexit stance 'surprisingly tough and uncompromising', says Tusk

    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 .
    Jimmy Butler Trade Saga: Dan Gilbert, Cavaliers Reportedly Very Interested

    Jimmy Butler Trade Saga: Dan Gilbert, Cavaliers Reportedly Very Interested

    Overall, those trade ideas didn't necessarily make anyone excited for a deal to happen anytime soon. Butler will not be reporting to training camp (at least not the Timberwolves' ).
    Ontario Premier Doug Ford visits Ottawa in the wake of devastating tornadoes

    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.


Popular

Avenatti Claims He Has 'Evidence' That Kavanaugh Targeted Women For Gang Rape
On Twitter, Avenatti wrote that he will "be demanding the opportunity to present testimony" to the Senate Judiciary Committee. Ford has alleged that Kavanaugh sexually assaulted her at a party while they were in high school.

Modric, Marta win Best FIFA player 2018 awards
Modric who guided Croatia to the world cup final for the first time , becomes the first Croatian player to win the award. Numerous arguments revolved around Mohamed Salah . "I would like to thank those who voted for me".

Deputy Attorney General Rod Rosenstein reportedly resigns
Rosenstein talked past year about invoking the 25th Amendment and wearing a wire during Trump meetings, the N.Y. Schiff stressed that Rosenstein should force Trump to fire him and not relent if he is asked to resign.

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.

SiriusXM to Acquire Music Streaming Company Pandora
Purchasing Pandora will make SiriusXM "the world's largest audio entertainment company", it added. Pandora has agreed to be acquired by satellite company SiriusXM for $3.5 billion.

Ex-Real Madrid ace Kovacic makes bold statement about Hazard
Cahill was in the Blues' squad for the first time this season but did not feature at PAOK and could be out of the squad tomorrow. He said when quizzed on his future: "It is too early and I have to respect my contract with Real Madrid ".

New 'Death Stranding' Trailer Teases New Character And A Boss Fight
He appears to be a villain in the game's world although details around his character were surrounded in mystery. Brand new gameplay footage and characters were revealed for Death Stranding at TGS 2018 .

Mobile relaunches prepaid service with Amazon and Google perks
Verizon does have hotspot support across the board, but you won't get unlimited data unless you pay $75 per month. Metro's existing $30 and $40 plans persist albeit without the added Google and Amazon perks.

Pirates kidnap 12 sailors from Swiss ship in Nigerian waters
Swiss shipping operators have confirmed that they have been employing armed security personnel to guard their vessels from pirate attacks in hot.