China fires back at USA with tariff hike on goods worth $60bn

15 May, 2019, 03:27 | Author: Regina Silva
  • President Donald Trump arrives to speak on energy infrastructure at the Cameron LNG export facility Tuesday

But Mr Trump's approach in the dispute has put him at odds with his own top economic adviser, Larry Kudlow, who has said "both sides will suffer".

Trump said Monday he would meet Xi during the Group of 20 meeting of major economies six weeks from now on June 28 and 29 in Osaka, Japan.

Earlier, Trump said an agreement could be reached "when the time is right" but not unless Washington can narrow last year's $419 billion trade deficit with Beijing. As trade tensions escalated between the two countries, Donald Trump on Monday told reporters that he expects to meet with the president of China and Russian Federation next month at the Group of 20 summit in Japan.

"China does not want to fight the trade war but it is not afraid to fight it".

Trump has said he is in no rush to finalize a deal with China.

The United States and China have so far exchanged tariffs on more than $360 billion in two-way trade.

After the near collapse of trade talks with China last week, Trump on Friday imposed punitive duties on United States dollars 200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent.

China said on Monday it will raise tariffs on $60 billion worth of U.S. goods from June 1, in retaliation for the latest round of United States tariff hikes and Washington's plans to target nearly all Chinese imports. He said officials might be anxious companies may shift operations out of China in response to "aggressive retaliatory actions".

"Make your product at home in the United States of America and there is no tariff", Trump said.

Trump's advice that American customers can buy alternatives in domestic market or from non-tariffed countries is thus unrealistic in the era of global integration.

A container ship is unloaded at the Virginia International Gateway terminal in Norfolk, Va., May 10, 2019. The president also ordered tariffs to be raised on all remaining U.S. imports from China, which are valued at around $300 billion.

Former Miami Hurricanes RB Mark Walton gets second chance with Dolphins
Dolphins head coach Brian Flores wanted to see how the ball carrier fits on his squad while legal proceedings play out. And this weekend's tryout was likely as much about getting to know Walton the person as it was Walton the player.

Jennifer Lawrence Is a Blushing Bride-to-Be at Engagement Party
Jennifer ended a relationship with Darren Aronofsky in November 2017 after dating the director for less than a year. We don't know how long she and Cooke, 34, have been together but they were first linked to one another last June.

KSI offers James Charles a way to "save" his career
He started at 16 million subscribers but is now down to 13 million and is still losing subscribers by the minute. The 19-year-old James Charles is one of the biggest names in the world of makeup and beauty influencers.

Beijing is running out of imports to penalize due to the lopsided U.S.

Trump started raising tariffs last July over complaints China steals or pressures foreign companies to hand over technology and unfairly subsidizes businesses Beijing is trying to build into global leaders in robotics and other fields.

"We are determined and capable of safeguarding our legitimate rights and interests".

On Monday, the Dow Jones Industrial Average fell 2.4% and the tech-heavy Nasdaq lost 3.4% for its biggest drop of the year.

On Monday, Trump said he would talk to Chinese President Xi Jinping at a G20 summit in late June.

If he tries to pass along the higher costs from the new tariff on toys to customers, he said, he will lose sales.

Trump on Tuesday called the US-China trade war a "little squabble" and predicted ultimate victory.

Beijing unleashed its tightly controlled media this week after keeping a lid on rhetoric for months as the trade war with Washington reignited, with fiery clips from state media ricocheting around the Internet. "They have not been fair traders".

"We admonish the United States side to take heed of the worldwide community's reaction and calls from people from all walks of life, calculate the gains and losses of their own interests, have a clear understanding of the situation and return to the right track at an early date", China's foreign ministry spokesman said. He said the company cannot simply switch to suppliers in India or Indonesia and can't move manufacturing to the US either.

Barry Bosworth, an economist at the Brookings Institution, told Xinhua that "the dispute is damaging to USA consumers who are being impacted by higher prices on purchases from China and US exporters (particularly agriculture) who are losing a growing share of the Chinese market".

"The question is what's the smartest, most effective way to do it", Van Hollen said.


  • Trump Says He’s ‘Proud’ of Barr for Investigating Mueller Probe’s Origin

    As he prepared to depart the White House on Tuesday, Trump was asked whether he retained confidence in Wray, given his answer. Attorney General William Barr testifies before the Senate Judiciary Committee May 1, 2019 in Washington, D.C.
    James Wan-Produced MORTAL KOMBAT Filming Down Under

    James Wan-Produced MORTAL KOMBAT Filming Down Under

    More specifically, the Mortal Kombat movie will be filmed at Adelaide Studios in Glenside, according to AdelaideNow . The Mortal Kombat movie is just the latest high-profile production to announce plans to film in Australia.
    Rashida Tlaib stands by remarks on Israel and Holocaust

    Rashida Tlaib stands by remarks on Israel and Holocaust

    The statement added that the criticism was "dangerous, and increases hateful rhetoric from those who want to cause harm to oppressed people".
  • HBO drops trailer for Game of Thrones documentary

    HBO drops trailer for Game of Thrones documentary

    In the meantime, be sure to check out our recap of the penultimate episode of the show, leading us into the series finale. Now, finally, we are in season 8, which marks the culmination of nearly a decade-long journey.
    Facebook Content Reviewers Get Wage Hike, More Counseling

    Facebook Content Reviewers Get Wage Hike, More Counseling

    Facebook built new moderation features to reduce the mental stress that comes with reviewing disturbing content on the internet. In February, The Verge reported that some moderators who spend their days scrubbing these sites have suffered from depression.
    New Trailer For Disney's Maleficent Sequel Starring Angelina Jolie Released

    New Trailer For Disney's Maleficent Sequel Starring Angelina Jolie Released

    So she cursed her to prick her finger on the spindle of a spinning wheel and die before the sunset on her sixteenth birthday. The first movie revolved around Sleeping Beauty from the villain's point of view and the same showcased King as the villain.
  • Bond movie halted after Daniel Craig suffers injury

    Bond movie halted after Daniel Craig suffers injury

    The 51-year-old James Bond star has been shooting in Jamaica, but allegedly has injured himself during an action scene. Bond's arch-enemy will be played by Oscar-winner Rami Malek, who starred as Freddie Mercury in Bohemian Rhapsody .
    Boston Celtics vs. Milwaukee Bucks, 5/8/19 NBA Predictions & Odds

    Boston Celtics vs. Milwaukee Bucks, 5/8/19 NBA Predictions & Odds

    The future of the Celtics' team is fairly unsure, too, with questions surrounding Kyrie Irving as his free agency approaches. Since the loss in Game 1, Milwaukee has looked like the much stronger team in this series.
    North Korea demands return of cargo ship seized by the US

    North Korea demands return of cargo ship seized by the US

    The vessel was originally seized in Indonesia a year ago for allegedly circumventing UN-imposed sanctions on shipping coal. Trump insisted he would not ease sanctions until North Korea agrees to abandon its entire nuclear weapons program.
  • Ocasio-Cortez and Sanders Rally Support for Green New Deal

    Ocasio-Cortez and Sanders Rally Support for Green New Deal

    Biden said he would be making a "major speech" to detail his environmental policy by the end of the month. Ocasio-Cortez and Massachusetts Democratic Sen.
    United Kingdom  politicians call for cancelling of Jeremy Kyle Show

    United Kingdom politicians call for cancelling of Jeremy Kyle Show

    The ITV show has been taken off the air after Steve Dymond was found dead at his home just days after failing a lie detector test. Ms Callaghan said that just before they went on the show Mr Dymond had convinced her he had not cheated.
    Klopp is confident that Liverpool will challenge again

    Klopp is confident that Liverpool will challenge again

    And Sarri has sent a heartfelt message to Klopp and the Liverpool FC supporters after their title disappointment on Sunday. But during a 21-minute wobble in the first half City looked like throwing away a fourth title in eight seasons.


Yemen warring parties hold fresh talks as Houthis withdraw from Hodeida
The Saudi-led aggression that started in March 2015 is estimated to have left 56,000 Yemenis dead. But the govenor of Hodeida, Al-Hasan Taher, said the Huthis were merely reshuffling personnel.

Antoine Griezmann: Striker to leave Atletico Madrid at end of season
Last summer, speculation was rife the forward would leave the Vincente Calderon for Spanish giants Barcelona . He added: "I have to leave, I want to see new places and face new challenges, it's what I need now".

Powerful quake hits Papua New Guinea, prompting tsunami alert
New Zealand's civil defence says it is assessing whether the natural disaster poses any threat to the country. Papua New Guinea is located on the eastern half of the island of New Guinea, to the east of Indonesia.

Children’s Cartoon ‘Arthur’ Features Gay Wedding in Season Premiere
The educational show targets kids aged four to eight and often tackles hard topics families deal with in their daily lives. Ratburn miserable, which will then make his students miserable, so they set off to nip the nuptials in the bud.

Dow ends down 2.4% as new China tariffs batter Wall Street
The U.S. has the stronger legal stance as far as global trade agreements are concerned. "You've got to do what you've got to do". But that hasn't happened yet. "The risk of a full blown trade war has materially increased", they said in a report .

Cannes Film festival set to open with zombie comedy
Talking of the theme, Live Victoriously, Kangana elaborated, "The clothes I wear will have drama". The actor stars in the festival's opening night film, the zombie comedy " The Dead Don't Die ".

Source says Barr is launching new look at origins of Russian Federation probe
President Donald Trump often called for the Justice Department and others to review how the FBI began investigating Russian meddling in the 2016 election.

Ghana: Dogboe Fails in Title Bid ... As Navarrete Wins Rematch
In the preceding fight, Emanuel Navarette defeated Isaac Dogboe in a 12th round TKO for the WBO junior featherweight championship. The final statement was a Navarrete dropping Dogboe in the twelfth round that saw Dogboe's father throw the towel in.

Third of Scottish adults anxious over body image, report finds
YMCA England and Wales chief executive Denise Hatton said social media presents "a multitude of dangers" for young people. This is a cause for concern and it's clear that active steps need to be taken to support the wellbeing of all staff.

Ambris ton helps Windies make record chase against Ireland
The visitors grew increasingly frustrated, as Balbirnine, Stirling and Kevin O'Brien batted astutely to mount a challenging total. Hence in this match IRE vs WI , it is predicted that Ireland will win against West Indies .