Global factory growth slowing; China-U.S. trade war biting

04 August, 2018, 08:57 | Author: Brooke Harris
  • China Urges U.S. to

China's Commerce Ministry said in a seperate statement Beijing's new set of proposed import tariffs on U.S. goods were rational and restrained.

He said President Donald Trump directed him in June to identify $200 billion worth of Chinese goods for additional tariffs of 10 percent and he initiated the process on July 10.

If Trump imposes the new duties on China as well as a threatened third set of tariffs on another $200 billion of imports, effectively all of the Asian nation's USA exports would be impacted.

Trump campaigned on a promise to bring down America's massive trade deficits by renegotiating trade agreements and getting tough on countries like China that sell the US far more than they buy from it.

Recognizing this dynamic, a policymaker who is serious about reducing the US trade deficit would at least consider controlling capital inflows to the United States, either by creating regulations that make it more hard for foreigners to invest in the USA, or by taxing such investment.

Trump said two weeks ago he is ready to impose tariffs on over $500 billion of Chinese imports. "China's position is very firm and clear and has not changed".

The 25% tariffs would apply to the same products proposed in July.

Mr Wang was firm that any pressure which the United States was trying to put on China would not work.

The GSO has however warned exporters and importers to be prepared for any eventuality given the ongoing trade war between the USA and China.

Pope Francis changes Catholic teaching on death penalty
The death penalty was meant only to protect society. "The key point here is really human dignity ", Burke said. Pope Francis addresses his weekly audience in Saint Peter's square at the Vatican on June 6, 2018.

China said on Wednesday it will retaliate if the United States takes further steps hindering trade, after a source said the Trump administration proposes slapping 25 percent tariffs on $200 billion of imported Chinese goods.

China's economy is under greater pressure in the short term but its policymakers may conclude that it is better to absorb the short-term costs and wait for the pressure to start to mount on the United States.In the end, tariffs are a tax on consumers, and if high tariffs go into effect on consumer items, and are sustained for any length of time, the economic and political fallout could be considerable.

China's commerce ministry said the U.S. tactics will have no effect on China, and will disappoint countries that are against trade wars.

China's appetite for imported copper has yet to falter, however, with first-half imports of unwrought copper up 16.3 percent from a year ago, according to Chinese customs data.

Beijing said it would be forced to take countermeasures to defend Chinese interests, free trade and the global order.

The question of how exactly China will retaliate remains to be seen. After the earlier tariffs $34 billion of USA goods, about $120 billion is available for retaliation.

The shipping container market, in which the vast majority of finished manufacturing goods are imported and exported, shows a similar gloomy picture: the Harpex container index has fallen by 10 percent from the highest levels since 2011 that it hit in June.

In response to the reports, the Chinese government warned of retaliation.

From left, China's President Xi Jinping and U.S. President Donald Trump shake hands on November 9, 2017, during a meeting outside the Great Hall of the People in Beijing.

Recommended:



Popular

Manchester City announce new Gabriel Jesus contract with brilliant video
The City manager also revealed how much he was looking forward to locking horns with Sarri, who replaced Conte last month. After winning the players can have the "I'm really good" mentality but that's the moment you go down.

Barcelona agree £27m deal for Bayern Munich star Arturo Vidal
Vidal trained with his Bayern Munich team-mates on Thursday for the last time before making the move to the Spanish champions. The former Bayer Leverkusen player said on Bayern's official website: "Thanks to FC Bayern and all the fans".

Drake Drops 'In My Feelings' Video Chock Full Of Cameos
Drake dropped the music video for his hit " In My Feelings " on Thursday, and it features a lot of celebrity cameos. La La Anthony play's Drake's love interest and former Cosby Show star Phylicia Rashad is her mom.

Fortnite For Android APK Download To Bypass Google Play Release
Players will instead have to use a separate installer provided by Epic to download the game directly from the Fortnite website. As such, says the Epic executive, "any device from up to three years ago with a high-end GPU should run the game pretty well".

NASA names astronauts for Boeing, SpaceX flights
She has spent a grand total of 322 days in space including a stint commanding the space station and performing seven spacewalks. Ferguson, who has been involved from the start in the Starliner's development, flew three shuttle missions as a Nasa astronaut.

Facebook Removes 32 Pages, Accounts Deemed Fake
Around 2,600 people indicated they were interested in attending the "No Unite The Right 2" event, and 600 said they would attend. Facebook said, "We'd encourage apps that are still being used but have not been submitted for app review to do so now".

Five-day sales tax holiday in Wisconsin begins
The tax exemption applies to parents' back-to-school shopping for their kids, and for teachers stocking their classrooms. On purchases like clothing , school supplies , computers and software, the sales tax is exempt for this weekend only.

Jim Acosta walks out of White House press briefing in protest
He made it particularly easy for Sanders to say what had been clear to the country in less authoritarian times. The president tweeted the heckling to his 53.5 million followers.

Vaginal Laser Treatments Can Cause Burns and Scarring, the FDA Says
Discuss the benefits and risks of all available treatment options for vaginal symptoms with your health care provider. The FDA said it was "deeply concerned" people were being injured with these procedures.

Argos catalogue reveals unannounced DJI Mavic drone
Now thanks to a render obtained by the folks at Photo Rumors , we have a better idea of what the upcoming drone could look like. A spokesman for DJI said: "This pre-printed catalogue was scheduled before we postponed our "See the Bigger Picture" event".