New US trade action "poisons" atmosphere, won't work on China: CSRC

18 September, 2018, 11:11 | Author: Frank Williams
  • Trump reportedly poised to slap tariffs on an additional $200 billion worth of Chinese imports

China has vowed to retaliate for the latest U.S. tariffs with new import taxes on $60b in American products. China has said it's ready to impose retaliatory tariffs on US goods.

It brings all Chinese imports subject to added tariffs to $250 billion, roughly half of China's shipments to the United States a year ago.

"The Trump administration is yet again sending a perplexing mixed message by inviting Chinese officials for negotiations and then imposing additional tariffs in the run-up to the talks", said Eswar Prasad, former head of the International Monetary Fund's China division.

What's behind the US-China rift? Some of them have criticized Mr. Trump's tactics but many echo US complaints about Chinese market barriers and industrial strategy.

U.S. businesses - which have warned that tariffs could hurt profits, force job cuts, and, in some cases, destroy companies, said the taxes were going to hurt the United States more than the administration realized.

Trumps' new tariffs on China will kick in at 10 per cent but are set to rise to 25pc from January.

Trump continues to ratchet up pressure on Beijing to change its trade practices even as he floats the idea of talks.

"President Trump's decision to impose an additional $200 billion is reckless and will create lasting harm to communities across the country", said Dean Garfield, president of the Information Technology Industry Council, which represents major tech firms.

He said China had to agree to some of the White House's demands for any progress to be made.

More news: UEFA Nations League Roundup: Spain humiliate Croatia with thumping win

"China never said it doesn't want to negotiate with the US", Yang Weimin, a former senior economic and foreign policy adviser to President Xi Jinping, said Sunday, as cited by the Wall Street Journal. The rand has fallen almost 10 per cent since the previous Monetary Policy Committee meeting in July and while the Reserve Bank does set a target level for the currency, the likely impact of the rand's decline on inflation could prompt the bank to lift the country's interest rate. Executives complained the tariffs would make their products more expensive, costing them sales.

Initial reaction from the business community Monday was unfavourable. The Office of the US Trade Representative concluded after an investigation that China's tactics range from requiring US and other foreign companies to hand over technology in return for access to the vast Chinese market to outright cyber-theft.

The timing for activating the additional tariffs was unclear. "Sino-US economic and trade relations are mutually beneficial and win-win, and cooperation is the only correct choice".

"Tariffs have put the U.S.in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable", the president tweeted. China only imports around $130bn from America, meaning it can't simply announce a tit-for-tat retaliation.

This photo taken on August 7, 2018, shows a truck transporting a container next to stacked containers at a port in Zhangjiagang in China's eastern Jiangsu province. USA officials point to Beijing's long-range development plan, "Made in China 2025", which calls for creating powerful Chinese entities in such areas as information technology, robotics, aerospace equipment, electric vehicles and biopharmaceuticals. "The unilateral and hegemonic moves by the United States will meet firm countermeasures from China.China will not just play defense", the Global Times says.

Talks between the European Union and Britain on Brexit are being conducted in a spirit of "good cooperation", said Michel Barnier, the EU's chief negotiator on the issue. "There's no way around it".

Apple shares fell 2.6 per cent, amid concerns it might be caught in the middle of an escalating trade war. While individual companies have complained about their operations being disrupted by material shortages or cost increases, growth remains strong and unemployment is approaching a half-century low. We should be talking with them, not merely sitting back and observing.

During a White House meeting on Monday, Trump said an announcement on the tariffs would come after the stock market close.

"Make your products in the United States instead of China". "The businesses are going to pour back into the United States".

Recommended:

  • Amazon Founder Starts $2 Billion Charity Fund

    Amazon Founder Starts $2 Billion Charity Fund

    Where are the opportunities to make things better? Jeff Bezos has always been an entrepreneur and a maverick, Pasic said. Bernie Sanders for paying its facility workers substandard wages - a claim Amazon has pushed back against .
    Dead as Hurricane Florence Smashes into US East Coast

    Dead as Hurricane Florence Smashes into US East Coast

    Almost 15,300 people have already evacuated the northeastern corner of the island, the Phillipine Office of Civil Defence said. If confirmed by the National Weather Service, this number would break the state record for rainfall from a tropical cyclone.
    Watch South Carolina BATTERED by gale force winds

    Watch South Carolina BATTERED by gale force winds

    Torrential rains brought about significant flooding in some areas, with the rains expected to continue over Oahu through Thursday. Hurricane Florence is expected to pack a potentially life-threatening punch as it continues its path toward the U.S. east coast.
  • Mrs Maisel, Game of Thrones win big at Emmy

    Saturday Night Live has done it again. 'I love you and I share this with you because you're an unbelievable handsome brother. Game of Thrones has more Emmy nominations than any scripted series ever (129), and it also has more wins (38).

    Brett Kavanaugh: accuser of Trump's Supreme Court pick goes public

    Senator Dianne Feinstein of California , the top Judiciary Committee Democrat, said a staff call on the matter wasn't adequate. McConnell has said he would like to have Kavanaugh confirmed by October 1, the start of the Supreme Court's new term.
    Farm murders in SA - 62 deaths recorded

    Farm murders in SA - 62 deaths recorded

    Murders of women spiked by 11% with 2930 murders reported in 2017-2018 compared with 2639 in the previous period. This is according to the annual crime statistics , which were presented to Members of Parliament on Tuesday.
  • Cristiano Ronaldo scores first goals for Juventus since move from Real Madrid

    Cristiano Ronaldo scores first goals for Juventus since move from Real Madrid

    Costa now faces an extended ban with coach Massimiliano Allegri annoyed with the forward for "rising to provocation". Juventus' Cristiano Ronaldo celebrates scoring their first goal against Sassuolo in Turin September 16, 2018.
    Musk signs up first passenger for round-the-moon trip on SpaceX

    Musk signs up first passenger for round-the-moon trip on SpaceX

    In its tweet Thursday, SpaceX shared what Musk confirmed on Twitter was a new rendering of the BFS. SpaceX was tight-lipped about the financial terms of the deal and the identity of the individuals.
    Puerto Rico hurricane death toll inflated by Democrats, claims Trump

    Puerto Rico hurricane death toll inflated by Democrats, claims Trump

    Mr Trump's tweets came as Hurricane Florence approaches the Carolina coast and is expected to cause risky flooding and tornadoes. The death records were provided by the Puerto Rico Vital Statistics Records division of the Puerto Rico Department of Health.
  • Weather: Storm Helene to hit NI on Monday and Tuesday

    Weather: Storm Helene to hit NI on Monday and Tuesday

    Some parts could see highs of 26C (78.8F), which is 7C to 8C above average for the time of year, the Met Office said. A yellow weather warning has been put in place between 6pm Monday evening through until 8am the following morning.
    India's oil imports from Iran to decrease further

    India's oil imports from Iran to decrease further

    The agency expects the US will continue to top Russian Federation and Saudi Arabia for the rest of this year and through 2019. WTI crude was trading around $69.0 per barrel and Brent crude was hovering around $78.0 per barrel on Friday.
    Chelsea coach Maurizio Sarri struggling to give up smoking

    Chelsea coach Maurizio Sarri struggling to give up smoking

    Chelsea manager Maurizio Sarri said on Friday he was open to Terry returning to the Premier League club as a coach. As reported by Chelsea's official website , Luiz said: " First of all he's a great person, great as a human ".


Popular

2 shell casings found in apartment of man shot
Dallas Police Officer Amber Guyger , who turned herself in to the Kaufman County Jail Sunday, remains on administrative leave. He described Jean's death as an avoidable tragedy and said the group wants to know why Guyger has not been fired.

'Tax Reform 2.0' Unveiled by House GOP
They're aiming to make permanent the individual tax cuts and small-business income deductions now set to expire in 2026. The provision would make $10,000 annual cap for SALT a permanent one, according to The Republican Standard .

Hurricane Florence: 4 storm-related deaths reported
Ireland is expected to endure the worst of the storm, while Wales and the Cornish peninsula will bear its brunt in England. However, it's not too late to prepare for Hurricane Florence - or any other storm that may move through Coweta County.

Lloris gets 20-month ban for drink-driving
The court heard police in an unmarked vehicle spotted Lloris' Porsche Panamera driving at 15mph (24kph) in a 30mph (48kph) zone. Dele Alli and Hugo Lloris have been ruled out of Tottenham's Premier League match with Liverpool at Wembley on Saturday.

Maurizio Sarri makes Liverpool and Man City admission after Cardiff win
So I know that the matches after the break are very, very hard . "I will be speaking to somebody at Chelsea about one or two things", Warnock said.

Winds from Florence moving ashore at North Carolina Outer Banks: NHC
One of those was the Waccamaw River in South Carolinas Horry County, which had reached 8.9 feet by Saturday; it floods at 11 feet. On its Facebook page, the county said the evacuation was in effect along the Lower Little River near the Cumberland County line.

Canada’s Freeland returns to Washington for NAFTA talks
The prime minister Justin Trudeau has been clear about its intentions: we do not assign the management of the offer. NAFTA negotiations resumed Tuesday morning as Americans marked the 17th anniversary of the 9/11 terrorist attacks.

Paul Manafort faces additional charges ahead of hearing
Note: This article has been updated with news that Manafort's plea deal is a cooperation agreement . Manafort's Virginia trial generated considerable attention from the public and the media.

Djokovic captures U.S. Open title for 14th major championship
Victory also means that 50 of the last 55 majors have been win by the "Big Four" of Federer, Nadal, Djokovic and Andy Murray. The Serb now only trails his two greatest rivals, Roger Federer and Rafael Nadal, who have 20 and 17 respectively.

Apple Watch Series 4 screen resolution will be higher than Series 3
The new phones featured a new gold finish, and the leaked photos confirmed rumors that two new size options were in the works. According to 9to5Mac latest rumours and pics (see above) Apple Watch Series 4 comes with a new "borderless" display.