April 20, 2018

China is running out of American goods to slap tariffs on

07 April 2018, 10:01 | Marta Robbins

Trump reacts as he departs the White House for a trip to Lewisburg West Virginia in Washington D.C. U.S

Trump reacts as he departs the White House for a trip to Lewisburg West Virginia in Washington D.C. U.S

The prospect of a trade war has sent financial markets across the world on a rollercoaster ride.

The developments jolted global markets. The S&P 500 e-mini futures traded down 1.3 percent EScv1, while similar moves were reflected in Dow and Nasdaq futures 1YMcv1 NQcv1.

In his statement Thursday evening, Trump the new $100 billion in tariffs under consideration would be a direct response to China's retaliation this week. This followed an opening salvo of USA penalties on steel and aluminum imports from overseas, including China, and Beijing's retaliatory taxes on $3 billion of US products.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", the Republican president said. It said the country would not rule out any options.

The United States' proposed list of $50 billion (5.3 trillion yen) in duties on Chinese goods is aimed at forcing Beijing to address what Washington says is deeply entrenched theft of US intellectual property and forced technology transfer from American companies.

Asian stock markets showed little sign of alarm over Trump's latest announcement, with most indexes posting moderate gains or losses on Friday.

Trump's unexpected move threatens to unravel efforts by top US and Chinese trade officials to lower the heat and reach an agreement that could stave off an escalating conflict, after the release of a list of tariff targets earlier this week prompted immediate threats of retaliation from Beijing.

The tariffs will have consequences for a wide swath of American consumers and businesses.

Apple to add touchless gesture control and curved display to future iPhones
Apple wants to make sure iPad users know how to work with two apps at once, and also how an Apple Pencil can mark up screenshots. If you think the bezel-less iPhone X was the pinnacle of what Apple can achieve in smartphones, you may be wrong.

The USTR has said the measures are retaliation for Chinese intellectual property theft. And there's still time for the countries to negotiate a deal.

State media denounced the US President's latest announcement as a "violation of global trade rules", and a former senior official said service trade between the two nations may be the next target for China's retaliation. The first round of $50 billion in tariffs mostly targeted industrial goods and electronic components.

China hit back within hours with its own threatened tariffs on USA imports including soybeans, planes, cars, whiskey and chemicals.

The idea of a tariff is to push up the price of foreign goods to make the domestic alternative more attractive.

"I'm not saying there's not gonna be any pain", Trump said in a radio interview with "Bernie & Sid in the Morning" on 77 WABC.

Hans Mikkelsen, a Bank of America Merrill Lynch strategist, said the new taxes would shift the supply and demand for the various affected goods.

Many in the business community are urging Trump and Chinese President Xi Jinping to reach a settlement before the tariffs go into effect, and Republican lawmakers have been urging the USA president to back down. From there, Trump would have to use executive authority to direct the implementation of the tariffs, which takes about six weeks. Agriculture is one of the few sectors of the American economy that runs a trade surplus. "We will see what they will do", Tiankai told reporters.

The President added that he instructed to the USTR also to "identify the products upon which to impose" the additional tariffs.

Other News

Trending Now

Arsenal vs CSKA Moscow - Betting Tips and Predictions
Southampton last won in the Premier League at West Bromwich on February 3 when Manuel Pellegrino was still in charge. Wenger has a fully fit squad, with France worldwide Alexandre Lacazette available following knee surgery.

Jimmy Kimmel ends the weird war Sean Hannity started against him
Hannity posted old television clips of Kimmel making sexual jokes and called the comedian "Mr Harvey Weinstein jr". Kimmel continued. "Cheating on her with a porn star after she has a baby".

Iowa among states suing U.S. over census citizenship question
District Court for the Southern District of ny , also includes six cities and the bipartisan U.S. Department of Commerce, responsible for the census , and the Bureau of the Census .

China Trade War Latest: Trump Raises the Stakes By Another $100 Billion
The soy tariffs ultimately could drive up costs on Chinese pig farmers and meat prices among 1.3 billion citizens. And China has included soybeans on its list of 106 products that would be hit by retaliatory tariffs.

World stocks under pressure from trade war fears
All three major European markets were shut on Friday and Monday, as investors enjoyed a four-day holiday weekend. China's position as an assembly hub for electronic devices makes it the biggest consumer of semiconductors.

Conor McGregor attacked a UFC bus and injured a fighter
Several fighters sustained injuries during Thursday's melee, with Michael Chiesa receiving cuts to the face due to broken glass. McGregor promptly threw a fit on Twitter, calling what seems to be the entire UFC a pretty lewd word.

WWE WrestleMania 34 tickets: Prices skyrocket from last visit to New Orleans
Since he defeated Big Show for the United States Championship at WrestleMania 20 in 2004, Cena has never missed the show. Finally, the holding pattern is at an end and this story can move towards its conclusion - a big WrestleMania moment.

Snapchat finally releases iPhone X exclusive AR lenses
It's not clear how long these iPhone X masks will stay in the rotation ... or if Snapchat plans to develop any more in future. The lenses available now makes use of the data from the phone's 2D camera to guess facial features , like eyebrows and mouth.

South Africa win fourth Test after explosive spell of bowling by Philander
The South African pacers averaged 18.59 runs per wicket, while Australia's pacers conceded 32.13 runs per wicket. South Africa's bowlers picked up four five-wicket hauls and a ten-for compared to two five-fors by Australia .

Kim Jong Un 'deeply moved' at South Korea's K-Pop diplomacy
The mistress of ceremony during the concert in Pyongyang will be Seohyun , the group's south Korean K-pop Girl's Generation . No sitting USA president has ever met personally with a North Korean leader since the conclusion of the Korean War.