Economy

United States launched `biggest trade war in economic history`, alleges China

United States launched `biggest trade war in economic history`, alleges China

Beijing's commerce ministry, in a statement shortly after the USA deadline passed on Friday, said the world's No. 2 economy was forced to retaliate by placing jacked-up 25 percent tariffs on United States cars, soybeans and lobsters.

China retaliated against the announcement with threats of a matching volume of tariffs on US goods.

China's tariff list is heavy on agricultural goods such as soybeans, sorghum and cotton, threatening U.S. farmers in states that backed Trump in the 2016 USA election, such as Texas and Iowa.

There was confusion about exactly what USA products would be hit in the initial wave of tariffs as China's Commerce Ministry had not published an updated list.

Meanwhile, EU Trade Commissioner Cecilia Malmstrom called the escalation of tariffs between the USA and China "worrying" and "clearly damaging" to the world economy. With the jobless rate so low, those who lose jobs because of the tariff fight could have an easier time finding other work. He noted that the new Russian tariffs will only allow a partial compensation of $87.6 million.

The American tariffs are the result of President Donald Trump's bid to protect U.S. jobs and stop "unfair transfers of American technology and intellectual property to China".

While Friday's tariffs will likely hit consumers eventually, Trump's threat to impose tariffs on another $200 billion worth of Chinese exports to the USA would likely result in more direct pain for consumers.

The new tariffs had little impact on Asian stock markets. No exact date was given.

British F1 Grand Prix 2018 Results: Sebastian Vettel Wins Dramatic Race
Whether on a racetrack or a public road, there is such a thing as too much time behind the wheel for Lewis Hamilton . Raikkonen apologised for his first lap brush with Hamilton which earned the 38-year-old Finn a 10-second penalty.

Beijing and Washington have held several rounds of high-level talks since early May, but the Trump administration has said it is considering expanding the list of targeted Chinese imports. The tariffs on the European Union went into force on June 1.

Wansleben said the US move "is not about economic issues, it's about ideology and politics and it's about the (U.S. mid-term) elections in November".

"But on the other hand, it is hard for USA distributors to find substitutes as Chinese products have reasonable prices and good quality".

Asked whether USA companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country. American officials worry USA industrial leadership will be eroded by Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence.

The Chinese government said Friday it "immediately" retaliated against increased US tariffs on Chinese imports as President Donald Trump's administration effectively launched a trade war with its most important trading partner. This explains why the USA has imposed 25 percent tariffs on Chinese imports such as machinery, electronics and high tech equipment including cars, computer hard drives and LEDs.

In particular, the United States "will impose a 25% tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the "Made in China 2025" program", the statement said.

On Thursday, a spokesperson for China's ministry of commerce said the United States will be "opening fire on the whole world and also opening fire on itself".

The start of the trade war likely confirms the widening rupture between Trump and his own Republican Party, a traditional champion of free trade and big business.

Croatia's Vida free to face England after Fifa warning
Croatia grabbed the last place in the final four on Wednesday after eliminating hosts Russian Federation on penalties. Vida and Vukojevic played together at Ukrainian club Dynamo Kiev . "He needs to stay calm", Fernandes said.

Financial markets seemed to take the latest developments in stride. Shares on China's main Shanghai index jumped 0.5% while Hong Kong's Hang Seng index added 0.9% as the uncertainty ended over whether Washington would escalate tensions with Beijing.

And despite dire warnings about the impact on the US, Trump believes the robust American economy can outlast its rivals in the current battle.

Trump needs to be careful that he doesn't go too far and cross a red line and he's very close to doing that right now.

On Thursday, Trump said higher tariffs on an additional $16 billion in Chinese goods were set to take effect in two weeks.

In addition to Friday's tariffs and in response to China's retaliation in June, Mr Trump has ordered tariffs on $200bn worth of imports and threatened tariffs on another $200bn.

Chinese officials reject accusations they steal or force foreign companies to hand over technology.

Russian Federation says United States tariffs on steel and aluminium, introduced in March, will cost its companies more than half a billion dollars.

The 25% levy came into effect at midnight Washington time.

Lions eat rhino poachers on South African game reserve
South Africa, which is home to an estimated 80 per cent of the world's rhino population, is dealing with a poaching crisis. Fox says the handler of an anti-poaching dog heard a "loud commotion" coming from the lions early on Monday.

Why is the U.S. imposing tariffs?


  • Fourth summer signing imminent, BBC reporter confirms transfer move

    Fourth summer signing imminent, BBC reporter confirms transfer move

    Born to Congolese parents, N'Zonzi spent his youth career in France before signing a professional contract with Amiens. Banega played a key role for Sevilla's Europa League success for two years in a row with Emery back in 2015 and 2016.
    Russian's Lavrov hopes visiting USA  lawmakers will help mend ties - agencies

    Russian's Lavrov hopes visiting USA lawmakers will help mend ties - agencies

    The head-to-head between the USA and Russian leaders will follow a delicate North Atlantic Treaty Organisation summit in Brussels. Trump has been searching for improved rapport with Russian Federation since his election to the presidency in January 2017.
    Martinez names star key to Belgium in Brazil showdown

    Martinez names star key to Belgium in Brazil showdown

    Against Brazil, it will not be about ball possession, but what you do with it. "I don't see that as a valid result". They have only gone out at this stage twice in that run (against France in 2006 and Netherlands in 2010).
  • China markets swing wildly on growth, trade uncertainty

    China markets swing wildly on growth, trade uncertainty

    The ChiNext Index, China's NASDAQ-style board of growth enterprises, was up 1.18 percent to close at 1,607.12 points Tuesday. In early trade on Tuesday, yuan weakened to a low of 6.7204 against the dollar, the lowest since August 7, 2017.
    Santos shares Portugal's sadness but hopes Ronaldo will remain

    Santos shares Portugal's sadness but hopes Ronaldo will remain

    Ronaldo finished his World Cup campaign with four goals, one adrift of England's Harry Kane who leads the standings with five. Cavani then had to be helped off by Ronaldo before watching the rest of the game from the dugout with ice on a calf injury.
    USA  congressmen meet Russian officials in St. Petersburg

    USA congressmen meet Russian officials in St. Petersburg

    Trump is slated to meet Putin in Helsinki on July 16. "We have to be vocal about it, on guard about it", said Francis. President Donald Trump during their bilateral meeting at the G20 summit in Hamburg, Germany, July 7, 2017.
  • Donald Trump's Mar-a-Lago Files Request To Hire Foreign Workers - Again

    Donald Trump's Mar-a-Lago Files Request To Hire Foreign Workers - Again

    Donald Trump wants to hire 61 people from overseas to come and work as waiters and cooks at his luxury Mar-a-Lago resort. Despite President Trump's push for US companies to hire American workers, even his own businesses are not complying.
    Supreme Court Nominee List Shortens to Mostly 'Identical' Candidates

    Supreme Court Nominee List Shortens to Mostly 'Identical' Candidates

    They are shaped by love of Holy Scripture, prayer and community; and the Church's mission is richer for their presence". But the second time around, Murkowski could prove to be more hard for the White House to get a solid yes.
    Scott Pruitt, scandal-plagued EPA Administrator, resigns

    Scott Pruitt, scandal-plagued EPA Administrator, resigns

    There are also multiple inquiries into Pruitt's lease of a $50-a-night Capitol Hill condo in 2017 from lobbyist Vicki Hart. Pruitt served as the head of the association previously when he was Oklahoma's attorney general.
  • Justin Bieber 'engaged to Hailey Baldwin', US media say

    Justin Bieber 'engaged to Hailey Baldwin', US media say

    TMZ report that the two appeared to have become involved again after Justin broke up with long-time girlfriend Selena Gomez . Everybody knows that at a certain point in time that turned into something else, but that just happens when you're 18, 19.
    Gas prices are up and OPEC ‘doing little to help’

    Gas prices are up and OPEC ‘doing little to help’

    Trump's tweet triggered reaction from Iran , a founding member of OPEC, whose oil exports have been targeted by U.S. sanctions. The U.S. benchmark West Texas Intermediate was $73.22 a barrel, down 1.24 percent.

    Sacha Baron Cohen Is Upping His Feud With President Trump

    An archive video of Trump attacking Cohen then plays, with the president branding the Englishman a "third-rate character". It begins by showing a Trump tweet celebrating the Fourth of July before a title reads: "A Message from Donald Trump ".