Monday, 23 July, 2018

China pledges to 'immediately' retalliate to Donald Trump's latest tariffs

US President Donald Trump Trump says he'll confront China EVAN VUCCI AP US President Donald Trump Trump says he'll confront China"very strongly over trade in the coming weeks
Rhonda Young | 16 June, 2018, 22:12

The comments came in response to news that President Donald Trump would impose 25 per cent tariffs on tens of billions in Chinese imports, sparking immediate retaliation from Beijing.

Trump was unmoved by a Chinese offer to buy an additional $70 billion worth of US farm and energy products and other goods, according to people familiar with the matter.

"China's Government is aggressively working to undermine America's high-tech industries and our economic leadership through unfair trade practices and industrial policies like "Made in China 2025".

On Friday, the U.S. imposed additional tariffs of 25 per cent on import of Chinese goods worth $ 50 billion, of which tariffs on $34 billion worth of Chinese products will be charged from July 6, while the remaining $ 16 billion worth of Chinese products will undergo further review in a public notice and comment process.

The first section will be implemented on July 6 and apply to 818 goods with a total value of $US34 billion.

The Commerce Ministry said: "China does not want a trade war".

"Our take is that a trade war would bring four negatives - somewhat higher inflation; growing anxiety in the US farm belt; uncertainty that could complicate long-term corporate planning; and a growing estrangement of the USA on the global stage".

Messi, Di Maria, Aguero in attack for Argentina
Argentina has won the World Cup twice, 1978 and 1986 and have qualified 11 consecutive times starting with West Germany 1974. He really gives us versatility, he's a very versatile player, he allows us to recover balls, so he is really ready.

It added that given the "frequent flip-flopping" in the United States, "it is still too early to conclude that a trade war will start". He has already threatened additional tariffs on US$100 billion of Chinese imports, but the list of products has not been finalised.

China will first impose tariffs on 545 US goods worth $34 billion on July 6.

A set of retaliatory tariffs released by China today includes a plan to tax American lobster exports, potentially jeopardizing one of the biggest markets for the premium seafood.

Until recently, President Donald Trump's waving of the trade-war stick at China and various allies has generally elicited stock-market yawns.

Earlier on Friday, China vowed to do just that, saying it would strike back, just hours before Trump's statement.

"If the United States takes unilateral and protectionist measures that harm Chinese interests, we will respond immediately by taking the necessary decisions to safeguard our legitimate rights and interests", Chinese foreign ministry spokesman Geng Shuang said earlier on Friday.

"The U.S. decision has violated World Trade Organization rules and is contrary to the consensus that China and the U.S. reached in previous trade negotiations", Xinhua reported.

Plumber wins 'gig economy' case - big implications for freelance workers
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Trump said this week he'll confront China "very strongly" over trade in the coming weeks.

Thomas Donohue is president of the U.S. Chamber of Commerce.

"We will continue to engage with leaders in both countries to urge a productive dialogue to resolve trade differences, highlighting the mutual economic benefits of a strong and prosperous aerospace industry", he added. "Thus, the growth and inflation impact on the USA economy will depend in large part on China's response, as well as the impact trade tensions have on global growth".

"The Chinese side firmly opposes that", it said.

A staff member walks past U.S. and Chinese flags placed for a joint news conference by U.S. Secretary of State Mike Pompeo and Chinese Foreign Minister Wang Yi at the Great Hall of the People in Beijing, China June 14, 2018.

"Trade conflict. will lead to serious consequences for economic growth and job creation and hurt those that are most vulnerable across the globe", said Devry Boughner Vorwerk, a vice president at Cargill.

Cristiano Ronaldo scores hattrick to earn Portugal a thrilling draw against Spain
After the week Spain have had some suggested they should no longer be considered among the favourites to win this competition. Alongside Gerard Pique, the 32-year old will be key to keeping the Portuguese attack at bay on Friday.

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