China vows to retaliate in response to latest USA tariff measures
China vows to retaliate in response to latest USA tariff measures
US stock futures declined and haven assets such as the yen and Treasuries rallied after the announcement
16 June, 2018, 05:39
Washington and Beijing appeared increasingly headed towards open trade conflict after several rounds of negotiations failed to resolve U.S. complaints over Chinese industrial policies, lack of market access in China and a $US375 billion U.S. trade deficit.
The Trump administration said on Friday that the USA would impose tariffs on $50 billion of Chinese products, provoking a direct retaliation from Beijing and escalating a what is now definitely a "trade war" between the world's two largest economies.
The administration also is targeting an additional 284 Chinese products, which it says benefit from China's aggressive industrial policies, worth $16 billion a year, but won't impose those tariffs until it collects public comment.
China has "long been engaging in several unfair practices related to the acquisition of American intellectual property and technology".
The White House on Friday announced plans to slap 25 per cent tariffs on more than 1,100 Chinese products, worth $50 billion a year in imports.
John Murphy, the U.S. Chamber of Commerce vice president of worldwide affairs, said that about $75 billion of U.S. exports will be hit with retaliatory tariffs in the first week of July.
China's Commerce Ministry answered quickly to the USA taxes on Chinese imports.
The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.
In the trade fight, Bannon said, Trump has converted three major tools that "the American elites considered off the table" - namely, the use of tariffs, the technology investigation of China and penalties on Chinese telecom giant ZTE. After a meeting in Washington, Treasury Secretary Steven Mnuchin declared the trade war "on hold" and the tariffs suspended.
The new tariffs will hit more than 800 products - worth $34 billion annually, and are due to come into effect on July 6.
Trump recently hit U.S. allies including the European Union, Canada, and Mexico with tariffs on steel and aluminum imports.
"We must take strong defensive actions to protect America's leadership in technology and innovation against the unprecedented threat posed by China", US Trade Representative Robert Lighthizer said in a statement.
And as Trump warned of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods, China nevertheless unveiled 25 per cent duties on US$50 billion in U.S. imports.
The list of 659 USA goods was longer than a preliminary list of 106 goods published by the commerce ministry in April, although the value of products affected remained unchanged at $50 billion.
The National Association of Manufacturers (NAM) went as far as to call for the Trump administration to push for a trade agreement with China.
The president has been under pressure from USA lawmakers over his decision to soften a penalty on Chinese telecom-equipment maker ZTE Corp.
Analysts say that repeated about-faces and turmoil among United States officials during trade talks have left Chinese officials unsure of Trump's goals or which of the several senior emissaries from Trump's Cabinet actually has the power to seal a deal.
Asked about inciting a trade war, he said, "There is no trade war". -China trade war fears and dragging down stocks markets as well as soybean prices Friday.
New star has three infant planets growing around it
Unlike its older counterparts, young planets are surrounded by rotating disks of gas and dust, from which planets are formed. Testing its new method, the team confirmed the previously predicted existence of two Jupiter-mass planets around HD 163296 .
The people describing the lunch spoke on the condition of anonymity to talk more candidly about a private gathering. Graham, a traditional Republican hawk, took issue with an amendment Lee was pushing to the annual defense bill .
Irving uttered a few more words on the subject when he was at an event to promote his upcoming film, " Uncle Drew ", on Tuesday. The Boston Celtics are finally reaching the culmination of one of the quickest rebuilds in recent memory.
American Airlines flights set for Friday are continuing on as scheduled, officials said, CBS-affiliated WSPA reported. Travellers must check the status of the flights before heading to the airport on American Airlines app or online.
China, Canada and the European Union have targeted politically vulnerable parts of America with their retaliatory tariffs . China said in its statement that while it "does not want to fight a trade war", it "has to respond strongly".
He co-founded the company Nerdist and the company has scrubbed all references to him from their website, pending investigation. Shortly after surgery, she said that her ex asked the doctor, "When do you think I can have sex with her again".
Theranos claimed its innovative blood testing device would give quicker results using just a single drop of blood. Both Holmes and Balwani appeared in federal court in San Jose, Calif., on Friday, according to the indictment.
Australia captain Tim Paine won the toss and elected to bat against England in the first one-day global at The Oval on Wednesday. Jos Buttler will return to an England team still recovering from Sunday's shock six-run defeat to Scotland.
Entertainment Weekly unveiled two collectors edition covers for the Aquaman special which hits shelves on Friday. King Orm is an ambitious leader who wishes to declare war on the surface world and lead Atlantis into battle.
In March, the US State Department had announced a $5 million reward for information leading to the arrest or capture of Fazlullah. USA holds him responsible for December 2014 attack on Army Public School in Pakistan that killed 130 school children.
South Korea and Japan have always said the drills - which infuriate North Korea - are necessary to ensure their security. Republican Tim Walz tweeted the move wasn't something he would have done and described it as bad .
Facebook lets advertisers target users based on 'interests'
In response , Facebook only committed in writing that it would "investigate all apps that it had access to large amounts of data". Recently , Facebook was sent a notice in March following the controversy over data-sharing with UK-based Cambridge Analytica.
Trump vows to avert nuclear war ‘at all costs’
He noted that he gave Kim "a very direct number" and instructed him to "call me if he has any difficulties". "That sounds good. It's been more than a decade since North Korea turned over the remains of American troops missing from the Korean War.
All the Ways You Can Celebrate Father’s Day in Chicago
All dads, are cool, some are more dapper than others and obviously, they all have different tastes and interests in life. However, the much anticipated celebratory day is nearly here and buying the ideal gift for Dads can be a daunting task.
The OnePlus 6 sold over 1 million units in just 22 days
OnePlus are a fledgling company focused on packing as much value into a phone with the highest specs possible for a decent price. The Shenzhen-based company previously sold a million units of the OnePlus 5 and OnePlus 5T within three months of their launch.
Trump says Michael Cohen is not his lawyer
Most people will flip if the Government lets them out of trouble, even if.... "But I always liked Michael", the president added. All of his potential charges appear to be in direct connection with actions performed for Donald Trump and his campaign.
Woman sues NASA to keep lunar dust gifted by Neil Armstrong
Woman sues NASA over a moon dust gifted to her by Neil Armstrong. "There is no law against private persons owning lunar material". A Tennessee woman is proactively suing NASA to keep what she says is a vial of moon dust gifted from astronaut Neil Armstrong .