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Canadian retailers could be helped by a USA trade battle with China

U.S. President Donald Trump and China's President Xi Jinping

In addition to the tariffs, the United States plans to impose new investment restrictions and take action against China at the World Trade Organization.

In a memorandum due to be signed on Thursday, Trump will direct US Trade Representative Robert Lighthizer to publish a proposed list of products that could be subject to tariffs.

It also will create space for potential negotiations for Beijing to address Trump's allegations on intellectual property and delay the start of immediate retaliation against USA products from aircraft to soybeans. "I am a free trader, but I don't think that means just getting pounded into the ground when another country doesn't abide by the commitments it's made", Bolton said. "The list that China has announced appears to be a retaliation, but still it is very measured", said Li Yong, senior fellow of China Association of International Trade. "We have a tremendous intellectual property theft situation going on" with China affecting hundreds of billions of dollars in trade each year, he said.

"We are interested in creating some motivation for China to actually take concrete actions to further open their markets to U.S. exports", the official said on condition of anonymity, adding that the two sides are constantly talking.

"China also appears to be breaking WTO rules by imposing mandatory adverse contract terms that discriminate against and are less favourable for imported foreign technology", the statement added. European Trade Commissioner Cecilia Malmstrom called the move on metal "highly unfortunate unilateral action, which goes against agreed global rules". "But, China is not afraid of and will not recoil from a trade war".

Without giving a timeframe, the commerce ministry said China was considering implementing measures in two stages: first a 15 percent tariff on 120 products including steel pipes, dried fruit and wine worth $977 million, and later, a 25 percent tariff on $1.99 billion of pork and recycled aluminium.

Since he took over power, Trump has been pressuring China to step-up measures to reduce trade deficit and expand U.S. exports and investments.

The ministry said the list was aimed at offsetting the losses incurred from USA tariffs on steel and imports, which are due to take effect on Friday. There was no explanation of the difference between that figure and Trump's $60 billion. He added, however, that while the decision represents progress, talks with the USA still need to go forward.

Gareth Southgate set for crunch talks with government over Russian Federation boycott
A more likely inclusion is Jack Wilshere, after Arsene Wenger hinted that he had some sort of inside information. "You never want any player to experience injury and of course Tottenham have some very big matches coming up".

"From a macro perspective the additional tariff is only equivalent to 0.1 percent of China's GDP and affected exports only account for 2.2 percent of China's total exports", they wrote in a note.

Wall Street isn't the only place where President Donald Trump's tariffs have struck a nerve.

In retaliation for the USA tariffs on steel and aluminum, China is considering levying an additional 15 percent tariff on United States products including dried fruit, wine and steel pipes and an extra 25 percent duty on pork products and recycled aluminum.

He also accused a U.S. probe into Chinese intellectual property practices of violating worldwide trade rules.

Amid the tensions on trade, World Trade Organization Director General Roberto Azevêdo has warned that new trade barriers would "jeopardise the global economy".

The measures were specifically in response to USA steel and aluminium tariffs, which were taking effect Friday.

The goal is to levy up to US$ 50 billion worth of tariffs, to compensate for what the USA deems China's predatory economic practices, determined by a "Section 301" investigation by the USTR.

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