hp for ($i=0; $i]+>!is", "", $news['Contains'][$i]['Body']); ?>

China To Increase Import Duty On Electric Cars Coming From The US

Trump announces 25% tariff on Chinese imports

The announcement was sure to spark countermeasures by Beijing, which yesterday vowed to strike back quickly if the United States hurts its interests, bringing the world's two largest economies to the brink of an all-out trade war long feared by markets and industry.

In turn, China's Commerce Ministry issue a quick statement, saying that it would "immediately introduce taxation measures of the same scale and the same strength". For example, China's imports of mango and pineapple from the USA are nearly negligible, according to data compiled by Center for International Development at Harvard University. Despite that Beijing's industry development tactics, which are claimed to violate its free-trade pledges and hurt American companies, are straining the official ties between the two countries.

Vegetables took up 14.6 percent of China's imports from the U.S.in 2016, while fuel was 2.3 percent, and transportation products - mostly airplanes - accounted for 9.6 percent, according to the World Bank. It also added, "China is a powerful guardian and has enough ammunition to defend existing trade rules and fairness".

Trump has threatened to hit China with duties on another $50 billion of goods if it retaliates. And Beijing is striking back by targeting USA soybeans, beef, seafood and other products.

On June 15, the USA announced additional tariffs of 25 percent on Chinese imports worth approximately 50 billion USA dollars.

China retaliated, saying it will impose an additional 25% tariff on more than 600 United States products worth $50 billion but also in two stages beginning July 6.

Economic data this week showed investment, a pillar of China's economy, sagging, while surging exports - threatened by the United States trade spat - have provided a boost in recent months. However, ten days later, the White House abruptly announced its decision to proceed with the tariffs. Overall consumer losses from the restrictions amounted to $13 billion, the think tank said in a 1999 report.

Trump did not specifically mention the tariffs and added that he had "a very good relationship with President Xi (Jinping) of China".

"We grow more than we can use [domestically]", said Blue Earth County corn and soybean farmer Kevin Paap, president of the Minnesota Farm Bureau.

USA judge clears AT&T merger with Time Warner
On the campaign trail Trump argued that a combined AT&T/Time Warner was "too much concentration of power in the hands of too few". The Justice Department had repeatedly suggested the judge consider forcing AT&T to divest some of Time Warner's cable channels.

By June 30, the administration is expected to finish writing rules to restrict China's ability to invest in US technology.

Austin Langley, a 26-year-old soybean farmer in Warwick, N.D., about 20 miles south of Devils Lake, says that would be disastrous for his fortunes.

The U.S., Europe, Japan and other trading partners complain Beijing's tactics including outright theft of foreign technology and subsidies and protection from competition for fledgling Chinese industries. South Korea's Finance Minister Kim Dong-yeon attempted to downplay the effect a trade war would have on the economy, but said "W$3 e are not ruling out the possibility of the recent anxiety in the market, mixed with trade conflicts among major countries and rising worldwide crude prices, affecting [the Korean market]".

Tensions eased temporarily after Chinese negotiators agreed at talks in Washington in May to buy more American farm goods, natural gas and other products.

On Friday, the USA announced additional tariffs of 25 per cent on Chinese imports worth approximately United States dollars 50 billion.

The goods targeted by the levies "contain industrially significant technologies", a White House statement said.

The current dollar amount of USA tariffs imposed on Chinese goods are tiny, however, when compared to the size of the $18 trillion US economy.

Businesspeople and economists say Chinese leaders are less likely to compromise on the technology dispute.

"There isn't one country who would give up their rights to advance technology and make industrial upgrades", said the Global Times editorial.

Related News:



Most liked

After winning Brexit compromise, UK’s pro-EU rebels fear betrayal
Pro-EU lawmakers, however, welcomed it as a signal that the government was moving towards ruling out a hardline "no deal" Brexit.

Putin and Russia get their 1st win at the World Cup
Saudi Arabia's tournament on the other hand, may be effectively over. "As for our strategy, we must change", Pizzi closed. I think the moneyline is far too much in favor of a mediocre Russian team, which is largely due to it being the host team.

Italy Summons French Ambassador in Row Over Migrant Ship
High waves are said to have caused migrants on board to become seasick, with many being taken inside the ship to be treated. Conte said he and Macron "agreed on the need to cooperate closely" on migration issues.

North Korea shouldn't have nukes - and neither should we
It was made by the Choson Sinbo, a pro-Pyongyang mouthpiece in Japan that normally faithfully reproduces the party line. Both Lamborn and Gardner, though, also expressed the need to keep the pressure on North Korea moving forward.

Meghan Markle Says Prince Harry Is the 'Best Husband Ever'
The Duchess of Sussex turned to Givenchy to create the outfit for her all-important first joint engagement with the Queen . The occasion marked Meghan's first time in Cheshire and her first appearance without Prince Harry .

Russian Federation beat Saudi Arabia 5-0 in World Cup opener
What's next? The other two sides in Group A - Egypt and Uruguay - open their campaigns when they meet at midnight tonight (NZT). But with the five goals against the Saudis, a draw could be enough against either of its two remaining opponents.

California to vote on splitting into 3 states
The ballot initiative describes the state of California as so enormous and diverse as to be "nearly ungovernable". Californians have long debated whether they were better as a whole or in parts.

China may become ‘guarantor and mediator’ after Trump-Kim talks
Mr Kim's itinerary was reported in detail, which is a rarity for the state's media, according to South Korea's Yonhap news agency. In March, Mr Trump surprised the world by accepting an invitation from Mr Kim - delivered via Seoul - to meet in person.

Trump Adviser Apologizes For Saying Trudeau 'Deserved Special Place In Hell'
Heyman waged a campaign on Twitter to persuade Navarro to apologize by saying he was contacting USA politicians about his remarks. Both Navarro and Trump's chief economic adviser, Larry Kudlow, echoed those sentiments during appearances on Sunday talk shows.

Rose McGowan breaks down over Anthony Bourdain's death
One note said: "Thank you for what you gave to this world, a deeper understanding of culture and food". People :- Anthony Bourdain's mother is in complete shock over her son's apparent suicide at age 61.

UFC 225: Yoel Romero misses weight for title fight with Robert Whittaker
UFC middleweight champion Robert Whittaker easily hit the mark, but after a hard cut, his opponent, Yoel Romero did not. This is the second consecutive fight in which Romero has missed weight . "I'm refueling and getting ready for a fight".

Ryan Says There’s ‘No Evidence’ The FBI Informant Spied On Trump’s Campaign
"I have seen no evidence to the contrary of the initial assessment that Chairman Gowdy has made", Ryan said Wednesday. Ryan also rejected Trump's claim that FBI investigators illegally placed an informant inside his campaign.

LeBron says after NBA Finals that he played with broken hand
But the weight of having to shoulder so much of the load throughout the Playoffs seemed to catch up with James in Friday's finale. James Worthy was on both of those teams - 1983 and 1989 - but didn't actually play in the first sweep because of injury.

LeBron James praises Kevin Durant while throwing shade at the Trail Blazers
By one measure, it was far and away the most impressive game of Durant's career as he made four shots from 30 feet out or farther. But the highlight came with 1:37 remaining when Iguodala made a driving dunk to give the Warriors a three-point lead, 103-100.

Smith leads after storm affects second round at US Women's Open
Round two was finished early on day three, with the cut-line unchanged and Ko sneaking into the back half of the major tournament. Jutanugarn had gone into her final round at 12-under 204 with her South Korean rival sitting in third place, six shots adrift.