'Gang of Hoodlums' - Words Fly As U.S.-China Trade War Begins

06 July, 2018, 19:35 | Author: Genevieve Gibbs
  • US 'firing at itself' with trade measures: China

Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day.

Well, that is Beijing's take on President Donald Trump's decision on Friday to impose tariffs worth US$34 billion on a range of Chinese imports, including high-tech equipment and industrial machinery. Trump said Thursday that another $16 billion of tariffs are expected to go into effect in two weeks, before ratcheting up the stakes to warn that measures totaling $500 billion in Chinese goods could soon come into force.

The price of USA soybeans has plunged 17 percent over the past month on fears that Chinese tariffs will cut off American farmers from a market that buys about 60 percent of their soybean exports. "We do not want to fight it, but in order to safeguard the interests of the country and the people, we have no choice but to fight", said China´s commerce ministry spokesman Gao Feng.

While Trump touts announcements of jobs created in steel plants due to the tariffs, manufacturing industries warn many more jobs will be lost in companies producing autos, auto parts, appliances and other goods that depend on imported components.

The US tariffs announced so far would affect the equivalent of 0.6 percent of global trade and account for 0.1 percent of global GDP, according to Morgan Stanley.

On Thursday, Ford Motor Co said that for now, it will not hike prices of imported Ford and higher-margin luxury Lincoln models in China.

China's Ministry of Commerce also said it would look to report the U.S.to the World Trade Organization (WTO) on Friday, accusing Washington of breaching worldwide trade laws. Asian equities wobbled but also managed to end up.

American tourist dies in boat explosion in the Bahamas
A video shows black smoke billowing from the boat, which was engulfed in flames, as people swim to rescue those still on board. Brooke and Stefanie's father, George Schaffer, and their brother, George Jr., are traveling to be with them in the Bahamas.

The world's two largest economies, the United States and China, are locked in a worsening trade battle that could have unexpected side effects on the global economy.

As for the wider aspect, analysts expect this first round of tariffs won't do major immediate damage; however, a drawn-out battle could disrupt the global economy.

The American tariffs are the result of Mr Trump's attempt to protect United States jobs and stop "unfair transfers of American technology and intellectual property to China".

"There are no winners in a trade war", William Zarit, chairman of the American Chamber of Commerce in China, said in a statement published just moments before the 12:01 a.m. Washington-time deadline.

"So we have 50 plus 200 plus nearly 300", Trump said, adding "It's only on China".

"Its unruliness looks set to have a profoundly damaging impact on the global economic landscape in the coming decades, unless countries stand together to oppose it", the newspaper added.

Gao also said United States business interests would suffer from the first set of tariffs, with about US$20 billion of the targeted goods, or 59 per cent, produced by foreign firms, including USA ones.

Courageous pup saves owner from rattlesnake bite in Arizona
She also thanked concerned followers, writing, "Your kindness and support is truly a blessing". "This is what a hero looks like". The grateful owner posted the story of their snake encounter on Facebook , alongside photographs of Todd's swollen features.

"While our 900 member companies continue to suffer from not having a level playing field in China, they are still extremely clear: Increased tensions in the U.S".

"For companies with supply exposure to tariffs, they will move sourcing country of origin if they can; if they can't, they'll pass on as much of the tariff cost as they can, or see a cut in margins", said Jacob Parker, vice president of China operations at the U.S.

"China can impose leverage in areas outside the economic sphere". Then, companies won't be able to figure out how to get the materials they need.

A China central bank adviser said the planned U.S. import tariffs on $50 billion worth of Chinese goods - $34 billion plus a planned follow-on list worth $16 billion - will cut China's economic growth by 0.2 percentage points, although the overall impact would be limited, the official Xinhua news agency said today.

Financial markets seemed to take the latest developments in stride. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case", Rob Carnell, chief economist at ING, said in a note.

General Electric, one the largest USA employers and exporters, tried unsuccessfully to have 34 product lines removed from the list of goods targeted for tariffs.

Cavs having 'good dialogue' with LeBron's management team
The Cavs could attempt to draft Young tonight if he is available at the eighth spot as a selling pitch to James. Even a minor-league baseball team, for goodness' sake, has given its all to try to recruit King James .

Recommended:

  • Why Sweden won't be scared of England at the World Cup

    Why Sweden won't be scared of England at the World Cup

    They've scored more goals (12) than any team at the tournament, while Brazil have conceded the least goals (1). Nor does their World Cup record against the Nordic nation look particularly pretty.
    LA fans, businesses prepare for impact of new Lakers star LeBron James

    LA fans, businesses prepare for impact of new Lakers star LeBron James

    Though with James joining the team this week, the Lakers' starting lineup is going to look completely different next season. The Lakers qualifying offer made Randle a restricted free agent, meaning the Lakers could match any offer.
    White House Forms Team to Oversee Supreme Court Nomination

    White House Forms Team to Oversee Supreme Court Nomination

    President Donald Trump said he is unlikely to specifically ask potential Supreme Court nominees their position on Roe v. In a series of tweets, Schumer argued that Barrett would support overturning the landmark Roe v.
  • Yolo County Fire Grows with Little Containment

    Yolo County Fire Grows with Little Containment

    It has blazed through around 32,500 acres (13,150 hectares) and was 2 percent contained as of Sunday evening, officials said. During the 3 a.m. overflight there were large areas of very active fire , as represented by the red dots in the map below.
    Stats: Aaron Finch creates T20I history

    Stats: Aaron Finch creates T20I history

    D'Arcy Short was the second highest scorer in the innings with a steady 42-ball 46. 2 - Aaron Finch reached his second T20I 150. The performance smashed the previous record of 156 runs that Finch posted against England in 2013.
    DeMarcus Cousins Agrees To Sign One-Year, $5.3M With Warriors

    DeMarcus Cousins Agrees To Sign One-Year, $5.3M With Warriors

    Now that the Golden State Warriors acquired DeMarcus Cousins , the Lakers have more reason to add Leonard to their team. Along with the Los Angeles Lakers signing LeBron James yesterday, it has been a rough couple days for Dwight Howard.
  • England Boss Reacts To Colombia Win

    England Boss Reacts To Colombia Win

    And the versatile England global hailed Pickford after his heroics helped to extend England's stay at Russian Federation 2018. Southgate has suffered more than most from England's penalty torture in the past.
    O'Reilly, Beck Praise Ocasio-Cortez, Not Her Politics

    O'Reilly, Beck Praise Ocasio-Cortez, Not Her Politics

    She gained hundreds of social media followers, too, after an endorsement from Ocasio-Cortez was retweeted more than 10,000 times. I completely disagree with her solutions, but she is listening to her community. "She was unbelievable ", Blueglass said.
    With LeBron, Lakers suddenly a betting favorite

    With LeBron, Lakers suddenly a betting favorite

    On Thursday, George told the Oklahoma City Thunder he's declining his US$20.7-million option for next season. The 76ers moved quickly to close on Redick's deal once LeBron James chose to join the Los Angeles Lakers .
  • President Trump to name second Supreme Court nominee in 2 years

    President Trump to name second Supreme Court nominee in 2 years

    Wade , the 1973 case that affirmed a woman's right to abortion, and would weaken President Barack Obama's 2010 health care law. Similarly, Justice Neil Gorsuch , who Trump nominated to the Court a year ago , is widely seen as a pro-life conservative.
    Real Madrid's Cristiano Ronaldo agrees to join Juventus?

    Real Madrid's Cristiano Ronaldo agrees to join Juventus?

    Some reports are suggesting the Spanish giants have already accepted a €100 million (A$158 million) offer from Juve for Ronaldo. It would also be more than the £80m Real paid Manchester United for Ronaldo in 2009.
    US President Trump hails Supreme Court's support for travel ban

    US President Trump hails Supreme Court's support for travel ban

    In a 5-4 decision, the court upheld President Trump's restriction on people traveling from certain Muslim-majority countries. Booker pointed out that Trump spoke out against Muslims and Mexicans during his presidential campaign.


Popular

With Pruitt’s Departure, More Than A Quarter of Trump’s Cabinet Has Changed
But some worry that his promotion may accelerate the Trump administration's determined dismantling of the EPA . But this less flashy style is unlikely to endear him to environmental groups that had been critical of Pruitt.

Verstappen claims he can still be a contender after Austria GP win
On lap 53, he pitted again for super-softs, dropping a place to fifth behind Ricciardo, who nearly immediately slowed and stopped. Nico Hulkenberg's engine let go early in the race while pole-sitter Valtteri Bottas had a gearbox failure.

Netflix testing new Ultra subscription tier
Some reports have said that Netflix's existing plans might be altered to change how many devices could be used simultaneously. Price ranges from €17 to €20 a month (£15-£17.70), and some have reported Ultra stealing features from the "Premium" package.

Trudeau visits Regina steel workers on Canada Day
Canadian Prime Minister Justin Trudeau speaks during a news conference in Ottawa , Ontario. "Glad to be here to remind everyone that Canadians stand up for each other.

Cartoon face robot travels to space
The robot will independently move around the ISS and communicate with the crew, prompting and displaying the desired information. CIMON has been trained to recognize the voice and face of Alexander Gerst , 42, a geophysicist with the European Space Agency.

Thai authorities weigh cave extraction options
They need another 3 or 4 feet so they can literally float them out with life jackets". They have been joined by teams from seven countries, including the U.S.

Maradona says he would coach Argentina again for free
The best players at this World Cup - players like Luka Modric, Isco and Juan Quintero - fit into their teams and make them better. But Uruguay conceded their first goal of the World Cup after Pepe header.

Thon Maker Involved In Insane Basketball Brawl During FIBA Qualifying Match
The game was called off after the remaining Philippines players fouled themselves out, with Australia declared the victor 89-53. Australia met the Philippines for a matchup in Group B of the FIBA World Cup Qualifiers, but the game didn't go as planned.

Warriors Rumors: Golden State Interested in Free Agent Jamal Crawford
Following the 2018-19 season, Durant can pick up his option, worth $31.5 million, or become an unrestricted free agent once again. The move, first reported by LeBron's own agency , sees James move out west to join a Lakers team that finished 35-47 last season.

Neymar dazzles and disappoints as Brazil reaches World Cup quarters
During the win over Costa Rica in the group stage, Neymar tried to win a penalty by flopping to the ground in the area. Mexico's World Cup is over, ending in a 2-0 loss to Brazil on a sultry Monday evening at Cosmos Arena.