Massive recall issued for ready-to-eat meals from Trader Joe’s
Musk says LA Hyperloop tunnel to be unveiled December 10
Ryanair 'to ban disruptive passengers' after racist rant goes viral
U.S. to begin cutting aid to Central America over migrant caravan
As US slaps on fresh tariffs, China fires back
09 August 2018, 04:40 | Austin Hogan
Cars to be exported are seen at a port in Lianyungang Jiangsu province China
In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year. On Tuesday, the administration said it had chose to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year.
On Tuesday, the Trump administration said it would begin collecting previously announced 25% tariffs on an additional $16bn of Chinese goods from 23 August.
A first tranche, on $34bn worth of goods, went into effect in July. It represents the latest salvo in the ever-expanding trade war between the USA and China.
"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections".
The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S. But it held off on a final $16 billion as a result of concerns raised by U.S. companies. But given the lack of talks and Trump's unclear goals, the trade war doesn't appear to be close to a resolution.
"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.
"The tariffs have so far had a limited impact on overall trade", China Merchants Securities said in a research note. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.
"We have made the case to the Administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", he said.
The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China. Larger items are also on the list of 333 goods being targeted including large passenger cars and motorcycles as well as various fuels, and fiber optical cables.
Wednesday's knee-jerk reaction to the announcement of the tariffs was a typical move by traders.
July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.
Tropical storm warning posted for Big Island
It had maximum sustained winds of 65 miles per hour (100 kph) and was heading northwest at 17 miles per hour (28 kph). This will keep Hector's eyewall with its strongest winds and heaviest rain well south of the Big Island.
Smash Bros Ultimate Direct Recap
When it comes to choosing music , the library you have available will be tied to the stage and the franchise it comes from. He attacks with a blunderbuss that can fire cannonballs at opponents, and throws his crown, which acts like a boomerang.
Google Pixel 3 XL live pictures and unboxing video emerge
Both the front and rear camera will support Portrait mode, which Google introduced in the 2017 variants with Pixel 2 phones. Last week, Google Pixel 3 XL was leaked in a Clearly White colour option, courtesy of an image spotted by XDA Developers .
US Prepares to Slap New Sanctions on Iran
Accordingly, oil price may stay calm in the short run but the sanctions on Iran will light a fire under oil prices going forward. However, despite EU's move, German vehicle and truck maker Daimler said it has dropped its plan to expand its operations in Iran.
Alleged Russian spy caught working in United States embassy
The state department later went on to concede the risk that foreign governments can pose to those employed by the USA government. A Russian woman, whose identity is yet to be disclosed, was sacked by the USA embassy after finding her to be a mole.