Saturday, 21 July, 2018

'The biggest trade war in economic history'

Trade Wars: Trump loads first volley against China Trade tensions starting to affect global economy
Orlando Vargas | 07 July, 2018, 02:56

Separately, China's customs agency said retaliatory tariffs on United States goods will come immediately after United States duties on China kick in.

With further tit-for-tat levies already threatened between the US and China, some investors are concerned this week may mark the start of a trade war that spreads globally.

A ministry statement said, "the Chinese side promised not to fire the first shot, but to defend the core interests of the country and people, it is forced to make a necessary counterattack".

China said Friday it had already imposed retaliatory measures on United States goods, moving immediately after Washington implemented tariffs on Chinese goods at the stroke of midnight.

The financial jousting prompted worry that the cost of a wide range of goods to soar. China's soymeal futures fell more than 2 percent on Friday afternoon before recovering most of those losses, amid initial market confusion over whether Beijing had actually implemented the tariffs, which it later confirmed it had. China has promised a swift retaliatory strike on an equal amount of USA goods. "The countdown is on as to what Trump will do next".

"There should be no doubting Beijing's resolve", the newspaper said.

Despite frustration with Chinese trade practices, which require foreign firms to spill trade secrets to access the 1.3 billion-person market, USA businesses have warned for months that Trump's trade threats may do more harm than good.

"We can probably say that the trade war has officially started", said Chen Feixiang, professor of applied economics at Shanghai Jiaotong University's Antai Colege of Economics and Management.

Signs of nervousness about the trade outlook were evident elsewhere in global markets with the Japanese yen and the Swiss franc firm against the dollar while core us and German bonds were in demand.

Apple's 2018 iPhones Coming in Bold New Colors
Aside from new color options, Kuo floated some possible pricing for Apple's upcoming handsets. The speculated 6.1-inch LED iPhone may debut in white, blue, red, grey, and orange.


Confusion Ensues As Man Sets World Record At Hot Dog Eating Contest
Scoring at the event, which takes place on New York's Coney Island boardwalk every Fourth of July , has financial implications. She first got into the world of competitive eating after her daughters entered her in a local eating contest.


Trump calls on Congress to fix 'insane' immigration laws
In the USA , time is rapidly running out before a court deadline which ordered the reuniting of families of illegal immigrants. It is estimated more than 100 children in the area have been separated from their parents, AP reported.


US carmaker Ford Motor Co (F.N) said on Thursday it has no plans to hike retail prices of its imported Ford and Lincoln models in China, despite the steep additional tariffs on imported USA vehicles set to come into play on Friday.

Foreign companies accounted for $20 billion, or 59 percent, of the $34 billion of exports from China that would be subject to new USA tariffs, with US firms accounting for a significant part of that 59 percent, Gao said.

The Trump administration is confronting China over development tactics it says include stealing technology or pressuring foreign companies to hand it over.

Imports of semiconductor-dense products like televisions and smartphones so far have mostly been spared by Trump, but they could be hit if the trade dispute grows. "We've generally seen freer and freer trade since World War II, and now we seem to be reversing that", David Dollar, senior fellow at the Brookings Institution in Washington and a former U.S. Treasury attache in Beijing, said in a Bloomberg Television interview on Thursday.

Chinese officials, however, are projecting studied confidence, asserting the Asian nation is better equipped to withstand the turbulence.

"I think it's true to say that a lot of the pessimism has already been factored in over the past couple of weeks, with share prices gradually going down as the realisation has set in that apart from being a war of words, this does now seem to be a trade war", he added.

"They're holding everything ... because there's uncertainty", he said.

"Whether it's through trade war or other means, the end goal is to make China subservient to the United States, " said He Weiwen, vice president of the Center for China and Globalization, in Beijing. "Changes in trade policy could cause us to have to question the outlook", he said during a panel talk in Portugal. "China will be prepared to follow suit". The United States imported almost $ 2.4 trillion in goods in 2017, and as of now the tariffs are not particularly painful to American consumers (although prices of goods such as imported washing machines have risen) because they cover less than 5 per cent of the imported goods.

The Internet watched one cargo ship carrying a load of soybeans race to the southern peninsula port of Dalian in Liaoning province.

Recommended

Did Meghan Markle Develop an English Accent? Hollywood Dialect Coaches Answer Did Meghan Markle Develop an English Accent? Hollywood Dialect Coaches Answer Kensington Palace explained last night the Your Commonwealth Youth Challenge gives young people of the Commonwealth a voice. Meghan worked as an actress before marrying Prince Harry , so her new found accent could be helped along by her training.

Jordan to talk to Russia as Syria fighting displaces 270,000 Jordan to talk to Russia as Syria fighting displaces 270,000 The opposition wanted to surrender them in stages after tens of thousands of displaced people returned home, he said. The hand-over process in Busra al-Sham is expected to be completed on Tuesday, said SANA.

Nauert: US to continue to demand denuclearization Nauert: US to continue to demand denuclearization But a joint statement signed by the two leaders did not detail how and when North Korea will achieve denuclearization. If Kim cooperates, Mr Bolton said, the process would happen quickly.

Pence delivers pep rally for ICE agents amid Dem attacks Pence delivers pep rally for ICE agents amid Dem attacks The gang became global when many of those members were deported back to Central America, giving the gang a foothold there. They are tougher and smarter than these rough criminal (elements) that bad immigration laws allow into our country.

Willian unfazed by Barcelona rumours Willian unfazed by Barcelona rumours Meanwhile, Everton are interested in Barcelona defender Yerry Mina who scored for Colombia against England. La Liga rules limit clubs to just three non-EU passport holders.

Singer Chris Brown arrested in Florida Singer Chris Brown arrested in Florida West Palm Beach's WPTV reported that Brown was wanted on a felony battery warrant from the Hillsborough County Sheriff's Office. Later that year, Brown was kicked out of a rehab facility after smashing his mother's vehicle window during a family session.

Trump pressed aides on Venezuela invasion, US official says Trump pressed aides on Venezuela invasion, US official says They said they were sure , and McMaster eventually managed to persuade Trump of the dangers of an invasion, the AP report says. But shortly afterward, he raised the issue with Colombian President Juan Manuel Santos , according to the USA official.

Ant-Man And The Wasp's TWO Post-Credits Scenes Explained Ant-Man And The Wasp's TWO Post-Credits Scenes Explained That said, Ant-Man and the Wasp should handily win the weekend where the only other new release is The First Purge . They have built a small bridge to the Quantum Realm and are sending Scott to go collect some samples.

The rise and fall of Nawaz Sharif The rise and fall of Nawaz Sharif In July, last year, Sharif was ousted by the Pakistan supreme court in the Panamagate scandal. The court also ordered their properties to be forfeited in favour of the federal government.

Trump urges senator’s ouster at rally for Montana Republican Trump urges senator’s ouster at rally for Montana Republican She has been calling for his impeachment for more than a year. "Democrats want anarchy", Trump said during his Montana rally. President Trump is on his way to Great Falls this afternoon to campaign for Republican Senate candidate Matt Rosendale .

Senate Probe Continues to Back Up Intelligence on Trump-Russia Senate Probe Continues to Back Up Intelligence on Trump-Russia The Senate committee, however, said the scope of Russian interference has only become clearer in the years since the campaign. The committee is still investigating any possible collusion, interviewing witnesses and collecting evidence, officials said.

Poland clashes with EU over judicial reforms, rule of law Poland clashes with EU over judicial reforms, rule of law Democracy champion and Nobel Peace Prize victor Lech Walesa has said he will come to Warsaw Wednesday to defend the Supreme Court. The prime minister said that Poland was willing and ready to engage in the bloc's efforts to reform the energy sector.

Putin meeting an accomplishment in itself, envoy says Putin meeting an accomplishment in itself, envoy says Trump and Putin will hold one-on-one talks in Finland's capital, Helsinki, which will be followed by a meeting with advisers from both the U.S. and Russian Federation , the ambassador said .

Trump to Pull Tariff Trigger at Midnight in Trade-War Escalation Trump to Pull Tariff Trigger at Midnight in Trade-War Escalation It's also a position long championed by Democrats, although they have been mostly silent since Mr. A US industry source said: "There is a 99 percent chance that tariffs go into force on Friday".

7 more dead found, dozens still missing 7 more dead found, dozens still missing The first body was found early Friday, and 12 more were found just before noon, according to Thai News Agency . Rescue operations involving 150 personnel are ongoing for another nine people believed to be still missing.