Tuesday, 20 November, 2018

China files another complaint to WTO over US

Why they fight US and China brawl over high technology Coding trade high tech
Orlando Vargas | 11 July, 2018, 21:48

Washington has "ignited the biggest trade war in economic history", said a Commerce Ministry statement.

Even though the measures and counter-measures announced so far by the United States, the European Union and China - plus Mexico and Canada as America's NAFTA trade deal partners - would double bilateral tariffs and take US duties to their highest levels in 50 years, their impact was unlikely to be major, Carney said.

The global economy is starting to show signs of strain from the "America First" push of U.S President Donald Trump who will hear renewed pleas to step back from a broader trade war when he visits Europe in the coming week. Officials in Beijing reject accusations of theft and say foreign companies have no obligation to hand over technology.

When Trump announced a 25 percent tariff on $50 billion worth of Chinese imports to the USA on June 18, China's Foreign Ministry said it would impose equivalent tariffs on American products-including soybeans-the same day Trump's tariffs take effect, but that it wouldn't "fire the first shot".

Two companies in Shanghai told the BBC that customs authorities were delaying clearance processes for USA imports on Friday. The damage would threaten to undo numerous economic benefits of last year's tax cuts. Initial U.S. tariffs target auto parts, electronic components, jet engine parts, compressors and other machinery.

"Consumers will not only be helpless, but will also harm the interests of American businesses and people", the statement said.

China rejected "threats and blackmail" ahead of a threatened US tariff hike, striking a defiant stance Thursday in a dispute companies worry could flare into a full-blown trade war and chill the global economy. "These tariffs could mean the difference between a profit and a loss for an entire year's worth of work out in the field, and that's only in the near term". The Dow Jones industrial average has shed almost 1,000 points since June 11.

WTO spokesman Dan Pruzin has cited concerns expressed on Twitter by WTO Director-General Roberto Azevedo about new "restrictive measures" before 25-percent USA tariffs on $34 billion worth of Chinese imports took effect.

"The Chinese government's position has been stated many times".

Liverpool open talks for Xherdan Shaqiri
Liverpool are confident that they will sign Swiss global Xherdan Shaqiri this summer, according to a report in The Guardian. Fekir, in any case, is still with France at the World Cup and would not be due to return to action until early-August.


Rumours: Manchester City closing in on double signing of Mahrez and Jorginho
Despite winning the Premier League at a canter last season, City have struggled to land their top targets in the transfer market. Leicester will receive around £60m for the Algeria worldwide - some way short of their £80m asking price in January.


Arsenal announce signing of Sampdoria midfielder Lucas Torreira
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Additional retaliatory tariffs on US pork by China and Mexico, set to go into effect this week, could cost the USA pork industry about $2 billion annually.

The tit-for-tat trade showdown has already impacted soybeans farmers in the Midwest.

The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, has lost more than 3 per cent in the past two weeks. Chick-fil-A uses the cooker for its sandwiches. If it adopted worldwide standards and access conditions similar to other Asian markets, US beef exports there could exceed $4 billion in the next five years, USMEF said.

The penalties came in response to $34 billion worth of tariffs the Trump administration placed on Chinese products.

Consider what happened to the price of washing machines that were subjected to a separate series of Trump tariffs in January.

The head of the Asia-Pacific Committee of German Business (APA), Hubert Lienhard, said that in the face of a growing protectionist agenda in the United States, a joint German-Chinese message to the White House "could be one the of things emerging from today's government consultations".

Chinese exporters of tools, lighting and appliances say USA orders have shrunk as customers wait to see what will happen to prices.

That could include "a wide range of products as diverse as tool sets, batteries, remote controls, flash drives and thermostats", he said, adding, "a strategy based on unilateral tariffs is the wrong approach, and it has to stop".

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