United States imposes new $200 billion tariffs on China

If the USA continues to raise its tariffs, China will respond in kind, the report said.

Beijing immediately retaliated on Tuesday by announcing tariffs of between 5 per cent and 10 per cent on US$60 billion worth of United States imports.

The tariff rates will be levied at 5 and 10 percent, instead of the previously proposed rates of 5, 10, 20 and 25 percent, the Finance Ministry said on its website late on Tuesday.

Trump threatened to hit another $267 billion in Chinese goods if Beijing took retaliatory action. Such a move would mean that roughly all US imports of Chinese goods - worth about $505 billion past year - would be subjected to tariffs.

The US and China have already placed penalties of $50 billion on each other's goods, with Beijing focusing on agricultural goods like soybeans, pork and dairy products that affect American farmers, who represent much of Trump's political base.

The new taxes will hit a broad swath of products, including billions in Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers - instantly making widely used goods more expensive.

Smart watches and devices that use bluetooth wireless communications, the technology behind Apple's AirPods and other products that work with smartphones, will be excluded from the new tariff list.

"Contrary to views in Washington, China can - and will - dig its heels in and we are not optimistic about the prospect for a resolution in the short term", said Zarit of the American Chamber of Commerce.

President Trump took aim at China Tuesday, warning there will continue to be "great and fast economic retaliation against China" if Americans are targeted by unfair trading practices. India also recently entered into a strategic partnership with the U.S., signing a key communications agreement that would help the two countries better coordinate military exercises in the region and gain access to certain USA defense technology.

"We stand ready to negotiate with China anytime, if they are willing to engage in serious talks", said Larry Kudlow, the White House economic adviser, said earlier in the day at the Economic Club of NY.

Trump has also complained about America's gaping trade deficit - $336 billion previous year - with China, its biggest trading partner. US Treasury Secretary Steven Mnuchin last week invited top Chinese officials to fresh discussions, but thus far nothing has been scheduled. But Trump quickly backed away from the truce.

NASA Releases Footage Of Hurricane Florence And Her 'Mike Tyson Punch'
FEMA has warned that while downgraded, the storm will still generate life threatening storm surge and rainfall in North and SC . On Wednesday morning, the storm was about 550 miles from the Carolina coast and remains a Category 4 storm with 130 mph winds.

Where Did Christine Blasey Ford Go to High School?
She claimed Kavanaugh pinned her to a bed, tried to remove her clothing and put his hand over her mouth when she tried to scream. The White House and other Kavanaugh supporters had dismissed the allegation when it was initially conveyed in a private letter .

Russian Poisoning Suspects: We Were Just Tourists
The men denied the allegations and said they visited Salisbury on March 3 for tourism but stayed for 30 minutes only. Questioned on whether the pair were civilians, Mr Putin replied: 'Of course they are civilians'.

The US Chamber of Commerce, retailers, agricultural groups and some members of the Republican Party have spoken against his tariff campaign.

This week, Washington raised the stakes by saying it would impose new tariffs on $200bn (£152.1bn) worth of Chinese goods from Monday.

"To deal with the trade war, what China really should do is to focus on doing its own thing well", the newspaper, which is published by the ruling Communist Party, said.

Trump is due to make the announcement after the close of US stock markets, where major indices were already sinking sharply in anticipation of what could be a major escalation in the US-China trade conflict.

"This measure by United States side added more uncertainties to the talks between the two sides", he said. Chinese Ministry of Commerce signalled that with the new round of tariffs, a fresh round of trade talks with the US was now uncertain.

But despite their lobbying efforts, some of those products will remain on the tariff list. "We hope that China will come to the table and address the concerns we have raised".

There was no word on whether China would back out of trade talks it said it was invited to by the US, but a Chinese Commerce Ministry statement said the USA increase "brings new uncertainty to the consultations".

He said that what the United States is doing now is "economic madness" that risks creating a vicious cycle for business that could have an impact in China and elsewhere.

Separately, the Chinese Foreign Ministry too hinted that talks with the USA could stall. Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm.

For years, multinational businesses "went where the labor was cheapest", Murphy said.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Duke Energy has 20,000 linemen on standby for Hurricane Florence
Mayor Beach Mayor Brenda Bethune told CNN traffic out of the SC city has more than quadrupled as residents and visitors evacuate. Wind damage is expected as well, with hurricane-force sustained winds and wind gusts topping 100 miles per hour in some places.

Cops: Border Patrol Cop Went on Killing Spree of Prostitutes
Ortiz stated that he pulled over after Luera "became nervous" and began accusing Ortiz of being the last person seen with Ramirez. He is being held on four counts of murder, as well as charges of aggravated assault with a deadly weapon and unlawful restraint.

You can preorder the Apple Watch Series 4 today, starting at $399
If the wearer remains inactive and doesn't respond, the watch will contact emergency services as well as their emergency contacts. Apple insists that the improved accelerometer won't be tricked and can easily differentiate a fall from other awkward movements.

Amy Schumer says she’s voting for Cuomo in NY primary election
A recent debate on CBS2 proved they don't agree on much - fighting over everything from subways, to corruption and health care. Andrew Cuomo (D) and his challenger from the left, Cynthia Nixon, as the Empire State heads to the polls for its primary vote.

Apple introduces iPhones with dual SIM trays only in China
Apple's pricing of its new iPhone XS Max has been defended despite plans to charge up to £1,449 for some models of the new device. The XR is Apple's cheapest new handset, retailing at £749. 'The best iPhones we've ever made by a long shot, ' Schiller said.

Eliud Kipchoge sets world record in Berlin marathon win
Past year he set the fastest ever time over the marathon distance on the Monza race track in Italy for Nike's Breaking2 project. In the men's race, second place went to is Amos Kipruto (KENYA) with 2:06:23 and third is Wilson Kipsang (KENYA) with 2:06:48.

Eden Hazard Heaps Praise On Chelsea Teammate Olivier Giroud
Therefore, Hazard is now Chelsea's tenth highest scorer, behind George Hilsdon who has 108 goals. "I want to speak with him and I want to speak to the doctor and then I will decide".

10 things you need to know about the new iPhones
Apple revealed the shimmery new iPhone XS , iPhone XS Max , and iPhone XR with a new powerful chip and better camera. Techradar's Apple iPhone XR hands on can be enjoyed in full, at a time that suits you, right now.

International Space Station Captures Remarkable Size of Hurricane Florence
Once Florence makes landfall, it'll be the first major Atlantic hurricane of the 2018 season to hit the mainland US. Meanwhile, NASA's Aqua satellite snapped an infrared image of Hurricane Florence on September 11, at 2:30 a.m.

Ricciardo: Red Bull has the best race pace in Singapore
When the race re-started, Ferrari gambled on pitting first for new tires by bringing in Vettel first. It's the most challenging circuit, I think, for us in the year.

Joyce becomes a tropical storm in central Atlantic
An outer band associated with Isaac will bring some scattered showers and possible isolated thunderstorms to Barbados today. Tropical storm conditions are possible within the tropical storm watch area, also beginning late this morning.

Trump to issue order allowing sanctions on foreigners meddling in U.S
Bolton says the executive order will work to stem disinformation campaigns or any attempt to manipulate the outcome of ballots. The executive order applies to anyone who authorizes, directs or sponsors such meddling.

Saul 'Canelo' Alvarez defeats Gennady Golovkin on majority decision
Moretti and Weisfeld each gave the 12th to Alvarez and that gave him the fight. "Maybe next time they'll see it in our favor". In terms of what changed from the first fight to the second you'd have to say that tactics were key on the night for Canelo.

Reasons you should buy the iPhone 8 instead of iPhone XS
It's good that Apple is finally embracing wireless charging but where's that AirPower charging mat that was promised a year ago ? It has been priced at 6,499 yuan (Rs.68,200 approx.) in China, which is exactly what the iPhone XR is priced at in the country.

Browns likely to trade Josh Gordon before releasing him
He was away from the team for nearly the first full month of training camp and did not begin practicing until last week. He has 87 catches for a league-leading 1,646 yards and nine touchdowns in 2013, his second season in the NFL .


More News

News
More News