Wednesday, 21 November, 2018

Dollar hits 11-month high as United States threatens further tariffs on China

China labels Trump tariff threat as ‘extreme pressure and blackmailing’ | TheHill Trump threatens China with new tariffs on $200 billion in goods
Lloyd Bates | 20 June, 2018, 02:59

China will protect its interests will take qualitative, quantitative measures if us publishes additional tariffs list.

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018.

Even with tariffs on an additional $200 billion in Chinese goods, the impact on both China's and the US economy is set to be small, most economists say.

Global stocks crashed on Tuesday after US President Donald Trump threatened another 10-percent tariff on $200 billion of Chinese imports in response to Beijing's retaliation for the previous package of levies imposed by the US.

China's commerce ministry immediately responded by saying the usa "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed global society".

Scotiabank said a recession across North America, more tariffs from both the US and Canada, and the collapse of NAFTA are all in the cards.

"If [Trump] continues to double down on trade with China.it may dampen the euphoria - and predictability - that corporate America enjoyed after last year's tax cuts and regulatory reform".

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage", Trump said.

The move comes just three days after the president detailed an initial $50 billion in imports that would be taxed an additional 25 percent, which he said was punishment for the theft of intellectual property from USA companies, as well as the trade gap between the two countries.

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Mohamed Salah celebrated his 26th birthday with a Chechen cake and the news that he will play in Egypt's next World Cup match. Denis Cheryshev scored twice in a flying start for the hosts against Saudi Arabia.

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Kimmich nearly netted with an over-head kick from 12 yards before Julian Draxler saw a deflected effort go wide of the far post. They have been battering teams in World Cup openers for as long as any of the players on this pitch could remember.

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England, meanwhile, won both of their warm-ups against Nigeria and Costa Rica on the back of lively first-half performances. England begin their World Cup campaign against Group G opponents Tunisia on Monday, before taking on Panama and Belgium.

US stock markets are opening sharply lower Tuesday as tensions over trade between the USA and China seem closer to a boil.

However, he emphasized no additional duties would be imposed until they have gone through a legal vetting process, which includes taking comments and holding a public hearing.

Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said that means China will soon run out of imports of USA goods on which to impose retaliatory tariffs.

China's Commerce Ministry lambasted Trump's new tariff threat, saying it violated prior negotiations between the two countries.

"The trade relationship between the United States and China must be much more equitable", the president said in explaining his decision.

The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

Last year, the United States bought a little over $505 billion worth of Chinese goods. Even an internal report from the White House Council of Economic Advisers reported by the New York Times found that Trump's trade agenda would hurt the usa economy.

U.S. President Donald Trump is accusing Canadians of buying products south of the border, then sneaking them back home - all because of what he calls "massive" tariffs on American goods.

Trump says he's looking out for American farmers and manufacturers, and again takes issue with Canada's supply management system for dairy farmers. "These negative repercussions span a broad spectrum, extending from the risk of domestic political backlash, to the risk of decreased Chinese cooperation on North Korea, to the outside possibility that China will move to test USA mettle with regional security alliances".

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