Ripple (XRP) Erupts on Strength of RippleNet Launch
Barrick is buying Randgold to create the world's top gold miner
Australia fruit scare: Needles present in New Zealand strawberries
Trade war: China pulls out of talks with the U.S. over tariffs
Instagram co-founders resign in latest Facebook executive exit
Asia stocks slip, yen rises as U.S. raises stakes in trade conflict
12 July 2018, 03:25 | Joann Bryant
US prepares to impose new tariffs on additional $200B worth of Chinese goods
"If we see an increase in shipments from the latter in the coming months, we will be able to say there has been a shift in the supply chain, rather than simply a change in reporting techniques", he said.
Investors said trade war worries may slip to the background as investors begin to focus more closely on second-quarter earnings over the coming weeks.
Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach".
The proposed new round of U.S. tariffs mark a sharp escalation in a trade war between the world's two largest economies, which each began levying 25 per cent tariffs on US$34 billion worth of goods against the other on July 6, with tariffs on another US$16 billion in goods on the cards.
The United States is preparing 10 per cent tariffs on more than 6,000 Chinese products, from air conditioning units and antiques to toilet paper and truffles.
The comments came after President Donald Trump's administration threatened fresh tariffs on another $200 billion in Chinese goods and Beijing vowed to retaliate, the latest salvo in the escalating tariff battle.
"For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", Trade Representative Robert Lighthizer said in announcing the proposed tariffs.
"China is showing no signs of backing down and instead looks like it is preparing for a drawn out conflict", said Scott Kennedy, deputy director of China studies at the Center for Strategic and International Studies in Washington.
"China's export sector will therefore suffer a significant deterioration in export competitiveness to the USA compared to other emerging markets' manufacturing exporters". The US hit Chinese exports worth $34 billion with a 25 per cent tariff last week and Beijing infuriated the White House by...
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 6, 2018.
Trump has campaigned on the claim that trade partners are taking advantage of Americans due to "terrible deals" made by previous U.S. presidents. President Donald Trump has threatened higher tariffs on more than $500 billion of goods, or almost all of China's annual exports to the United States.
China' s Ministry of Commerce said that the tariffs are "totally unacceptable" and it is hurting the entire world, as well as China. "If the US goes ahead with more, China needs a combination of tools and it is prudent to guard against downside risk to growth too".
But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion previous year, according to U.S. figures) than come back in the opposite direction ($130 billion).
China, however, has explicitly excluded LNG from its list of USA energy goods that may be subject to tariffs, as it seeks to fight air pollution by a massive switch from coal-fired to gas-fired residential heating.
The more it turns up the heat therefore, the more likely the tariffs get implemented as just like the 25 per cent levies on $34 billion of Chinese and USA imports triggered on Friday.
China imports far less from the U.S. than the USA imports from China.
China accused the United States of starting "the largest trade war in economic history", after the first round of tariffs took effect last week.
Croatia in World Cup final for 1st time, beats England 2-1
Croatia: Subasic 6, Vrsaljko 8, Vida 7, Lovren 8, Strinic 7, Rakitic 8, Modric 8, Rebic 7, Brozovic 7, Perisic 7, Mandzukic 8. England had got off to a flying start when Trippier curled a superb free kick into the top corner in the opening minutes.
China, Mexico tariffs would hammer USA meat exports
But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational. Beijing accused the United States of starting the "largest trade war in economic history".
Iranian oil minister call Trump’s order to OPEC…
Zanganeh said Trump's anti-OPEC remarks are the causes of the increase in the prices in the oil market over the past days. South Korea halted all Iranian oil shipments in July for the first time in six years amid United States pressure.
Death toll in Pakistan rally attack climbs to 21
But many militants have escaped into neighbouring Afghanistan, from where Islamabad says they launch attacks back into Pakistan. A case over the incident has been registered at police station Agha Mir Jani Shah with SHO Wajid Ali as the complainant.
Anderson stuns Federer in quarter-final cliffhanger
That initial burst gave Federer 34 successive sets won at Wimbledon, equalling his own record set between 2005 and 2006. Federer had been pursuing a 13th Wimbledon semi-final and a 44th appearance in the last four of a grand slam .
Jose Mourinho praises 'mature' Paul Pogba after France win
The experienced Croatian team is led by arguably the player of the tournament so far, Luka Modric. "We don't want to stop". One thing to keep an eye on in this match is the legs and how exhausted the players will be, especially with Croatia.
Manafort Gets to Move to Jail Closer to His Pending Trial
In a D.C. court filing in which he described his jailing, Manafort had said he is kept in solitary confinement 23 hours a day. The dissonance between defendant's motion to continue and motion opposing transfer. can not be easily explained or resolved".