Wednesday, 18 July, 2018

Trump jabbed first, and now world hits back in trade fight

US President Donald Trump speaks with the press | Mandel Ngan  AFP via Getty Images US President Donald Trump speaks with the press | Mandel Ngan AFP via Getty Images
| 22 June, 2018, 20:11

The EU's reactive charges on €2.8bn (£2.4bn) worth of U.S. goods came into force on Friday morning, with European Commission president Jean-Claude Juncker slamming the White House for acting against "all logic and history".

Trump has also imposed tariffs on other trade partners as well, slapping another 25 per cent tariff on $50 billion worth of Chinese goods last week.

European Union countries retaliatory trade tariffs on a list of U.S. products, agreed in response to United States tariff hikes on steel and aluminium imports from Canada, the EU, and Mexico, will come into force on Friday, the European Commission announced on Wednesday. He is also targeting European Union auto imports with a U.S. probe now underway. Analyst Bergqvist argued that his "main concern" over a trade war was the impact on stock markets - and the subsequent knock-on effect for the world economy.

The 28-nation EU's trade chief, Cecilia Malmstrom, said Wednesday that the bloc would introduce the tariffs on about 2.8 billion euros' ($3.4 billion) worth of USA products.

Economists note that on the whole, the US and European Union tariffs will not immediately cause great damage to either side's economy.

"By linking the threatened imposition of US tariffs to European Union tariffs imposed on USA autos, the President has both short-circuited the 232 process and conclusively undercut the stated national security rationale of that investigation", said Daniel Price, a former senior economic adviser to President George W. Bush.


"I think he's going about it in a way where he says 'Look I want to grow the economy".

"He's right, we make great cars in the United States". Trump is also looking at new tariffs on auto imports, opening a new front in the trade war.

U.S. President Donald Trump reacts as he sits on a truck while he welcomes truckers and CEOs to attend a meeting regarding healthcare at the White House in Washington, U.S., March 23, 2017. MORE, Trump's former top economic advisor said last week the president had expressed an interest in only having cars in the US that were made here.

"If you have trade barriers and restrictions, we can not create as many jobs as we are planning to", Volvo Cars CEO Hakan Samuelsson told Reuters at an event celebrating the new facility. But if both exports and sales of United States companies inside China are measured, the United States has a surplus of US$20 billion with China, according to Deutsche Bank AG. The department expected 4,500 requests.

Mexico placed tariffs on American products ranging from steel to pork to bourbon two weeks ago.

Recommended

  • Disney Ups Fox Bid to $71.3 Billion, Outflanking Comcast

    Disney Ups Fox Bid to $71.3 Billion, Outflanking Comcast

    Fox's board said it still has the right to weigh competing offers, signaling that the bidding war for its assets could continue. In order to sweeten the pot for their 21st Century Fox bid, Walt Disney has upped their initial offer once again.
    Egypt vs Uruguay; Can Mo Salah inspire the Pharaohs to victory?

    Egypt vs Uruguay; Can Mo Salah inspire the Pharaohs to victory?

    Real Madrid and Spain captain Sergio Ramos was the man who inflicted the shoulder injury that put Salah's World Cup at risk. Edinson Cavani may have not scored against Egypt, but he leaves the World Cup game with a special memorabilia .
    Here is how far soccer players run during a World Cup match

    Here is how far soccer players run during a World Cup match

    Brazil joined the list of big teams struggling to win their opening matches at the World Cup in Russian Federation . In contrast, the Mexican side consists of 18 of the 23 players who competed a year ago .
  • Difficult Merkel allies mull next move in German migrant row

    Difficult Merkel allies mull next move in German migrant row

    He had suggested he could implement the proposals unilaterally, in defiance of both European regulations and the chancellor. Her position as chancellor is now in question, but it remains unclear precisely how the situation will develop.
    Donald Trump's family separations bedevil GOP as public outrage grows

    Donald Trump's family separations bedevil GOP as public outrage grows

    John Culberson of Houston said he supports families remaining together, though he emphasized the need for strong border security. "(President Donald Trump ) could pick up the phone and stop the separation of families seeking refuge in the US.
    Beyoncé, Jay-Z Release Surprise Album

    Beyoncé, Jay-Z Release Surprise Album

    Beyonce pioneered this brand of musical "guerilla attack" with her 2013 self-titled album , which included videos for each track. Beyonce and Jay-Z surprised fans yet again by dropping a new joint album , " Everything Is Love ", on Saturday.
  • Supreme Court Rules States Can Charge Online Shoppers Sales Tax

    Supreme Court Rules States Can Charge Online Shoppers Sales Tax

    The Supreme Court overrules the Quill case, which previously set the precedent for collecting sales tax from online sellers. South Dakota was backed by 35 states in the case, each of which filed an amicus brief in support of online sales tax.

    Video game addiction is now being recognised as a mental health condition

    Addictive behavior around gaming can be treated with conselling or psychotherapy, including 12 step prgrams. The present version also has for the first time a chapter on traditional systems of medicine.
    Stop breaking up families at the border

    Stop breaking up families at the border

    I'd like to say it's un-American, but it's happening right now in America", O'Rourke added. "It's zero tolerance . Part of that approach has been separating children from their parents who are detained.
  • Ronaldo scores in Portugal's 1-0 win, Morocco eliminated

    Ronaldo scores in Portugal's 1-0 win, Morocco eliminated

    Morocco coach Herve Renard is expecting Portugal to give his side a tougher game than they had against Iran. And he claims there is no reason why the 33-year-old could not play at the next World Cup in Qatar in 2022.
    Manchester United Reportedly Eyeing £60M Bid for Chelsea's Willian

    Manchester United Reportedly Eyeing £60M Bid for Chelsea's Willian

    Maddison was looking to stay in the Midlands region where he grew up and hence chose to join the 2015/16 Premier League champions. And the bookies have cut the odds on Willian joining United with Mourinho tipped to splash the cash in the coming weeks.
    DHS Secy: Trump Administration Did Not Create Policy That Separates Families

    DHS Secy: Trump Administration Did Not Create Policy That Separates Families

    The current policy stems from the Trump administration's " zero tolerance " toward people crossing the border illegally. Yet there is no law requiring children to be taken from parents apprehended after unlawfully crossing the border.

President Trump threatens new tariffs on $200 billion in Chinese imports President Trump threatens new tariffs on $200 billion in Chinese imports American semiconductor makers saw larger losses at 2 percent or more due to their high exposure in China, according to CNBC . China said it would impose such tariffs following Washington's 25 percent tariff on Chinese goods worth 50 billion dollars.

United Methodist clergy, members file complaint against Jeff Sessions United Methodist clergy, members file complaint against Jeff Sessions Those in criminal proceedings are guaranteed a (now severely overworked) public defender, but those in civil immigration courts are not.

Paul McCartney stuns fans in emotional edition of Carpool Karaoke Paul McCartney stuns fans in emotional edition of Carpool Karaoke They cycled through "A Hard Day's Night", "Love Me Do" and "Back the USSR", as onlookers filled the pub. He said: "I'm in Liverpool, and I need your help".

Prince William birthday: How is Kate Middleton's husband celebrating turning 36? Prince William birthday: How is Kate Middleton's husband celebrating turning 36? The Duchess of Cambridge, 36, is now on maternity leave following the birth of their third child, Prince Louis . Welby also had the honor of officiating Prince Harry and Meghan Markle's wedding last month.

First lady's 'I don't care' jacket causes a stir First lady's 'I don't care' jacket causes a stir Then she wore it *again* when she deplaned back at Andrews Air Force Base after the trip - and after the wave of initial outrage. She has shown that she won't bow to public pressure or expectations about how she should comport herself as first lady.

Centurion Suarez strikes to send Uruguay and Russian Federation through The main thing was that we won and advanced to the next round". "All my players are available for all the matches", Pizzi said. The Saudis tried one more push late but Mohamed Kanno's header off a corner was held easily by Muslera in the 90th minute.

How the Dwight Howard-Timofey Mozgov trade could affect the Cleveland Cavaliers How the Dwight Howard-Timofey Mozgov trade could affect the Cleveland Cavaliers The Hornets will get the Nets' second-round pick Thursday night (45th overall) and a second-round pick in 2021, the person said. He averaged 16.6 points, 12.5 rebounds, and 1.6 blocks in 30.4 minutes per game, and shot 55.5 percent from the floor.

Australia hurts as China and U.S. head towards trade war Australia hurts as China and U.S.  head towards trade war But Beijing's mention of "comprehensive measures" suggests that it would go beyond tariffs , said Jake Parker of the U.S. The tariffs on Chinese imports are the latest in a spate of protectionist measures unveiled by Trump in recent months.

Senegal fans celebrate victory over Poland by cleaning the stadium Senegal fans celebrate victory over Poland by cleaning the stadium Cisse has been the Senegal manager for three years, leading the African nation to their second World Cup finals in their history. And then Senegal fans, after their Lions upset Poland, 2-1, followed suit.

Dustin Johnson Majors: Has DJ Won One? Dustin Johnson Majors: Has DJ Won One? Open, The Associated Press reported erroneously that his winning score of 281 was 13 shots higher than previous year . It was definitely more receptive this morning than yesterday, that's for sure.

Canada just legalized weed, and it's looking better every day Canada just legalized weed, and it's looking better every day The most controversial aspect of Canada's move has been setting the minimum age for use at 18 or 19, depending on the province. The Senate voted 52 to 29 in favor of a revised bill from the elected House of Commons, and there were two abstentions.

Donald Trump: US envoy confirms UN Human Rights Council withdrawal Donald Trump: US envoy confirms UN Human Rights Council withdrawal The 47-member council has a number of powers, including the ability to establish panels that probe alleged human rights abuses. Critics say this sends a message that the administration turns a blind eye to human rights abuses in some parts of the world.

‘Modern Family’ producer threatens to leave Fox’s TV studio ‘Modern Family’ producer threatens to leave Fox’s TV studio He also called Jeff sessions a "fucking kidnapper" and asked all the Fox stars and executives to speak up. He also produced Netflix's fourth season of "Arrested Development", which originally aired on Fox.

As Kim visits China, Xi flaunts bargaining chip in trade dispute As Kim visits China, Xi flaunts bargaining chip in trade dispute On Tuesday, the USA and South Korean militaries confirmed they have called off scheduled joint exercises following Trump's order. As NPR's Anthony Kuhn notes, Chinese state media have even publicly announced this third visit with Kim still in the country.

America doubts Kim Jong Un will give up nuclear arms America doubts Kim Jong Un will give up nuclear arms These comments come in the context of criticism that has been lodged at Trump for his lenient descriptions of the dictator. Officials have not verified reports that North Korea may have demolished a stand used for missile-ejection tests in May.