Trade Wars: Trump loads first volley against China
Trade Wars: Trump loads first volley against China
The European Union Mexico and Canada have all the hit U.S. with billions in retaliatory tariffs
06 July, 2018, 00:43
President Donald Trump's tariffs on Chinese products are set to officially kick off, escalating the growing trade war between the USA and China.
"China will not bow in the face of threats and blackmail, nor will it be shaken in its resolve to defend global free trade", said ministry spokesman Gao Feng at a press conference.
"As China is an important supporter and participant of globalization and global supply chains, many of [China's] exports are produced by non-Chinese companies", Gao noted.
But equally likely to be affected from the fallout of a full blown trade war are the economies of a number of countries that are tightly integrated into the global value chain - which companies increasingly use to fragment production of their goods.
Trump initially threatened to hit China with 25 per cent tariffs on a list of goods worth US$50 billion annually, over what Washington says is the rampant theft of United States technical know-how.
China rejected "threats and blackmail" ahead of a threatened USA 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.
Forecasters say a full-blown conflict could knock up to 0.5 per cent off global economic growth through 2020 if Washington and Beijing impose tariff hikes on $250 billion of each other's goods.
"The tail risk of a Sino-US trade war is getting fatter", said Chi Lo, greater China senior economist at BNP Paribas Asset Management in Hong Kong.
China cannot match Trump on tariffs - it imported $130 billion in goods from the United States a year ago, compared with America's $505 billion in purchases from China - but it can apply other forms of pressure, analysts say.
The U.S. also has irked some of its closest allies by hiking import duties on steel, aluminum and autos from Europe, Japan, Canada and Mexico.
"I strongly urge the Chinese government to fully estimate the negative impact of the trade war on the Chinese economy and adopt practical and pragmatic measures to avoid or mitigate a trade war", Yu Zhi, a professor at Shanghai University of Finance and Economics, said in an interview.
China's yuan rose sharply against the dollar on Wednesday, a day after the central bank assured markets it would keep the currency stable amid growing worries about trade friction, although stocks fell.
The industry source said China had been unable to address the Trump administration's concerns about Chinese trade policies in at least five key areas, including forced technology transfers, Chinese industrial overcapacity, government subsidies, SOE reform, and Beijing's restrictions in the cloud computing industry.
Those measures appear to be aimed at the United States' heartland, which helped lift Trump into the White House.
Trump has threatened other measures created to limit China's ability to access the US.
Spectators who tuned in to the royal wedding around the globe could not get enough of Meghan's effervescent-yet-natural look. Daniel explained on the show that the goal was to make her look like she was glowing from the inside out.
With the "Fubo Premier" bundle, you will get access to all four of the World Cup soccer TV channels in most markets. Uruguay , however, soon demonstrated their hunger to win, with Cavani's one-touch curler.
So you'll have plenty of opportunity stock up on gifts or revamp your wardrobe while everything's heavily discounted. Prime Day will also be held in the US, UK, Spain, Japan, Singapore, Canada, and 10 other countries on the same day.
Yann Sommer had to make a superb diving save to deny Berg, and Ekdal squandered a golden opportunity in the 41st minute. The last time Sweden made it this far at the World Cup was in 1994, when the team reached the semifinals.
A second photo captured the moment Cook tried to kiss his grinning bride, who had changed into a lace, lowcut jumper. The Big Bang Theory star officially tied the knot with her fiancé, equestrian Karl Cook , in San Diego.
What a fearless boy! The puppy's face was very swollen in the pictures taken afterward, but the owner says he will be fine. Instead, the snake bit Todd in the face, and Godwin was uninjured. "He for sure saved me from being bitten", Godwin said.
The bodies were blind-folded and gagged, and were found hanging from the ceiling of the house opposite Guru Govind Singh Hospital. In a shocking case, eleven members of a family were mysteriously found dead inside their home in Delhi's Burari today.
Unfortunately, that wasn't the only power move as the defending dynasty the Golden State Warriors also strengthen their numbers. Players can not sign contracts with teams until Friday under National Basketball Association free agency rules.
In a blog post about the story, Google stressed that developers must provide clear guidance on how people's data will be used. We leave our privacy at the door when we use products from Facebook and Google, and there's nothing that we can do about it.
James can also sign a short-term deal with Cleveland , something he has done each year since returning in 2014. LeBron has expressed serious interest in coming to California to play his last few seasons.
Who's saying what at the World Cup
That was the first major tournament for many of us, knockout matches have a lot to do with experience and can be complicated. Belgium face Japan in the last-16 with a potential tie against Brazil in the quarter-finals. "Anyway, I'll do my best".
Samsung launches Galaxy On6 with Infinity display
The smartphone offers 4GB of RAM and 64GB internal storage which can be expanded further by inserting a microSD card. The Note 9's S Pen (model EJ-PN960) got a full battery of wireless tests because it's a 2.4GHz Bluetooth LE device.
Child killed after bouncy castle 'explodes' in Norfolk
Ms Furmedge, from Chester-le-Street, and Ms Collings, from Seaham, died from injuries suffered when they fell from the artwork. The bouncy castle "exploded" while the youngster was on it, throwing her "20 ft in the air", according to eyewitness claims.
Belgium defeat Japan 3-2 to reach quarter-finals
Lukaku will look to add to his group-stage tally of four goals against a Japan defense conceding more than a goal per game. Among the pre-tournament favourites in Russia, Eden Hazard and the Belgians march on to a last-eight meeting with Brazil.
Five reasons Germany have failed at the World Cup
Current World Champions, Germany have failed to score in the first half against South Korea in their Group F World Cup match. Germany ended up last in Group F while Sweden and Mexico advanced to the round of 16.
Party in OKC: George stays put
When trading for George the assumption was that he would walk away after a year and go sign in Los Angeles with the Lakers . The latest in free agency news is that Paul George won't be leaving behind the Oklahoma City Thunder squad this year.