'Reckless': Trump escalates trade war with another $US200b in Chinese tariffs
11 July, 2018, 22:13 | Author: Eric Barnett
A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating". "To protect the core interests of the nation and its people, China's government is, as in the past, forced to retaliate".
The proposed list of goods includes consumer items such as clothing, television components and refrigerators as well as other high-tech items, but it omitted some high-profile products like mobile phones.
China's stocks slumped following news of the new tariffs after three days of gains, and the yuan weakened.
The public will have until the end of August to comment on the list before the new tariffs - to be imposed at 10% - come into effect.
China has warned that the United States threatens to wreck the global economy after Washington escalated the trade war on Tuesday night.
"Markets are panicking about the impact of a tit-for-tat trade war on economic growth", Manulife Asset Management investment analyst William Hamlyn told AFP.
"The US closed the door for negotiations", Li said.
China and the USA face a wider trade war, after Beijing vowed on Wednesday to retaliate over Washington's threat to impose $200bn in additional tariffs on Chinese goods.
The Trump administration is readying tariffs on another $US200 billion of Chinese imports - ranging from burglar alarms to mackerel - escalating a trade war between the world's two biggest economies.
In a statement US trade representative Robert Lighthizer said these new additional tariffs are a result of "China's retaliation and failure to change its practices" after the first round of tariffs.
In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said at a forum in Beijing that the latest USA proposals interfered with the globalisation of the world economy and that China's support for a multilateral trade system would not change.
The White House move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".
The Retail Industry Leaders Association, a lobby group representing the largest U.S. retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".
The first US tariff list focused on Chinese industrial products, an attempt to reduce the direct impact on American consumers.
President Donald Trump has threatened to tax as much as $US550 billion in Chinese products - an amount that exceeds America's total imports from China a year ago. "And the retaliation that will follow will destroy thousands of U.S.jobs and hurt farmers, local businesses and entire communities". Australia's S&P/ASX 200 dropped 0.7 percent to 6,215.60.
"Sometimes our friends, when it comes to trade, are treating us worse than the enemies", Trump said at a press conference on June 29.
China could also limit visits to the United States by Chinese tourists, a business state media said is worth $115 billion, or shed some of its U.S. Treasury holdings, Iris Pang, Greater China economist at ING in Hong Kong, wrote in a note.
The news shattered the uneasy calm that had descended on markets and allowed them to regain some of the ground lost in recent months on trade war woes.
China Daily said in an editorial that Beijing had to stand up to Washington.
She added that she is flying back to Croatia and would be watching the game as part of a joint birthday football celebration. I am ignoring the meaningless match against Belgium. " I just have a feeling that England will find a way to win ".
'The one thing I was insecure about she has. "She didn't get those from me, she got those from her dad [ Travis Scott]". I just didn't feel desirable or pretty. "I feel like I have fake abs now, it's just like, genetics".
The vehicle will have to cover large distances using a high degree of autonomy, planning its own path ahead day after day. Then, a second NASA launch will send the Sample Return Lander mission to land a platform near the Mars 2020 site.
It helped to isolating the memory locations that stored a dereferenced null pointer and a faulty instruction that caused it. The filter, apparently, was to block the flag and name of Taiwan from users in the heavily-censored mainland China.
Putting the work in, knowing I'm working as hard, if not harder, than I ever have. "This is what I get so pumped up to do". Varner is looking for his first win on the PGA Tour and will be in the final pairing along with co-leader Kelly Kraft .
Tech, industrial, and manufacturing companies are likely to be the biggest victim of the trade war between US and China. American companies that do a lot of business there have seen steep drops in their stock prices in the past few weeks.
Bureau of Consular Affairs confirmed the death and released the victim's name, Tatiana Mirutenko, in a statement. Mexican authorities say the 47-year-old man who was being targeted was injured but survived.
And it was for this reason the former manager sued her and demanded no less than $10 million in damages. Cardi B is preparing for motherhood by going after her former manager for trying to control her life .
Somehow, he sunk it again, roaring with delight, sending the crowd into raptures, and leaving Fox with a 12-footer to stay alive. However, a second monstrous putt from Knox put the pressure back on Fox to hole out to get it to a second playoff hole.
Defending Wimbledon champion Federer ousted in quarter-finals
He said: "I just asked the chair umpire how did I deserve that warning?" "Do you think I ruined the court?" he bellowed at Ramos. The women's semi-finals are set for Thursday. "I just kept telling myself to keep believing, and that today it would be my day".
The Goosebumps 2: Haunted Halloween Trailer is Here!
Let us know your thoughts by dropping a comment below! Sony Pictures dropped this first look at Goosebumps 2 as a surprise. Yes, in case you forgot, a Goosebumps sequel is happening - this time without Jack Black's R.L.
'It's like I've died': Wife mourns Thai rescue diver
The BBC reported the funeral was held at a temple in the north-east province of Roi Et . "I love you like you're my very heart". We do not have details about their exact condition, but this extraordinary rescue mission now appears to have come to an end.
Newborn killed in North Dakota storm
He has been staying along with dozens of others at the Watford City Civic Center where the Red Cross has established a shelter. North Dakota Governor Doug Burgum will travel to Watford City later today to survey the Prairie View RV, KXMB reports .
Newly crowned ‘World’s Ugliest Dog’ Zsa Zsa dies
The victor of the 2018 World's Ugliest Dog competition, Zsa Zsa the English bulldog, has died aged 9. We were all saying our goodbyes and Mareslie went right over and gave her a kiss. "It was sweet.