U.S. tariffs take effect, China announces retaliation

Europe rejects China’s offer of alliance in trade war with United States

German Chancellor Angela Merkel gestures next to Chinese President Xi Jinping in Berlin

Previously, Beijing had vowed to impose counter-tariffs of 25 percent would apply on USA agricultural and other products worth $34 billion.

Some major Chinese ports delayed clearing goods from the United States, sources said, potentially disrupting imports worth billions of dollars as the world's top two economies head towards a trade war.

Hours before Washington's deadline for the tariffs to take effect, US President Donald Trump upped the ante on its largest trading partner, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of US imports from China past year.

It will take weeks or months for the US Trade Representative to review and possibly activate any new rounds of punishment.

"John Heisdorffer, an Iowa soybean farmer and president of the ASA, warned of the impact of the tariffs on farmers".

The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union.

China's tariff actions in response took effect at 12:01 p.m.in Beijing, state news agency Xinhua reported, citing an unidentified official from the General Administration of Customs.

China's Ministry of Commerce also said it would look to report the U.S.to the World Trade Organization (WTO) on Friday, accusing Washington of breaching worldwide trade laws.

The American tariffs are the result of President Donald Trump's bid to protect USA jobs and stop "unfair transfers of American technology and intellectual property to China".

Thailand cave rescue: Officials clear media as cave rescue seems imminent
The strategically placed canisters allow divers to stay underwater longer during the five-hour trip to reach the stranded team. There has been speculation mounting for some hours that the rescue operation is imminent, if not already under way.

That hurts USA soybean farmers and could also have an impact on makers of farm equipment, such as Deere & Co.

Julian Evans-Pritchard from Capital Economics said: "While a weaker currency could offset some of the economic damage done by United States tariffs, the wider risks to financial stability would not be worth taking".

In trade disputes between Japan and the United States during the 1980s and 1990s, Tokyo was targeted by the same so-called Section 301 investigation that Washington is now using against China to determine what it says are forced technology transfers to Beijing that burden or restrict USA commerce.

For example, US-based audio company Sonos Inc noted in an initial public offering on Friday its performance "may be materially harmed" by trade restrictions.

"Trade wars are bad and not easy to win", she wrote. Trump has initiated the silent war to rectify the snowballing USA trade deficit with China, which hit a record $375.2 billion past year.

More than half of exported US soybeans are sent to China, mostly to produce cooking oil and livestock feed.

The direct impact of the imposed tariffs on the two countries' economic growth will be modest because the value of goods involved accounts for only a sliver of bilateral trade, but the impact on targeted industries will be significant, some analysts said.

China's Premier Li Keqiang said on a visit to Sofia that "A trade war benefits no-one because it hurts free trade and the multilateral process".

White House Council of Economic Advisers Chairman KevinHassett said in an interview on Fox Business Network on Friday Trump is "going to deliver better (trade) deals".

Hamilton blazes to pole position for British GP
Also, the speed tomorrow is less than in qualifying, because you have more fuel and you'll be a bit slower so it's going to be OK".

Many products have suddenly become more expensive. The products, sold on Chinese e-commerce platforms, ranged from pet food to mixed nuts and whiskey.

On Thursday, Ford Motor Co said that for now, it will not hike prices of imported Ford and higher-margin luxury Lincoln models in China. Mr. Trump is casting the trade battle as a long-term effort to bring back to the United States jobs that have been lost because of Chinese imports and what the U.S. considers unfair trade practices, such as pressuring USA firms to transfer technology to Chinese firms.

"We just want what we had before", he said.

In the first quarter, year-over-year S&P 500 capital expenditure growth was the highest since 2011, according to S&P Dow Jones data.

How the newly imposed tariffs will ultimately affect US soybean markets remains uncertain, as exporters scramble to find new ways to funnel their product to China.

"After the U.S. activated its tariff measures against China, China's measures against the United States took effect immediately", said Lu Kang, a foreign ministry spokesman.

He has said the tariffs are aimed at stopping the "unfair transfers of American technology and intellectual property to China" and protecting jobs.

"You saw with China, $50 billion and another $200 billion frankly is waiting", he said at the rally in Great Falls, Montana, referring to envisaged additional 10 percent tariffs on $200 billion in Chinese imports. It opened markets for USA farmers but led some American automakers to shift production to low-wage Mexico and to then ship cars back to the United States duty-free.

Apple Music Reportedly Beats Spotify in Number of Paid U.S. Subscribers
Despite launching almost four years later, Apple Music's subscriber count has reportedly surpassed that of Spotify. Spotify boasted a whopping 75 million paid subscribers as of May, shortly after the company went public.

Latest News