China appeals for USA calm after new tariff threat

Containers are transferred at a port in Qingdao in China's eastern Shandong province on July 6. China has announced a plan to impose more tariffs on U.S. goods in response to escalating trade threats from the Trump administration

Trump threatens higher tariffs on Chinese imports

He said President Donald Trump directed him in June to identify $200 billion worth of Chinese goods for additional tariffs of 10 percent and he initiated the process on July 10.

The ministry said timing of the implementation of the new tariffs on U.S. goods would depend on the actions of the US.

The US equity index is up by more than 5 per cent since the start of 2018, and 25 per cent since the start of 2017, while China's Shanghai composite index has fallen by 13 percent and 7 per cent respectively.

Products in line for tariffs include meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts.

Trump has threatened to escalate the conflict even more by taxing virtually all of the $500 billion worth of goods China ships annually to the United States.

Huawei beats Apple in smartphone sales for the first time
The Chinese brands are now trying to control the premium segment with Huawei , Oppo , Vivo and Xiaomi launching devices this year. Huawei shipped 54 million handsets during the second quarter, up 41 per cent year-on-year and a performance that was...

"The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports", NPR's Brian Naylor reported.

The risk of a trade war between the US and China has grabbed markets' attention recently, fuelled by headlines; Twitter quotes from Donald Trump and also because of the threat of retaliatory action from China.

"We will give people a chance obviously to comment on the substantial effects of a 25 percent duty as oppose to a 10 percent duty", a senior administration official told reporters.

But the move drew swift condemnation from US business lobby groups anxious that tit-for-tat tariffs would start to hamper economic growth.

"We hope that the trade policy makers in the United States will be cool-headed and listen to the voice of USA consumers and pay high attention to the voice of the American business community." he said, noting that higher tariffs will add to costs for USA companies operating in China and for consumers.

Trump rallying Florida voters behind DeSantis for governor
He also advocated for requiring voters to present photo identification, even though Florida already has such a law on the books. SANDERS: "The president wants to see the integrity of our election systems upheld, and that's the objective of his comments".

President Donald Trump's administration said on July 10 it would seek to impose the 10 per cent tariffs on thousands of Chinese imports. "Given the scope of the products covered, about half of all imports from China are facing tariffs, including consumer goods", Ennis said.

U.S. Commerce Secretary Wilbur Ross downplayed the impact of the tariffs on the American economy.

That fell apart shortly after it was announced by USA officials and amid acrimony in the negotiating team sent to Beijing due to disagreements over the concessions that would be made to China.

"Pressure and blackmail from the US won't work", Geng Shuang, a spokesman for the Chinese Foreign Ministry, said at a briefing in Beijing, the New York Times reported.

"We would advise the United States to correct its attitude and not try to engage in blackmail. This won't work on China", Geng said.

Kim Kardashian Doesn't Like Her new Hairstyle
She said she receives a "stack of letters" every day and recently visited a women's detention center. And today, Kim has shared yet another photo of her bikini body - this time in a solo shot.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

Latest News