Trump's Trade War Officially Begins - Hit & Run

07 July, 2018, 03:04 | Author: Salvatore Jensen
  • Trump's Trade War Officially Begins - Hit & Run

Trump has threatened to progressively ratchet up USA penalties to a total of $450 billion in goods - which would represent the lion's share of all of China's exports to the United States.

Beijing has said it will not "fire the first shot" in a trade war with the United States, but has made clear that Chinese tariffs on American goods would take effect immediately after U.S. duties on Chinese goods are put in place.

China's Global Times, a widely-read tabloid published by the ruling Communist Party's People's Daily, said China "does not want to get involved in a trade war", but that it would not back down against the United States.

"We are still many steps away from a full blown trade war", Meyer wrote.

"A little fighting may be the only way the Trump administration clears its mind and allows everyone to sober up", the state-run Global Times said on Friday.

In the countdown to midnight, Chinese State media slammed the White House, and accused the USA of acting like "a gang of hoodlums,"trying to "shake down" other countries - especially China".

The ministry called the U.S. actions "a violation of world trade rules" and said that it had "initiated the largest-scale trade war in economic history". A Chinese government spokesman has said Thursday, July 5, 2018, that Beijing "will not bow in the face of threats and blackmail" on the eve of USA tariff hikes and will defend its interests.

Still, Chinese investors and companies were anxious.

Japan's main stock index, the Nikkei 225, gained 1.1 percent while the Shanghai Composite Index added 0.5 percent.

"More than 70,000 jobs depend on the Port of Oakland".

Li further added that he and workers at his factory are "not so worried" because they have a price advantage over competitors.

Reuters news agency reported that as of Friday morning, when tariffs took effect, some major Chinese ports had delayed clearing goods from the US.

"But the country will encounter more barriers in future development, to which we should learn to adapt", it said. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case", Rob Carnell, chief economist at ING, said in a note to clients. Clearly, the USA and China are in for a long drawn out trade war.




There was no evidence of any last-minute negotiations between USA and Chinese officials, business sources in Washington and Beijing said.

"Frankly, I don't know what action China could take at the moment that would allow the U.S.to not impose tariffs", the US source said, adding that there was no evidence the two governments had any substantive engagement at the moment that could lead to the shelving of duties.

The United States is set to impose tariffs on US$34 billion of Chinese imports from 0401 GMT on Friday (12:01pm Singapore time) and has warned it may ultimately target over US$500 billion worth of Chinese goods, or roughly the total amount that the United States imported from China previous year. Trump said. "So we have 50 plus 200 plus nearly 300".

Chinese Ministry of Commerce spokesman Gao Feng speaks at a press conference in Beijing, days ahead of an imminent US-China trade war, on July 5, 2018.

Syracuse University economics professor Mary Lovely and researcher Yang Liang found 87% of electronics products to be levied by United States tariffs came from multinationals and joint ventures rather than Chinese firms. "It is not only because of China's large market size, but it is also because the Chinese market is stable, rational, and committed to the rule of law".

Adding to concerns this week was a leaked report suggesting Trump had asked his officials to look at pulling the U.S. out of the World Trade Organisation (WTO) altogether.

"The reciprocal tariffs on US$50bn of goods in both directions will have minimal impact in China", Andy Rothman, an investment strategist at Matthews Asia, wrote in a blog this week.

Faced with President Donald Trump's threat to target USA imports of cars from Europe, German and French government officials plan to meet next week in Paris to coordinate strategy. "The impact on the USA political environment is, however, likely to be far greater", he said.

China was expected to respond dollar-for-dollar but did not immediately release details of the countermeasures, which were expected mainly to target agricultural products in a bid to hurt Trump supporters.

"US measures are essentially attacking global supply and value chains".

"But the tariffs will bring double-lose results".

"After the USA activated its tariff measures against China, China's measures against the United States took effect immediately", Lu Kang said, though he did not elaborate on the details of the measures.

Recommended:

  • Roger Federer sprints past Struff to stay on title course — ATP Wimbledon

    Roger Federer sprints past Struff to stay on title course — ATP Wimbledon

    Zverev beat Taylor Fritz of the US 6-4, 5-7, 6-7 (0), 6-1, 6-2 in a match that was suspended on Thursday after the third set. Serena gave birth to daughter Alexis Olympia in September, while Rodina became a mother to Anna in November 2012.
    Hamilton: Whoever resurfaced Silverstone did the worst job ever

    Hamilton: Whoever resurfaced Silverstone did the worst job ever

    This left Hamilton 7.7 seconds ahead of Verstappen when a Virtual Safety Car was deployed to allow for Bottas' car to be removed. Vettel added: "I expect them to be very strong tomorrow (in qualifying), but I hope it is going to be close ".
    Chris Paul contract: Guard reportedly to re-sign with Rockets

    Chris Paul contract: Guard reportedly to re-sign with Rockets

    By signing Chris Paul back, it looks as though the Rockets are moving in the right direction to be a contender yet again next season.
  • Trump to rescind Obama-era guidance on affirmative action

    Trump to rescind Obama-era guidance on affirmative action

    Separately, the Justice Department is conducting a civil rights investigation of Harvard admissions. Sessions said in a statement. "It isn't shocking that guidance would be withdrawn", he said.
    'Dead' woman found alive in South African morgue fridge

    'Dead' woman found alive in South African morgue fridge

    Mr Bradnick told TimesLive : "Equipment used to determine life showed no form of life on the woman". "We made certain. However a morgue worker checked on the body in the mortuary fridge sometime later only to discover she was breathing.
    Bachchans dazzle at Akash Ambani-Shloka Mehta's engagement bash

    Bachchans dazzle at Akash Ambani-Shloka Mehta's engagement bash

    Amongst other attendees were Madhuri Dixit Nene with husband Sriram Nene, veteran actress Rekha, Amir Khan with wife Kiran Rao. From Bachans to Kapoors to Khans, Ambani engagement actually brought more stars together under one roof than most award shows.
  • Brazil forward Neymar defends himself from accusation of over-acting

    Brazil forward Neymar defends himself from accusation of over-acting

    And it sits next to another, with Coutinho grimacing, with the words "But Belgium turns it around with a last minute victor ". Cutting out the play-acting would also help Neymar win votes, 1990 World Cup victor Lothar Matthaeus said Wednesday.
    Amazon woos gamers with 21-title Prime Day package

    Amazon woos gamers with 21-title Prime Day package

    Subscribers also receive free shipping on many items and access to digital content such as music, video, gaming and photo storage. There are also some classics in there, like Metal Slug 3 , and Broken Age , offering you a good sweep of both genres and eras.
    ICE Names New Acting Director Amid Immigration Turmoil

    ICE Names New Acting Director Amid Immigration Turmoil

    Whatever you replace it with is just going to still reflect what this president wants to do", Duckworth explained. Trump on Saturday claimed he has "watched ICE liberate towns from the grasp of MS-13".
  • Horner: Red Bull should be leading F1 championship

    Horner: Red Bull should be leading F1 championship

    In the afternoon, the Dutch driver was slowed by a damaged floor. "Did you see that?", Vettel asked his team over the radio. If you missed any of the news or action, here is your Debrief from all that happened at the Red Bull Ring.
    Why Lonzo Ball Should Beware Rajon Rondo’s Lakers Arrival

    Why Lonzo Ball Should Beware Rajon Rondo’s Lakers Arrival

    LeBron James' decision to join the Lakers marked an excellent start to Magic Johnson's plan to turn Los Angeles into a contender. Rondo gives the Lakers experience at point guard, where the Lakers relied on Ball, and even Ingram when Ball was injured.
    Tesla storms past Model 3 production goal

    Tesla storms past Model 3 production goal

    Field came to Tesla in 2013 as a vice president of vehicle programs after a five-year stint in hardware engineering at Apple . Despite being lauded as Tesla's mass market electric auto costing $35,000, the cheapest models have yet to be produced.


Popular

Samsung Electronics profit growth slows on smartphone weakness
A folding phone can't be easy to make, hence why it's supposed to be playing it safe by only making a limited number of devices. The Tame Apple Press claims the news means that Samsung's lead over Apple in the global smartphone market is under pressure.

Next iPhone to come in variety of colors
An unnamed industry official said that "initially, Apple will get between 3 million and 5 million OLED displays from LG Display". The "premium" handsets come with more "premium" colors, while the cheaper smartphones have more vibrant colors.

Pakistan ex-PM Sharif sentenced to 10 years for corruption
In addition to the sentencing, Sharif and Maryam have been fined 8 million British pounds and 2 million pounds respectively. At least on Friday, it appeared unlikely that either Nawaz Sharif or his daughter would appear in Pakistan to go to jail.

Boys trapped in Thailand cave learning to swim to escape, governor says
Could the group swim out? "Extracting the children takes a lot of people", Deputy Prime Minister Prawit Wongsuwan told reporters. Unknown factors include the possibility of unsafe animals like snakes in the cave or of contamination from bat droppings.

Eastern Canada Heat Wave Continues, Causing Several Deaths In Montreal
Eileen de Villa, Toronto's medical officer of health, said the extended heat warning will remain in place until further notice. Couillard noted that the weather is expected to cool down by Friday but "we expect to have this kind of episode every year".

Maradona Calls English's World Cup Victory a 'Monumental Theft' Against Colombia
Which brings us full circle to England who, as previously mentioned, will face Sweden. The Three Lions have claimed a 4-3 shootout win to advance in Russian Federation .

Dwight Howard interested in returning to Lakers
They have been locked in conversations with the San Antonio Spurs over a trade for Leonard. James also played a supporting role on-screen in 2015 Amy Schumer comedy "Trainwreck".

Samsung users say their phones sent photos to random contacts
Multiple people stated there was no evidence on their phone of the error, they only learned of it when the recipient told them. Head to the app settings in your Galaxy phone and make sure Samsung Messages can no longer access your storage .

Thon Maker One Of 13 Ejections After Brawl Between Australia, Philippines
In total, 13 players were ejected from the game in the aftermath, including Maker. The crowd threw bottles and other objects toward the court as order was restored.

Lingard and England ready to continue family affair in Russian Federation
Speaking about England's new breed on USA broadcaster Fox, Rooney said: "I think certainly the first two games they were excellent".