United States to apply more pressure on China with new tariff hike

United States to apply more pressure on China with new tariff hike

The Trump administration is proposing raising planned taxes on $200 billion in Chinese imports to 25 percent from 10 percent, potentially ratcheting up a trade war with China.

China's commerce ministry said the United States tactics will have no effect on China, and will disappoint countries that are against trade wars.

German firms operating in the US and China have been hit massively by the ongoing US-China trade conflict, as tensions escalate between Washington and Beijing.

While American and Chinese officials have hinted at the possibility of restarting talks in recent weeks, it's been nearly two months since they last held high-level negotiations.

On Thursday, a Chinese foreign ministry spokesman accused the White House of trying to "blackmail" China by pressuring them into an unfavorable trade deal.

The US Senate last week passed legislation which if enacted would lower trade barriers on hundreds of Chinese imports.

The US is also simultaneously stepping up the heat against China on a separate front by forming a coalition of the US, the European Union, Japan, and several other countries of the global north at the World Trade Organization (WTO).

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

India limp to 76 for three after Curran strikes
Stokes was then unlucky again, as Malan put down Kohli on 51 again at second slip, albeit this was a tougher chance. Curran hit the flawless length as first-change bowler and immediately trapped Vijay leg before in the 14th over.

Don't penalise on draft list: SC
When inquired about his view on references to Bangladesh vis-à-vis illegal migrants despite enjoying good ties with India, he said, "No".

CNN SNOWFLAKE: Acosta Whines About 'UN-AMERICAN' Treatment from Sarah Sanders
Instead, Sanders recited a litany of complaints against the press and blamed the media for inflaming tensions in the country. I mention Sanders reading from her notes because it's a telling detail that she had something ready to go on this.

With Mr Trump now lining up tariffs affecting nearly half of the goods arriving from China, the mining sector, which relies heavily on solid growth in Asia's engine room, lurched into the red along with metal prices.

"Regrettably, instead of changing its harmful behaviour, China has illegally retaliated against USA workers, farmers, ranchers and businesses", Lighthizer said in a statement.

The Trump administration threatened to raise proposed tariffs on Chinese imports from 10 percent to 25 percent, escalating USA trade tensions with Beijing.

A first round of tariffs came into effect on 6 July, when the USA imposed 25% taxes on $34bn of Chinese imports.

The public comment period on the U.S. tariffs aimed at $200 billion ends August 30 after public hearings August 20-23, according to the U.S. Trade Representative's office.

They include food products, chemicals, steel and aluminum and consumer goods ranging from dog food, furniture and carpets to vehicle tires, bicycles, baseball gloves and beauty products. "The United States' method of adding pressure will not, I'm afraid, have any effect", Wang told reporters on the sidelines of a regional forum.

In fact, China can keep devaluing the Yuan until its capital controls "firewall" finally cracks: recall that this was the trigger that prompted a global bear market (from which the United States was spared) in 2015/2016 when China lost a total of $1 trillion in reserves to defend its current against an onslaught of capital flight.

The proposal would require a more robust justification from the Department of Defense for "Section 232" tariffs such as those imposed on steel and aluminium imports and those now under consideration for autos.

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