TRUMP STRIKES BACK: The President Threatens China with $200 BILLION in Tariffs

Share

China's tariffs had themselves been a reaction to Trump's announcement on Friday that the USA would be imposing a 25 percent tariff on $50 billion of Chinese goods.

The ministry also responded to Trump's threat that a third set of tariffs, again totaling $200 billion wroth of Chinese imports to the usa, would move forward if China hits back at the first set. "These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs", the president said at the time.

"If the US loses its senses and publishes a new list, China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back", it read. Cook also said that the trade deficit with China is overstated due to flaws in the way it is calculated.

Chinese regulators also have the option of broadening their retaliation by tying up American companies in tax or anti-monopoly investigations or by denying or revoking licenses.

Should China impose its proposed expanded tariffs, Trump warned, that he would slap duties on an additional $200 billion of Chinese imports.

"Therefore, today, I directed the United States Trade Representative to identify $200bn worth of Chinese goods for additional tariffs at a rate of 10%".

Elon Musk launches investigation into sabotage at Tesla
A Tesla spokesperson declined to comment when asked by Fox News if the matter has been referred to outside law enforcement. According to Elon Musk , not everyone working at Tesla has the company's best interests in mind.

USA officials will hold a press conference on the decision to impose further tariffs on China this morning. Specifically, Apple is said to fear that the Chinese government will cite national security concerns to impose bureaucratic delays on its supply chain and finished products, mirroring recent US actions that have penalized Chinese telecom companies Huawei and ZTE.

Merkel and Macron have both stressed that the bloc must learn to stand its ground on the world stage, as Trump openly challenges the European Union with a trade war and over security and climate policy.

Mr Trump has threatened to put tariffs on an extra $200bn (£141bn) of Chinese goods, sparking fears of a trade war.

Wei, who is now a deputy secretary general at the Chinese Centre for International Economic Exchanges, a state-backed think tank, said Beijing might also make its countermeasures permanent rather than temporary, and if the situation worsened U.S. firms could be excluded from China's financial markets.

With the world's two largest economies on the brink of a full-fledged confrontation, spooking markets and worrying business leaders, Trump on Monday said he was pushing forward with fresh punitive measures over Beijing's "unacceptable" move to raise its own tariffs.

China's Commerce Ministry said it would respond with tariffs "of the same scale and strength" and that any previous trade deals with Trump were "invalid".

Salah’s return lifts Egypt against Russian Federation
Tuesday's early game sees Colombia take on Japan in Saransk, four years after pounding the Asians 4-1 at the 2014 World Cup. Mohamed Elneny has revealed Egypt's ambition ahead of their make or break Fifa World Cup clash with Russian Federation .

FILE PHOTO: FILE PHOTO: The label of a Washington D.C. sweatshirt bears a U.S. flag but says "Made in China" at a souvenir stand in Washington, DC, U.S., January 14, 2011.

Retail groups also weighed in. The Dow Jones industrial average fell 1.7%, down more than 400 points, and S&P 500 lost 1.1% after heavy overnight selling dropped China's Shanghai Composite (-3.78%) to its lowest level in two years.

"This is a global trade war, plain and simple, and the American families will be the ones who suffer most", added Hun Quach, vice president of worldwide trade for the Retail Industry Leaders Association.

"It's kind of a lose-lose for both the people in China and the USA soybean industry, and the soybean farmer", said Bardole. Apple and the White House were not immediately available for comment. More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6.

Beijing could seek to make life hard for USA companies that rely on the Chinese market.

The U.S. tariff hikes imposed so far affect a total of about $109 billion of imports, according to Morgan Stanley.

World Health Organisation Classifies Gaming Addiction as a Mental Health Disorder
Games like Fortnite are more popular than ever, but they may also have renewed fears that games are damaging young minds. The World Health Organization (WHO ) on Monday released its new International Classification of Diseases (ICD-11).

Share