Online Broadband Guide
Online Broadband Guide


China warns of retaliation if U.S. takes more trade steps

China warns of retaliation if U.S. takes more trade steps

President Trump on Wednesday tried to increase pressure on China to change its trade practices by directing administration officials to consider more than doubling the size of proposed tariffs he has already threatened to slap on $200 billion in imports. "Unilateral threats and pressure will only be counterproductive".

Last month, the USA proposed 10 per cent tariffs on another $200 billion in Chinese products - from parachutes to sardines - in response to China's retaliation. He is also betting that the US could wield more leverage because Beijing cannot match the tariffs proposed on $200 billion in Chinese goods.

Two opposite trends prevail in the global markets.

Trump recently threatened to slap punitive tariffs on all Chinese exports to the U.S., which amounted to more than $500 billion a year ago.

Trump is not going to "calm down": The New York Times says (paywall) that his hard-line advisers in the White House, as well as his former chief strategist and ultranationalist Steve Bannon, have been advising him to inflict "painful measures" on China to "force it back to the negotiating table on trade". The combined total of over $500 billion of goods would cover virtually all Chinese imports into the United States.

The higher tariffs are not a done deal.

The list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports that wouldn't disrupt their own economy. "Given the scope of the products covered, about half of all imports from China are facing tariffs, including consumer goods", Ennis said.

Besides, the Economic Partnership Agreement signed by the European Union and Japan on July 17, too, suggests trade conflicts between the developing and developed economies will likely intensify in the future, which would severely affect China. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.

"As to communications and talks between the two sides the Chinese side always believe that the trade disputes shall be resolved through talks and negotiations and our sincerity and efforts are there for all the worldwide community to see".

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

It was not immediately clear Tuesday why Trump is now looking at raising the proposed tariffs to 25 percent, but White House officials say trade talks with China have largely stalled.

The US argues that Chinese companies sell their products at lower prices in foreign markets than they do at home - a practice known as "dumping".

It will raise about $US770 billion between now and the end of the year - more than 60 per cent higher than for the same period last year - to fund America's burgeoning budget deficit.

follow

loading...

editors' picks

August 05, 2018
California's desolating Carr Fire was started by a flat tire
The fire burned slowly for days before winds suddenly whipped it up last week and drove it furiously through brush and timber. Yosemite Valley residents must leave the valley by noon Friday, National Park Service officials said.

July 30, 2018
Dudley MP Ian Austin faces disciplinary action in Labour anti-Semitism row
On 5 September Labour MPs vote on an emergency motion calling for the party to adopt the full IHRA definition into its rulebook. He said: "Under the terms of the Parliamentary Labour Party rules there has to be respect between colleagues".

July 28, 2018
Manchester City boss Pep Guardiola says more records 'impossible'
Jürgen Klopp's squad travelled from New Jersey to MI on Thursday before their final ICC fixture against Manchester United in Ann Arbor on Saturday.

July 27, 2018
Lunar eclipse: Skygazers await century's longest 'blood moon'
The professor, however, said that the next total lunar eclipse that would be visible in Nigeria would occur on January 21, 2019. Apart from it being century's longest lunar eclipse , Mars will be very close to the moon on the same night.

July 27, 2018
US Congressional committee proposes waivers for countries like India from Russian Federation sanctions
Recall, July 16, in Helsinki behind closed doors had an official meeting Donald trump and Vladimir Putin. But he added "they will be pushing very hard for the Democrats".

July 27, 2018
Canada launches NAFTA challenge of 'illegal' US tariffs on solar panels
He will be accompanied by Jesus Seade, the designated chief NAFTA negotiator of the incoming Mexican administration. Trump's tariffs on steel and aluminum imports were still casting a shadow on NAFTA talks, Morneau said.

July 25, 2018
Canada to resettle dozens of White Helmets and their families from Syria
Hundreds of volunteer rescuers have been evacuated from southwest Syria for resettlement in Britain, Canada and Germany . The Israeli army carried out Sunday night an aggression on a Syrian military site in Masyaf area in Hama countryside.

July 25, 2018
48MP Sony IMX586 imaging sensor announced, samples ship September
Smartphone cameras could be getting some significant quality improvements in the near future, at least according to Sony . Even scenes with both bright and dark areas can be captured with minimal highlight blowout or loss of detail in shadows.

July 24, 2018
Tekashi 6ix9ine flaunted cash, chains at strip club before robbery
According to the rapper's statement to police, gunmen approached his vehicle at a red light in the early hours of Sunday morning. He told the authorities that two men with guns jumped out, stole his driver's iPhone before kidnapping Tekashi .

July 24, 2018
Trump & Putin Helsinki Summit with Russian Expert William Taubman | Connecting Point
The fact that we have to talk to you about Syria or other matters is very different from issuing an invitation. Gowdy made his remarks during an interview on television's "Fox News Sunday".