China to impose tariffs on $60bn worth of United States goods

Chris Wallace Busts Larry Kudlow for Trump’s Claim on China Tariffs: ‘But Larry, That Isn’t True’

Stock markets fell as the trade war between the world's two largest economies intensified, with the Dow Jones industrial average down by 558.25 points, or 2.2 per cent, to 25,384.12 in morning trading in NY.

The tariffs will take effect on June 1, according to a statement on the Ministry of Finance's website on Monday.

The Shanghai Composite index fell 1.2% to 2,903.71. Nearly 2,500 items will be subject to 25 percent tariffs, while more than 2,000 others will have smaller tariff increases. The tech heavy Nasdaq is down 2.5%. It lost 3 cents to $61.66 on Friday.

Beijing retaliated for previous tariff hikes by raising duties on $110 billion of American imports. Offshore yuan fell as much as 0.9% to 6.91 per dollar, a 2019 low.

Last Thursday morning the Dow skidded 580 points, only to regain almost 470 by close of trading on Friday.

China's vice-premier, Liu He, listens to U.S. Trade Representative Robert Lighthizer as they exit the office of the U.S. Trade Representative on Friday. "In fact both sides will pay, both sides will pay in these things".

The trade war between the world's top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing "broke the deal" by reneging on earlier commitments made during months of negotiations. "Too expensive to buy in China".

White House economic adviser Larry Kudlow contradicted President Donald Trump on Sunday by acknowledging that US consumers end up paying for the administration's tariffs on Chinese goods. It imposed 10% charges on $60 billion of imports but left other goods unaffected, possibly out of concern for Chinese companies that depend on USA technology and components.

The U.S. has claimed that China steals technology and forces U.S. companies to divulge trade secrets it uses in its own production of advanced technology products.

PSG hit out at 'severe' Neymar ban following fan altercation

The president said Monday that that's not inevitable.

But actually it's American businesses that will pay the tariffs, and in many cases, pass the expense on to their American customers.

He downplayed concerns that the tariffs would lead to US job losses and hurt the GDP.

The latest U.S. charges could knock 0.5 percentage points off annual Chinese economic growth and that loss could widen to 1 percentage point if both sides extend penalties to all of each other's exports, economists say. "That's Zero Tariffs. Many Tariffed companies will be leaving China for Vietnam and other such countries in Asia", he said.

Kudlow also said that Trump and China's President, Xi Jingping, may meet in late June at the G20 worldwide conference in Japan. -China Business Council. Officials might be anxious companies may shift operations out of China in response to "aggressive retaliatory actions", he said.

"The relationship between President Xi [Jinping] and myself remains a very strong one, and conversations into the future will continue", Mr. Trump tweeted.

Meanwhile, with the European market being "totally messed up with a system that doesn't work", the Chinese might not have many alternative markets, meaning the United States can withstand a fight more than China can. "It's gonna happen, if a Democrat takes the White House".

The goods hardest-hit by the new Chinese tariffs include a long list of agricultural and edible products - such as sugar, coffee, vegetables meat, gin and tequila - as well as ores and concentrates, chemicals, fertilizers, skin-care products, household appliances, mechanical components, lumber and sporting goods.

Related:

Comments

Latest news

Square Enix Reconfirms Final Fantasy 7 Remake Will Be Multi-Part Series
Hopefully, that reveal will include a release date for the game, which has so far only been confirmed for PlayStation 4. Now, despite the game keeping a low profile for the last few years, Square Enix has said these plans haven't changed.

Trump Claims 'Picture File' Shows Comey And Mueller Are Best Buds
The document was able to be released due to the Freedom of Information Act. Much of the information in Steele's dossier was initially unverified.

US Moving Patriot Missile Battery to Mideast to Counter Iran
Iran has threatened to go further if other signatories fail to shield it from USA economic sanctions. The US military believes cruise missiles could be launched from small Iranian boats, known as dhows.

Monster Hunter World has a free trial on PS4
And that's an important of the whole experience, as Monster Hunter World is seen as a top multiplayer experience. Some of the most notable changes in this dynamic theme are the moving background, music, and icons.

Kanye West and Kim Kardashian announce birth of fourth child
Tim Sayed told Radar, "I have not worked on Kris but it's evident that, through the years, she's had a facelift". Of course, Jenner had the most candid reaction, saying, "No!" "They don't read the tabloids".

Up to 70 migrants drown after boat capsizes off Tunisia

China could target Wisconsin with trade retaliation says Georgetown University expert
TRUMP: "Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind". The latest USA increase might hit American consumers harder, said Jake Parker, vice president of the U.S.

Move over 48MP cameras, Samsung brings new image sensor with 64MP resolution
Both the seensors - GW1 and GM2 come with support for Super PD which is a high-performance phase detection auto-focus technology. Samsung however also is able to support a re-mosaic algorithm to make full 64MP resolution images in bright conditions.

Hazard fires Chelsea to Europa League final clash with Arsenal
I love this club, everyone knows. "I know very well how this business works", Pochettino said. Hazard is one of the best players in the world and it would be a blow to lose him.

Pixel 3a wins praise for repairability in iFixit teardown
But if it can't, the Pixel 3a also supports 18W fast charging, so you can get 7 hours of use with just a 15-minute charge. The new in-app updates API is now generally available, which will allow apps to be updated while they are being used.

USA stocks slide as modest rally fades ahead of trade talks
But imports from the United States declined by even more - nearly 26%, widening China's trade surplus with the United States. Now, Mr Trump is saying this increase will go ahead on Friday because talks with Beijing are progressing "too slowly".

Trade War Could 'Push the Global Economy into Recession': Bank of America
China had earlier threatened to raise tariffs on $60 billion of United States imports but held off amid a trade war truce. This has led to a total cost to USA consumers of 1.5 billion US dollars a year. "I'm different than a lot of people".

Mike Pompeo puts off Greenland stop because of pressing business on Iran
Pompeo said the West faced the re-emergence of great power competition from China , Russia, and Iran. There will be "consequences" if Iran ceases its commitments on the nuclear deal, he noted.

Los Angeles Lakers, Tyronn Lue reach impasse in negotiations
Los Angeles was reportedly interested in having Jason Kidd on Lue's staff, so perhaps he'll now be looked at as a head coach. Lue himself seemed to be of the mind that a deal with Los Angeles was nothing more than an eventuality over the weekend .

GOPers Fume At Republican Colleagues Over Don Jr Subpoena
They should NOT be taking orders from unhinged resistance Dems. But he refused, agreeing only to respond to written questions. Rand Paul (R-Ky.) wrote on Twitter .

Other news