China economic growth slows to 6.7 pc in second quarter

China economic growth slows to 6.7 pc in second quarter

The administration of U.S. President Donald Trump has raised the stakes in its trade row with China, saying it would slap 10 per cent tariffs on an extra $200-billion worth of Chinese imports, including numerous consumer items.

China has threatened to match US tariffs with similar measures, but its American imports amount to about $130 billion, whereas the United States' imports from China exceed $500 billion - making it impossible for China to fully match the USA tariff for tariff.

"However, retaliatory duties on United States exports imposed by China, the EU, Canada, Mexico and Turkey are completely without justification under worldwide rules".

U.S. Trade Rep. Robert Lighthizer says their retaliation violates the rules of the Geneva-based WTO, which mediates trade disputes.

Lighthizer said last month that retaliation had no legal basis because the European Union and other trading partners were making false assertions that the us steel and aluminum tariffs are illegal "safeguard" actions meant to protect USA producers.

Of greater concern than trade is "slowing domestic demand within China's economy", said Tom Rafferty of the Economist Intelligence Unit in a report.

Later, at a business forum, he said, "We need just and fair multilateral rules".

Economists will be closely watching GDP growth in the third and fourth quarters for indications that the tit-for-tat tariffs imposed by the two sides on each other's exports - totaling more than US$50 billion at this point - are indeed harming the economy.

ANZ analysts said in a note Monday that the Fed's report "yielded few surprises", but noted that trade tensions continue to weigh on commodity markets and US consumer confidence.

Most agree Kylie Jenner's wealth isn't "self-made"
Kim is now clapping back by proclaiming not only is Kylie "self-made", but all of the Kardashian-Jenner sisters are "self-made". All together, Jenner's earnings put her fourth in Forbes' annual ranking of America's richest self-made women .

A slowdown in Chinese economic growth weighed on global stock markets Monday as investors kept a close watch on a summit U.S. President Donald Trump with Russian President Vladimir Putin.

China's economic growth slowed in the quarter ending in June, adding to challenges for Beijing as its tariff battle with Washington escalates.

A coils of steel is moved by a crane at the Direct Strip Production Complex at Essar Steel Algoma in Sault Ste.

Tusk urged China, the United States and other countries to avoid trade wars and reform the World Trade Organization, equipping it to combat forced technology transfers and government subsidies, complaints underpinning Trump's tariffs.

Markets looked ahead to Federal Reserve Chairman Jerome Powell's semiannual testimony on the U.S. economy and monetary policy before the U.S. Senate Banking Committee on Tuesday.

"That's creative but the truth is that Section 232 is not a safeguard and while it may ultimately fall on its face under litigation, the truth is that Canada knows it's not a safeguard because Canada's case challenges Section 232 as such", Busch said.

If the WTO agrees that the retaliatory duties violate its rules, it would assess the damage and calculate the tariffs that the United States would be entitled to impose in response - retaliation for the retaliation.

A Commerce Ministry spokesman said last week Beijing hoped they would lobby Washington to protect their own interests. Many feel that it may already be too late to do anything about this. Beijing retaliated with new tariffs on 128 categories of products including pork, fruit, steel pipes and ethanol. The EU and Canada in particular note that they are longtime allies and that their exports to the USA can not be considered a national security threat.

Trump's steel and aluminum tariffs broke that taboo.

Related News:

  • USA indicts Russian intel officers ahead of Trump-Putin meet

    Instead it focused on the fact that no Trump campaign officials or Americans were implicated in the new indictment. She also noted there was no allegation the alleged Russian hacking impacted the outcome of the election.
    Trump's claims that he predicted Brexit revealed as 'fake news'

    Trump's claims that he predicted Brexit revealed as 'fake news'

    He also took aim again at Khan, saying: "I think allowing millions and millions of people to come into Europe is very, very sad". Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.
    Apple’s New MacBook Pro Line Is Faster, More Powerful Than Ever

    Apple’s New MacBook Pro Line Is Faster, More Powerful Than Ever

    You can read the full list of features and changes specs from here. 21TB = 1 trillion bytes; actual formatted capacity less. The 2018 edition of 13-inch MacBook Pro runs on a quad-core 8th-generation Intel Core processor.
  • No dossier on Trump, says Putin

    No dossier on Trump, says Putin

    Graham's press office shopped the statement to reporters under the subject heading, "Trump won't repeat Obama's mistakes". Putin on Monday, alongside Trump at the news conference , invited Mueller's investigators to visit Russian Federation .
    Unai Emery Not Giving Arsenal Players Any Resting Time

    Unai Emery Not Giving Arsenal Players Any Resting Time

    It's a position I feel like I can grow to enjoy and out there today I felt good, I just need to train and practice in games in that position to get comfortable.
    Croatia reliving the thrill of 1998 World Cup run

    Croatia reliving the thrill of 1998 World Cup run

    I think knockout football is about fine margins and when you have good spells against fine sides you need to take your chances. Starting off strong, England had an early goal five minutes in and the atmosphere was electric.
  • Trump late for meeting with Queen Elizabeth II

    Trump late for meeting with Queen Elizabeth II

    A Royal faux pas and a lack of geography knowledge sum up President Trump's visit to the United Kingdom. He told Morgan he mentioned his mother to the queen, saying: "You know, my mother was your big fan".
    Amazon Prime Day: What you need to know before you shop

    Amazon Prime Day: What you need to know before you shop

    During this sale, the Amazon Echo Dot will receive a 45 per cent discount, and will be available for flash sale from 3 pm today. If you have a higher end product that you have been coveting, it's definitely worthwhile to check its price on Prime Day.
    Mueller probe indicts 12 Russians for hacking Democrats in 2016

    Mueller probe indicts 12 Russians for hacking Democrats in 2016

    Deputy White House press secretary Lindsay Walters said there is no evidence tying the Trump campaign to hacking attempts.
  • Angelique Kerber storms into second Wimbledon final, set to face Serena Williams

    Angelique Kerber storms into second Wimbledon final, set to face Serena Williams

    Serena Williams serves against Julia Goerges during their women’s singles semifinal match at Wimbledon 2018 on July 12, 2018 . Having begun 2017 as world number one she managed to reach only one Tour final a year ago and ended it ranked 21st.
    What the latest Russia probe indictments show for the first time

    What the latest Russia probe indictments show for the first time

    But, we know that the person in charge of protecting us from Russian influence, President Donald Trump , does not care about that. Eleven of the 12 Russians are charged with money laundering, aggravated identity theft, and conspiracy to commit computer crimes.
    A Look at How France Clinched Its Third World Cup Final Appearance

    A Look at How France Clinched Its Third World Cup Final Appearance

    As France look to make amends for losing to Portugal on home soil two years ago, the presence of Varane could make the difference. They possess the deadly strike force of Olivier Giroud, Kylian Mbappe and Antoine Griezmann .

Most liked

Thailand cave rescuer may sue Elon Musk for calling him a pedophile
His statements come at a good time as his recent comments may have led to financial repercussions Musk simply can not afford. Hours later, a dive team sans submarine began extracting the children - ultimately successfully.

Meeting With Putin "Even Better" Than With NATO, Says Trump
Responding to reporters questions on the Russian Federation investigation, President Donald Trump said there was "no collusion". Browder was a driving force behind a USA law targeting Russian officials over human rights abuses.

Final Four: Which two will reach the Wimbledon title match?
Anderson saved three break points in the third game of the first set before Isner had to save a set point in the 10th. The Centre Court roof was closed so that the players could continue to play under the lights.

Chicago clashes after United States police kill black man
A third officer was shot while searching for the suspect, who barricaded himself inside a home less than a mile from the motel. About 50 protesters on Sunday night marched from the spot where the shooting occurred on the South Side of Chicago .

Russian Federation hands over World Cup hosting duties to Qatar
The FIFA President said 2022 edition of the world cup will leave a positive and vital impact as it has in the 2016 edition. The emir says through a translator that the World Cup "will be a huge and great festival for all our country".

Official photos released by Royal Family to mark Prince Louis christening
Also in attendance were both William's father, Charles, the prince of Wales and stepmother Camilla , the duchess of Cornwall. In the most intimate picture, the Duchess of Cambridge poses with Prince Louis in the gardens of Clarence House.

Graham: Trump Must 'Reject' Any Putin Denials of Election Meddling
As a strong proponent of diplomacy, I believe a meeting between President Trump and President Putin could be a productive one. Lavrov also said Russian Federation supports initiatives by the United States and South Korea to engage North Korea.

Chelsea sign Jorginho from Napoli on five-year deal
Pep Guardiola found that out for himself when his Manchester City side faced a Maurizio Sarri led Napoli in the Champions League. A key piece of evidence will be the text message Conte is reported to have sent Diego Costa while he was a Chelsea player.

China's trade surplus with U.S. swells in June
President Donald Trump said the United States was in a nasty trade battle with China, but things would ultimately work out. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 11, 2018.

Prince Harry treats Prince Louis to £8,000 christening present
Guests were enjoyed slices of fruit cake from a tier of William and Kate's eight-tier wedding cake at the swanky do. Prince Louis wore the replica christening gown that all royal babies since James, Viscount Severn, have worn.

Williams and Kerber respond to claims of sexism over Wimbledon scheduling issues
Williams responded, "Well, she's an incredible person, Angelique is, and she's a really good friend, so I'm really happy for it". And, ultimately, she collapsed on the grass court in jubilation after converting match point, caking dirt on her white dress.

With The Latest Trump Tariffs, Consumers Are No Longer Sheltered
But China only bought about $135 billion in USA goods previous year , meaning it will run out of American products to tax before it matches Trump's latest move.

Liverpool star Lovren lays the ghosts of Tottenham horror show to rest
Following Croatia's extra-time victory against England , Dejan Lovren has placed himself among the top defenders in the world. Croatia progressing to the World Cup final betters their best ever performance at the tournament by one step.

Ex-girlfriend Selena Gomez shares feelings about Justin Bieber-Hailey Baldwin engagement
They are "discussing having a very small wedding", a source - apparently a friend - told the magazine. On Monday, Justin confirmed the news in a loving tribute to his new fiancée on Instagram .

Record Audiences Get Set to Make the 2017 Grand National the Biggest To Date
For some , it will be a case of asking which horses have been at their most impressive this season that will give them the clues as to which Grand National horses to bet on .