Adidas, PUMA say new tariffs would be 'catastrophic'

US President Donald Trump. File

China imposed a retaliatory tariff increase and the Trump administration followed up last week by adding telecom equipment giant Huawei to a trade blacklist that restricts its ability to purchase USA components and software and do business with other U.S. companies. Under TPP, shifting supply chains outside of China would have given companies preferential access to the United States market.

Fewer than six percent said they have moved or are considering moving their factories to the United States, undercutting President Donald Trump's hopes of seeing American companies move production back home. China has retaliated to USA aggression by raising duties on a revised list of $60 billion worth of U.S. products to as high as 25 percent.

Since first implementing tariffs more than a year ago, President Trump has repeatedly claimed that it's China that's bearing the brunt of the import tax.

Retaliation While China has not said whether or how it may retaliate to the measures against Huawei, state media have taken an increasingly strident and nationalistic tone. -China tariff battle may raise the price of running shoes.

Additionally, the Trump administration has started a formal process to slap 25% tariffs on the remaining $325 billion in goods coming from China that aren't already taxed.

The U.S. Trade Representative's office has published a list of products that would be covered by the expanded tariffs and set a hearing for June 17.

Footwear manufacturers and retailers on Monday stepped into the trade war between the USA and China, telling President Trump that a sneaker tax would be catastrophic and calling on him to halt the trade war that has been under way since previous year.

USA billionaire Robert Smith pledges to pay off Morehouse College students' debts
Epps said he has about $35,000 in student loan debt that his parents in Pleasanton, California, had pledged to help him pay off. Smith pledged Sunday to eliminate the student debt for the entire graduating 2019 class at Morehouse College .

The two sides have so far exchanged tariffs on more than $360 billion in two-way trade. Some Birtish and American comopanies, including Microsoft, follwoed suit, also citing the US' executive order as the reason for the moves.

Companies in MI have complained the year-long trade dispute between the US and Canada, in particular, has cost them billions of dollars and put existing jobs at risk.

Trump has been engaged in a string of reciprocal tariff increases with China on imported goods arriving in each other's ports as the world's two biggest economies have tried for months - unsuccessfully so far - to negotiate a new trade pact.

In the meantime, however, the United States has increased pressure on China by declaring a national emergency to protect U.S. computer networks from "foreign adversaries", affecting Huawei, the Chinese telecoms giant.

But speaking to Fox News Channel, Chinese Ambassador to Washington Cui Tiankai said Beijing was still open for talks.

Xi did not draw a direct connection to the trade war, but financial market analysts interpreted his remarks as a sign that Beijing was girding for a protracted dispute with Washington.

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