China announces new round of retaliatory tariffs on USA goods

President Donald Trump's flip-flop comes after recent market volatility and economic uncertainty and amid a debate about whether the United States is heading for a slowdown that would imperil his reelection chances. — AFP  File

"China's announcement of imposing additional tariffs on $75 billion of US imports signals more trouble for American agriculture".

Trump already imposed steep tariffs on $250 billion in Chinese goods, with a further $300 billion in imports targeted in the coming rounds.

The news from Beijing rekindled concerns about the world's two largest economies and a global growth outlook that's already looking shaky.

The Dow Jones Industrial Average fell 547.71 points, or 2.09%, to 25,704.53, the S&P 500 lost 65.23 points, or 2.23%, to 2,857.72 and the Nasdaq Composite dropped 215.03 points, or 2.69%, to 7,776.36.

China is set to impose a tariff of up to 10% on $75bn of goods imported from the United States in a move that will increase tensions between the two superpowers.

China will also go ahead with previously postponed import duties on US -made autos and auto parts, the Finance Ministry announced.

President Donald Trump and China escalated their 13-month trade war Friday, sending financial markets tumbling and intensifying worries about the health of the global economy.

"China was forced to take countermeasures". "Chinese trade standoff as a major bearish consideration that will likely be requiring additional downward oil demand adjustments as this year proceeds", said Jim Ritterbusch, president of Ritterbusch and Associates. He noted that retailers' presence in China allows them to reach Chinese customers and also develop overseas markets.

White House trade advisor Peter Navarro told Fox Business News that trade negotiations with China would still go on behind closed doors.

Tesla, which is building a plant in China, now gets about 12% of its revenue by exporting about 14,300 electric cars and SUVs from California to China, according to Barclays.

Bollywood's legendary music composer Khayyam dies
Awards, glory came his way once again with the film as Khayyam bagged his second Filmfare trophy for the Best Music Director. He got his first big break in blockbuster " Umrao Jaan " through which he made his permanent place in Bollywood industry.

Mr Trump today said in a series of tweets that he will respond in hours to an announcement Friday (local time) that China was retaliating to U.S. tariffs with a slate of its own protective measures.

In his latest attempt to bring electronics manufacturing back to the US, President Trump is flat out calling on all US companies to stop assembling their products in China.

But he also vowed to "act as appropriate" to sustain the sustain the U.S. economy.

China's Commerce Ministry said on August 5 that Chinese companies stopped buying US farm products in the latest escalation of the trade war between the world's two largest economies.

She also is anxious about the trade war which seems to be affecting a broad swath of American companies.

Myron Brilliant, Executive Vice President and Head of International Affairs, U.S. Chamber of Commerce says that President Trump has the Chamber's support, but a more constructive approach is suggested. Also, I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE all deliveries of Fentanyl from China (or anywhere else!).

China has announced a tariff hike on $75 billion of USA goods in retaliation for tariffs Donald Trump has threatened to levy on China as of next September 1.

Former Gov. Christine Todd Whitman, R-N.J., on President Trump's handling of the trade with China.

The latest salvo was in response to Trump's plans to impose 10 per cent tariffs on a final US$300 billion list of Chinese-made consumer goods on Sept 1 and Dec 15, including cell phones, toys, laptop computers and clothing.

Related News:



Most liked

Ransomware attack hits more than 20 Texas local governments
The county refused to pay the ransom and instead plans to spend at least $253,000 to rebuild databases lost in the attack. But a statement from the department does report that "the majority of these entities were smaller local governments,".

Taylor Swift Fans Found Her Dad's Messy, Right-Winged, Facebook Posts
The reporter asks Swift if she would consider re-recording her songs in order to own the new versions, and she said: "Oh yeah". Unlike the rumours that it was about Joe Alywn, Swift revealed the some was about a relationship between two of her friends.

Barr Appoints New Bureau Of Prisons Leadership As DOJ Probes Epstein's Death
Hurwitz also led the agency when Boston mobster James "Whitey" Bulger was killed in a federal prison in West Virginia in October. Citing " serious irregularities ", Barr quickly reassigned the warden of the NY prison and two guards were placed on leave.

Maybe don’t keep your Apple Card in a leather wallet, Apple warns
The company first announced the Goldman-Sachs backed credit card back in March and is now shipping it out to the masses in the US. Apple has previously been criticised for making products that are aesthetically pleasing but easily damaged in everyday use.

White House Makes Its Move Against Flores Agreement on Migrant Child Detentions
The 1997 agreement, reached during the Clinton administration, previously only applied to unaccompanied minors. One is being used for single adults, and the other two are at capacity.

Jews Love Me Like "King Of Israel", Donald Trump Tweets
Ilhan Omar (D-Minnesota) and Rashida Tlaib (D-Michigan), whom Prime Minister Benjamin Netanyahu barred from entering Israel. It's unusual that a president who has so strongly supported the Jewish state doesn't understand that.

Antonio Brown still not practicing because of helmet issue
Rodgers said he doesn't have a history of back problems but he attributed the varying weather last week which might have caused it to flare up.

France says Kashmir bilateral issue between India and Pakistan
Meanwhile, US President Donald Trump on Monday reiterated that the ongoing tension between India and Pakistan must be reduced. I wouldn't say they get along so great.

USA economy 'very far' from recession: Donald Trump
Bloomberg's Laura Davison reports that those cuts "reduced the tax burden for a median-income family by about $996, according to Politifact".

Indian Spacecraft Launched Last Month Is Now Orbiting Moon
On July 22, the Chandrayaan-2 spacecraft blasted off from the Satish Dhawan Space Center in Sriharikot, India, at 5:13 a.m. India is seeking to grow to be the fourth nation after the United States, Russia, China to land a spacecraft on the Moon .

US military tests ground-based cruise missile
UN Secretary General Antonio Guterres said "an invaluable brake on nuclear war" had been lost. He disputed the notion that abandoning the INF treaty will spark an arms race.

Woods comes up short in Tour Championship bid
Open, The Open, the WGC-HSBC Champions and WGC-Mexico Championship by advancing to the Tour Championship . The final day to earn the eight automatic spots on the Presidents Cup changed nothing for either team.

Losing Steve Smith for third Ashes Test massive blow: Glenn McGrath
Cricket Australia on Tuesday confirmed that he has been ruled out of the Headingley Test, reports ESPNcricinfo. It was the first time a player in global cricket was substituted under the new concussion rules.

New Bond movie gets a title
The Bond 25 title has finally been revealed: Daniel Craig's fifth and potentially final outing as 007 is called No Time to Die . Film producers announced the moniker Tuesday, Aug. 20, for the film that has always been referred to simply as " Bond 25 ".

Inside Harry and Meghan's 'billionaire's playground' holiday villa in Ibiza
Fans of the show applauded the sweet and amusing nod to the Duchess, with one commenting: "Awww, that was really cute". It's just wrong to do this", a different user agreed.