Trump signs on tariffs against $50bn of China imports

Jennie Bell

By Andrew MayedaChina's ambassador to the United States wouldn't rule out the possibility of the Asian nation scaling back purchases of Treasuries in response to tariffs imposed by President Donald Trump.

Saying it would be the "first of many" trade actions, Trump signed the order that also could result in restrictions on Chinese investment in the US.

The 25 percent U.S. steel duty may be met with a similar tariff on pork and aluminum scrap, the Commerce Ministry said. A second list of goods, including wine, apples, ethanol and stainless steel pipe, would be charged 15%, mirroring Trump's tariff hike on aluminum. "It would certainly hurt the daily life of American middle-class people, and the American companies, and the financial markets".

China today warned the United States that it was not afraid of a trade war as it threatened tariffs on 3 billion dollars worth of USA goods in retaliation over the U.S. measures. China significantly increased its tariff rates on USA ethanol in January 2017, which caused shipments to collapse. Nor is it a surprise that China would threaten to fight back, with tariffs on such USA products as soybeans. Companies worry the dispute could spiral into tit-for-tat import controls by governments worldwide that could suppress global trade. The threat mirrors the United States duty hike of 15 percent on aluminum.

Trump said he views the Chinese as "a friend", and both sides are in the midst of negotiations. China doesn't want a trade war, it said, "but is absolutely not afraid of a trade war". We've been dealing with it very seriously. "They're not going to be like us".

In fact, the commerce ministry said on its website that the USA move, restricting imports on national security grounds, "has severely undermined the multilateral trade system led by the WTO, disrupted global trade order, and has drawn opposition from other WTO members". It appealed for dialogue "to avoid damage to overall".

Beijing reported a trade surplus of $275.8 billion with the United States past year, or two-thirds of its global total.

Wall Street
Traders on Wall Street CREDIT AP Images

Trump, however, appears intent on fulfilling election campaign promises to reduce the record U.S. trade deficit with China.

US authorities also are investigating whether Beijing improperly compels foreign companies to hand over technology in exchange for market access, which could lead to still more trade penalties.

"He has apparently miscalculated the situation and underestimated China's resolve and capability to defend its own legitimate rights and interests as well as the price the USA has to pay for its recklessness and willfulness", the spokeswoman noted. China considers cooperation as the way to route trade relations with the USA and it does not want a confrontation in that aspect because it will also have negative consequences at global level.

"With the restrained response, China hopes Trump can realise his errors and mend his ways", said Xu Hongcai, deputy chief economist at the China Centre for International Economic Exchanges, a Beijing think tank.

However, a presidential memorandum signed by Mr Trump said there would be a 30-day consultation period, effectively creating room for talks over his claims against China about intellectual property theft and technology transfers.

"We're doing things for this country that should've been done for many, many years", the president said Thursday.

Trump ratings highest in 11 months with 42% approval rate: CNN Poll
While Trump has seen his approval rating climb in recent weeks, he's still relatively unpopular overall. Trump's handling of foreign affairs merits 39% approval, with 53% saying they disapprove.

Related News:

  • 4th substitute allowed in Champions League and Europa League

    4th substitute allowed in Champions League and Europa League

    For the Champions League final, the Europa League final and UEFA Super Cup, teams will be allowed to name a match squad of 23. The changes have also brought alterations to the kick-off times for the group stages and knockout rounds.
    Sea of Thieves update causing Xbox Game Pass not working issues

    Sea of Thieves update causing Xbox Game Pass not working issues

    The rates were supposed to be dependent on the cause of the death, which apparently would have ruined the game for some players . Sea of Thieves' official twitter account acknowledged this issue a few hours ago and stated that the team is working on a fix.
    Brexit big guns try to shoot down claim of illegal campaign spending

    Brexit big guns try to shoot down claim of illegal campaign spending

    It's nearly like I wonder what they're going to do this week. "I firmly deny the allegations in the programme". Vote Leave has strongly denied wrongdoing and said the £625,000 donated to BeLeave was within the rules.
  • Orange County joins DoJ lawsuit against California's 'sanctuary' law

    Orange County joins DoJ lawsuit against California's 'sanctuary' law

    That law, known as SB 54 , limits the cooperation of local law enforcement agencies with federal immigration authorities. Thirty percent of its residents are immigrants, mostly from Latin America and Asia, according to the US Census Bureau.
    Corey Feldman Claims That He Was Stabbed Multiple Times

    Corey Feldman Claims That He Was Stabbed Multiple Times

    He goes on to claim that though there were supposedly three men at the scene of the alleged incident, only one attacked him . Corey Feldman was hospitalized early Wednesday morning after allegedly having survived a stabbing attack by three men.
    Fox moves THE NEW MUTANTS (again!) and X-MEN: DARK PHOENIX

    Fox moves THE NEW MUTANTS (again!) and X-MEN: DARK PHOENIX

    This means Fox's only X-Origin film this year will be Deadpool 2 - starring Ryan Reynolds and Josh Brolin - released May 18. The studio made the announcement late Monday night, as reported by Deadline , along with a few other shuffles.
  • Heavy rain, lightning possible Tuesday night through Wednesday

    Heavy rain, lightning possible Tuesday night through Wednesday

    Rain and thunderstorms will impact the ArkLaTex on and off through Wednesday and for at least the first half of the day Thursday . We'll still hang onto a slight chance for an isolated rain shower and thunderstorm through the afternoon.
    Google acquires GIF keyboard company

    Google acquires GIF keyboard company

    But as the web evolved and mobile devices changed the way people search, the way people use Google Images has changed too. The acquisition is meant to help evolve its Google's search engine and to provide better search results, especially GIFs.

    Horse race bet with William Hill

    How to place a bet To place your wager/bet, all you need is to provide the appropriate information to the ticket writer. Simply you just have to pay £1horse bet and you can easily watch the live horse racing broadcast on your device.
  • New organ called 'interstitium' may explain how cancer spreads, study says

    New organ called 'interstitium' may explain how cancer spreads, study says

    Moments before blood flow to the target tissue was clamped off, patients underwent confocal microscopy for live tissue imaging. The new work is based on the use of a relatively new technology called a "probe-based confocal laser endomicroscopy" or pCLE.
    McConnell announces hemp legislation with Ky. Ag. Commissioner

    McConnell announces hemp legislation with Ky. Ag. Commissioner

    Hemp is the cannabis plant used to extract the non-psychoactive compound CBD that relieves pain and "doesn't get you high". McConnell (R-Kentucky) announced a bill on Monday that would legalize the growing of hemp as an agricultural product.
    Opposition spreading lies, take truth to masses: PM Modi to BJP MPs

    Opposition spreading lies, take truth to masses: PM Modi to BJP MPs

    In the BJP's Parliamentary meeting, the MPs were also told to make sure that they expose to people the lies of the opposition parties.

Most liked

Sony Announces Permanent Price Drop on PlayStation VR
According to Sony, more than 300 PS VR games and experiences have been released for the headset since its launch in October 2016. That being said, the new prices will go into effect a little late in Australia and New Zealand, on 2 April as by Sony's plans.

Chelsea FC star replies to Real Madrid transfer speculation
English Premier League pair Manchester City and Tottenham Hotspur are rumoured to be interested in signing Isco . Isco has scored just five goals in La Liga this season, registering five assists and creating 41 chances.

Tinubu's Absence: Calls for my resignation is history - Oyegun
Buhari said he is having a change of heart because he doesn't want the party's activities to be faulted by any court of law. It is the second meeting the party will be holding in less than a month, following a previous meeting on February 27.

Twitter to ban cryptocurrency ads
Social-media platforms are keeping cryptos away as regulators cast an increasingly wary eye on the sector globally. In a statement, the social networking site said it was committed to ensuring the safety of the community.

Logitech Unveils $49 Crayon and Rugged Case for Apple's New iPad
It will likely be an update of last year's Rugged Case , which was targeted at schools buying the first-generation budget iPad. Speaking of Crayon, it is the first third-party stylus for the iPad that features the same technology as the Apple Pencil.

India eyes more access to China to lower deficit
In October, India and the USA also failed to issue a joint statement under the trade policy forum dialogue owing to unresolved differences.

Not meeting Mamata Banerjee, says NCP Chief Sharad Pawar
The Trinamool Congress (TMC) supremo sought to rally the regional parties against the NDA even as Telangana chief minister K. The TMC chief's meeting list for Wednesday included some rebel BJP leaders and a galaxy of leaders from Opposition parties.

Rams 13/1 to win 2019 Super Bowl After Signing Ndamukong Suh 3/27/18
Decades ago, the Los Angeles Rams' defense was fronted by the Fearsome Foursome. The Rams could not stop other teams from running the ball on them.

Sean Penn Smokes While On Ambien For Bizarre 'Late Show' Interview
Penn lit a second cigarette and Colbert asked him to consider quitting. Penn's response? "This is job security for oncologists". Many responded negatively to Penn's appearance online.

Uber Selling Southeast Asian Business to Regional Rival Grab
The value of the deal, which Grab said was the largest ever acquisition by a Southeast Asian internet company, was not disclosed. Last year, Uber merged in Russian Federation with the taxi-hailing app of internet giant Yandex.

Maryland school shooter died of self-inflicted gunshot to head
One female caller who crouched behind a desk in room with students cowering reported she saw an injured girl in the hall. He shot Jaelynn Willey, 16, in the head - and the bullet also struck a 14-year-old boy in the leg, police said.

Bishop says government 'not considering' World Cup boycott after Russian spy attack
Now under Bert van Marwijk's tenure, the Socceroos are in action on Wednesday morning (AEDT) in a friendly match against Colombia in London.

The 'Roseanne' Revival Addressed Dan Conner's Death In The Best Way
All of the Conner kids are back with the exception of Jerry, the youngest boy, whose absence is explained in the premiere. It was again referenced later in the episode as fiction when Roseanne finds her novel which was never published.

Fortnite's tempting starter pack is now live in the US
The aforementioned Triumph Crate is a new weekly random crate, with a drop rate of 20%. It was about time for PUBG to receive new weapon skins as most of the games do.

Porn star's story of Trump affair refuted
What I'll just say is that he's denied the accusations she made last night and has been consistent in doing so, and she has not". Daniels, 39, said that she was threatened in 2011 over the affair after agreeing to speak to a US celebrity gossip magazine.