U.S. may slap China with higher tariffs, Beijing vows to retaliate

Robert Lighthizer said Mr Trump directed the increase because China refused to meet United States demands and has imposed retaliatory tariffs on USA goods.

China roared back at the latest US tariff threat Thursday, vowing to retaliate if the USA presses forward with plans to put 25 percent tariffs on additional $200 billion of Chinese imports. This trend should surprise absolutely no one since slapping tariffs on individual countries will only serve to shift the source of America's imports to countries unaffected by tariffs, while the Chinese government has more than enough tools at its disposal to counteract new tariffs with additional subsidies.

The United States has now proposed 25 per cent duties on a $200 billion catalogue of Chinese products, from air conditioning units and antiques to toilet paper and truffles.

The initial set of tariffs and reprisals led to talks between Washington and Beijing, and Trump and his administration touted a deal that they said would lead to hundreds of billions of dollars worth of additional USA exports to China.

In response, the White House has established a comment period on the proposed tariffs, which includes public hearings where businesses can request exemptions. "Regrettably, instead of changing its harmful behavior, China has illegally retaliated against United States workers, farmers, ranchers and businesses", Mr Lighthizer said in a statement. Officials in Beijing have vowed to respond with the same amount of tariffs on USA products.

3D-Printed Guns Are a Great Example of Technophobia in Media, Politics
Trump had tweeted earlier that he was looking into the issue, adding, "Already spoke to NRA, doesn't seem to make much sense! ". Wilson said in an online video that the blueprints were downloaded more than 400,000 times before they were taken down in 2013.

"The yuan depreciation has announced itself again as the go-to spot to expresses trade war bias, with the U.S. dollar against the offshore yuan at new high of 6.87, which is not too surprising given the increased trade tensions", said Stephen Innes, Asia-Pacific's head of trading at foreign currency trading firm Oanda.

In fact, China can keep devaluing the Yuan until its capital controls "firewall" finally cracks: recall that this was the trigger that prompted a global bear market (from which the USA was spared) in 2015/2016 when China lost a total of $1 trillion in reserves to defend its current against an onslaught of capital flight. "I initiated this process on July 10", says Robert Lightizer, US Trade Representative, in a statement.

A second round of tariffs on imports worth $16 billion could take effect this week.

The Chinese have already proposed buying more USA goods in order to settle the dispute, only to have the White House-which wants to win a broader argument about intellectual property and subsidies-reject the proposal. Advisers reportedly told President Trump that China's authorities would be more likely to yield if higher tax rates were imposed.

The plan to more than double the tariff rate was first reported by Bloomberg News.

Related News:



Most liked

Donald Trump Echoes Rudy Giuliani: 'Collusion Is Not A Crime'
You start analyzing the crime - the hacking is the crime. "The president didn't hack". "He didn't pay for the hacking". He said the President doesn't have to support his own tweet's claim because it's Mueller's "conflict", not Trump's.

Canadian province scraps ‘not sustainable’ basic income program pilot
Interim Liberal Leader John Fraser said the Tories had done nothing but tear things down and would continue to do so. Earlier this week, she said it would continue in August, but Thursday said payouts would extend into September.

Urban Meyer on hot seat over handling of assistant abuse claims
When asked about the 2015 allegations at Big Ten Media Days last week, Meyer denied any knowledge of the incidents. Ohio State opens preseason camp Friday without knowing who will lead the team September 1 against Oregon State.

Brad Ziegler, Jake Diekman traded to Arizona Diamondbacks
Diekman, 31, has posted a 3.69 ERA with 48 strikeouts and 23 walks in 39 innings for the Rangers this season. Diekman struck out two while pitching the ninth inning for Texas in its win at Arizona on Monday night.

North Korea Returns Remains of Korean War Dead to US
Each container was covered in an American flag and carried off the aircraft by one Marine, one sailor, one soldier and one airman. State Department has said it is committed to building a peace mechanism in place of the armistice when the North denuclearizes.

Treyarch Releases First Footage of Call of Duty Blackout Battle Royale
If you ordered at a retailer then you'll have to use a code on the official website to redeem the Private MP beta. The newly released trailer also gives players their first look at Blackout gameplay, albeit, only very quickly.

Iran’s Bitcoin Volume Spikes as US-Sanction Dates Nears
White House National Security Adviser John Bolton linked the U.S military presence in Syria to the "Iranian menace". More and more Iranians have started out on purchasing Bitcoin as a protective measure against the sanctions.

McEvoy wins in Hamburg for 1st European Tour title at age 39
Not that I haven't been but I just needed to that little bit more and it's just come up proper trumps. Right behind them were Masters champion Patrick Reed (69), and Austria's Matthias Schwab (70).

Chipotle slumps 9 percent after Ohio outlet linked to food poisoning complaints
The burrito chain briefly closed down one of its restaurants in Powell, Ohio Monday after a number of customers became sick. It said it implemented its food-safety-response protocols, which include replacing the food and cleaning the restaurant.

Three teams thwarting Force India sale
Force India owes millions to creditors, including a reported $4 million to Mexican driver Perez . On Wednesday, this week, one of the creditors was in court in London trying to wind up the team.

Boy, 10, named Clark Kent beats Michael Phelps' swimming record
USA's Michael Phelps competes in the Men's swimming 4 x 100m Medley Relay Final at the Rio 2016 Olympic Games. The elementary school student, who has only been swimming competitively for four years, also won every event.

Aurora police fatally shoot armed resident who killed intruder during home invasion
A child was taken to a hospital with serious injuries caused by the intruder, according to a police press release . One neighbor, Brad Maestas, described him as a "family man" and a "grandpa that was protecting his family".

Horner blasts Renault after Verstappen retirement
I don't care if this fucking engine blows up... "Sometimes words betray you", the Briton told Sky Sports F1 television. The normal strategy would have been to change everything.

Trump to NKorea's Kim: Thanks 'for Keeping Your Word' on War Remains
Experts say that the painstaking identification process could take anywhere between days to decades to complete. Last month, North Korean state media reported that Mr Kim had accepted Mr Trump's invitation to visit the US.

Apple Becomes The First Publicly-Listed Company Worth $1 Trillion
Still, the iPhone maker's stock is still up 2.3% on Thursday, and up 31% over the past year. The world's most valuable company has also goosed its stock price through buybacks.