China threatens new tariffs on $60 billion of USA goods

Here's Why Trump Is Hiking Chinese Tariffs To 25%

Many farmers are unsure who will buy their crops this year and next because of the trade war, and some small manufacturing companies have started laying people off.

Late on Friday, China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 per cent to 25 per cent on a total value of goods less than half of that proposed by US President Donald Trump's administration.

President Trump has used tariffs and the threat of new tariffs against countries - particularly China - as part of his economic policy, in an attempt to renegotiate trade deals.

Xu Hongcai, an economist with the China Center for International Economic Exchanges, said: "Even though the U.S. industrial system is large and comprehensive in general, its manufacturing and consumer sectors have had much reliance on imports for many years". The Chinese equity market this week slumped 5.9 per cent, the steepest drop since February. They have to look past the fact that the Trump administration's only completed agreement on trade, the one it made with South Korea, involved getting that country to accept quotas on how much steel it can sell to Americans.

Thus Marc Thiessen writes in The Washington Post that "contrary to what his critics allege, Trump is not a protectionist; rather, he is using tariffs as a tool to advance a radical free-trade agenda". There's recently been some communication at the highest levels, he told reporters outside the White House.

The Republican president has been keen to show he is tough on trade ahead of tricky congressional elections in November - but there are growing signs of concern in the White House that the dispute could affect Trump's political base.

Separate releases recently showed growth in China's manufacturing sector slowing in July and one measure of USA consumer sentiment falling due to tariff concerns, according to media reports.

Chandigarh Police asks youngsters to desist from Kiki challenge
It has gone viral online with several people, including celebrities posting their videos while doing the challenge. The Gujarat Police on Tuesday warned taking up the Kiki challenge may land one in a hospital bed or behind bars.

The tensions are also having an impact on trade flows. In negotiations with China, Trump's major request was a massive reduction in the bilateral trade deficit.

China said on Friday that it would respond to threatened tariffs from the United States with countermeasures of its own, and released a list of approximately 5200 U.S. products worth a total of $US60 billion that would be affected by customs duties of between five and 25 per cent.

On the other side, it said, "Chinese policymakers had arrived at the conclusion that..." "No one has a real incentive to blink first". Coca-Cola is raising prices on its drinks because his aluminum tariffs are making its cans more expensive, the company says.

But Chinese analysts are cautious, saying there could be more tit-for-tat trade measures to come before the two sides get back to the negotiating table. The People's Bank of China stepped in to support the yuan on Friday after the currency slid to the lowest in more than year. But even the current scope of tariff implementations do not yet represent a trade war.

In addition to Beijing's top-down control, the recent diversification of China's economy and its exports makes the country better positioned to endure a trade war now than it could have in the past, NPR's Jim Zarroli reports. Spillovers from that upset contributed to a sharp slowdown in USA growth in the second half of the year.

The Trump administration may be overestimating its ability to pressure Beijing into changing its economic behavior, said Stefan Selig, managing partner at BridgePark Advisors LLC and former trade undersecretary at the Commerce Department under Barack Obama.

Related news:

Hot News

isis-killer-beheading-video-story-top Agencies await social services program changes
Aug 06, 2018 - 07:23
Mendowegan said the basic income program allowed her family to see a future where they would no longer need social assistance. Single participants receive up to $16,989 a year while couples receive up to $24,027, less 50% of any earned income.

isis-killer-beheading-video-story-top Demi Lovato Reportedly Agrees to Rebab
Aug 06, 2018 - 06:19
Another source told ET that Lovato was "experiencing nausea and fever" when she was rushed to the hospital last week. A source told ET that the 25-year-old singer is "doing much better" after her reported overdose last Tuesday.

isis-killer-beheading-video-story-top Randy Moss absolutely crushed his Hall of Fame speech
Aug 06, 2018 - 03:58
"It's about the mere fact that the sportswriters aren't aligned with the mission and the core values of the Hall of Fame". Sherman presented Owens with his gold Hall of Fame jacket, brought to town by a friend who traveled in from Canton.

isis-killer-beheading-video-story-top Record Iranian oil imports for India in July
Aug 05, 2018 - 22:16
The US administration has vowed to impose sanctions on any company continuing to buy oil from Iran after the November 4 deadline. Their arrival means Iran Air has received 13 of the 20 it ordered from the French-Italian manufacturer in April 2017.

isis-killer-beheading-video-story-top Alps plane crash: 20 feared dead after sightseeing flight smashes into mountain
Aug 05, 2018 - 20:23
Earlier on Saturday, a small plane carrying two parents and their two children crashed in the nearby canton of Nidwalden. Knecht said authorities would probably need "a few days" to complete recovery work.

isis-killer-beheading-video-story-top Officials in Virginia fear dam will collapse as heavy rain forces evacuations
Aug 04, 2018 - 22:21
The service says a failure of dam could flood parts of Lynchburg with 17 feet (5 metres) of water in just seven minutes. Were authorities previously aware of the danger? The Virginia Department of Transportation built it in 1934.

isis-killer-beheading-video-story-top President Trump claims you need a photo ID to buy groceries
Aug 04, 2018 - 21:32
President Donald Trump on Tuesday appeared not to understand how grocery shopping, or any kind of retail shopping, works . Trump campaigned on a promise of building a wall to deter illegal immigration and to make Mexico pay for it.

isis-killer-beheading-video-story-top Chelsea’s Courtois wants Madrid move for family reasons, says agent
Aug 04, 2018 - 20:32
But Chelsea should understand the feeling of the player to live with his family and respect his request to the move. I don't know the situation at this moment.

isis-killer-beheading-video-story-top Google Planning to Launch a Heavily Censored Search Engine in China
Aug 04, 2018 - 17:48
In essence, it will be blacklisting certain websites and search terms regarding democracy, human rights, religion, and more . In addition, The Information reported that Google is developing a compliant Chinese news aggregation app as well.

isis-killer-beheading-video-story-top Sarri aims for long-term future at Chelsea
Aug 04, 2018 - 14:48
Speaking to the official site , the 21-year-old said: "I would like to thank the fans for the welcome and for how well they have treated me".

isis-killer-beheading-video-story-top Bank of England joins the hawks
Aug 03, 2018 - 17:08
Now, for the first time in nearly a decade, official interest rates are above the level they reached in the crisis. It suggested the United Kingdom would fall into a recession and interest rates and unemployment would soar.

isis-killer-beheading-video-story-top NASA, commercial partners progress to human spaceflight home stretch
Aug 03, 2018 - 16:26
DM-2, Crew Dragon's first manned demonstration flight, is still now scheduled for December 2018, as reported by the Inquisitr . Boeing also connected the upper and lower domes of its Crew Flight Test spacecraft and attached its docking system in June.

isis-killer-beheading-video-story-top White House: Pres. Trump receives new letter from Kim Jong Un
Aug 03, 2018 - 15:41
Last week, US Secretary of State Mike Pompeo told senators that Pyongyang was continuing to produce fuel for nuclear bombs. Add North Korea as an interest to stay up to date on the latest North Korea news, video, and analysis from ABC News.

isis-killer-beheading-video-story-top Ohio State's Urban Meyer Under Investigation — Twitter Reacts
Aug 03, 2018 - 11:32
Smith was sacked July 23 after reports surfaced that his ex-wife filed an order of protection against him. She told the Stadium sports network that her ex-husband had abused her, starting in 2009.

isis-killer-beheading-video-story-top Koch Network Won't Back GOP Challenger to Democratic Senator
Aug 02, 2018 - 17:49
At the centre of the latest flare between the Kochs and Trump is support for Kevin Cramer , a Republican running for the U.S. In response to the president's tweet , network spokesperson James Davis played down the criticism.