Connect with us

Latest

News

America

China approves retaliatory tariffs worth $50 billion on US imported goods

Economic security, worldwide, is therefore much less certain as Trump pursues this path

Published

on

924 Views

Earlier this year, Trump announced tariffs against Chinese goods, which prompted retaliatory tariffs from Beijing.

Trump followed up China’s retaliation with even further punitive measures, which China then responded to before negotiations in Washington managed to cool the tensions down somewhat.

However, within a very brief time, Washington came back out with its tariffs against China, particularly relative to Chinese metals, in a similar fashion as was also being applied to other US trade partners with the pretext of reducing trade deficits which were perceived by the Trump administration as a threat to American national security, sparking outrage from US European, Canadian, Japanese, Korean, and Mexican trade partners, among others.

With the Trump administration’s renege on the trade wars truce which had just been hashed out, China is now responding with tariffs of its own worth $50 billion.

The South China Morning Post reports:

China’s Finance Ministry has imposed an additional 25 per cent tariff on some US$50 billion of US imports and said the US has invalidated recent high-level talks aimed at averting a trade war

China has hit back at US President Donald Trump after he slapped punitive tariffs on Chinese goods on Friday, announcing that it would place its own additional 25 per cent tariffs on 659 US imports worth a total of US$50 billion.

Tariffs on about US$34 billion of those products will start on July 6, and be applied to soybeans, corn, wheat, rice, sorghum, beef, pork, poultry, fish, dairy products, nuts and vegetables, autos and aquatic products, China’s finance and commerce ministries said.

In addition, China said Trump’s move invalidated recent high-level negotiations aimed at averting a trade war.

“All the previous agreements reached through talks will become invalid,” the Ministry of Commerce said in the statement. “China doesn’t want to engage in a trade war, but in face of the shortsighted acts from the US side … China is forced to take strong and forceful measures to hit back,” it said.

The effective date of the tariffs on the remaining US$16 billion of American goods will be announced later, the commerce ministry said. Among those items are crude oil, natural gas, coal and some refined oil products.

The list of 659 US goods was longer than a preliminary list of 106 products published by the Chinese commerce ministry in April, although their remained unchanged at US$50 billion. Aircraft, which were previously included, were not on the revised list.

China’s response came on Friday afternoon, hours after Trump confirmed his plan to slap punitive tariffs on Chinese products that “contain industrially significant technologies”. The move is part of his effort to close a bilateral trade gap and force Beijing to change the way it acquires US technology.

The US will put a 25 per cent tariff on US$50 billion worth of annual imports from China, including “goods related to China’s Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries”, Trump said in an official White House statement.

Made in China 2025 refers to Beijing’s industrial policy of subsidising domestic companies developing strategic advanced technologies, including robotics and artificial intelligence.

China has “long been engaging in several unfair practices related to the acquisition of American intellectual property and technology. These practices … harm our economic and national security and deepen our already massive trade imbalance with China,” Trump said.

US stocks retreated on Friday amid the countries’ competing announcements, with major indices in the red the entire session, although they closed above their session lows.

The Dow Jones Industrial Average dropped 0.3 per cent to end the week at 25,090.48. The broad-based S&P 500 slipped 0.1 per cent to close at 2,779.42, and the tech-rich Nasdaq Composite index lost 0.2 per cent to 7,746.38, retreating from Thursday’s record.

Large multinationals active in China were among the worst performers in the Dow, with Caterpillar losing 2 per cent and Boeing and General Electric both falling more than 1 per cent.

Petroleum-linked shares also tumbled on a pullback in oil prices due in part to the trade discord. Chevron fell 2 per cent, Halliburton 2.4 per cent and ConocoPhillips 4.1 per cent.

Trump’s announcement on Friday follows up on pledges he has made since he campaigned in 2016 to address the long-running US trade deficit with China.

That gap rose to a record US$375 billion last year and amounted to US$119 billion in the first four months of 2018, according to US government data.

Trump vowed to fight any retaliation by China – be it tariffs, non-tariff barriers or “punitive actions against American exporters or American companies operating in China” – with additional tariffs, raising the possibility of an all-out trade war.

“The Trump administration is now committed to tariffs on US$50 billion of imports from China, and China has signalled that it will retaliate on US$50 billion of US exports,” David Dollar, a China expert at the Brookings Institution, a Washington-based think tank, told the South China Morning Post.

“The question that no one can answer right now is whether Trump will then escalate into a full-blown trade war. It is hard to see either side backing down in the near future.”

Trump has bipartisan support among lawmakers to take measures to curtail acquisition of US technology by Chinese interests, as many of them see such transfers as strengthening China’s military capabilities.

Some technology sought by Chinese investors has military applications, the US Defence Department warned in a report published last year.

The Trump administration’s tactics are bumping up against Beijing’s overarching economic ambitions.

“One of the things that [Chinese President] Xi Jinping is focused on is the transformation [of his country] from the manufacturing centre of the world to the innovation centre of the world,” Elizabeth Economy, director for Asia Studies at the Council on Foreign Relations, said in a discussion at the Wharton Global Forum on Thursday.

“They’re using subsidies to encourage Chinese firms and give them an advantage,” she said. Moreover, “a number of restrictions or regulations … make it difficult for foreign companies to compete” in China, Economy said.

US Trade Representative Robert Lighthizer has led investigations into the trade and investment practices Trump has targeted.

A nearly 200-page report from the trade representative’s office published in March alleges, among other things, that these policies “deprive US companies of the ability to set market-based terms in licensing and other technology-related negotiations with Chinese companies and undermine US companies’ control over their technology in China”.

Still, some in the US corporate sector are condemning Trump’s decision to address trade imbalances and investment restrictions through unilateral tariff measures.

“We urge both governments to sit down and negotiate a solution to these important issues. American companies want solutions, not sanctions,” US-China Business Council (USCBC) President John Frisbie said in a statement.

“Tariffs will not solve these problems, but will harm American economic interests and jobs. Rather than inflicting damage on ourselves, we should be seeking ways to address the problems with China,” he said.

“Pursuing pragmatic outcomes in coordination with other like-minded trading partners is a better approach than going it alone and exposing American workers, farmers and companies to retaliation.”

Some analysts played down the urgency of the latest phase in US-China trade tensions, pointing out that both sides have returned to dialogue despite regular rhetorical flare-ups.

“Clearly there’s a lot of ups and downs, and both sides seem to be OK with that,” Bart Oosterveld, director of the Washington-based Atlantic Council’s Global Business and Economics Programme, told the Post.

“They do seem to get past pretty rough statements made against each other and then get back to the table again.”

Oosterveld said he expected the parties would strike an agreement that could halt the confrontation “probably at some point this year”.

Allowing the trade battle to continue would be “very costly” over time for “both economies and for consumers in both economies”, the director said. “In the meantime, we may see some further escalations.”

Derek Scissors, a China expert at the American Enterprise Institute, another Washington-based think tank, agreed.

“This is far too small a step to lead to a serious trade conflict,” Scissors told the Post.

“I believe the initial tariffs will go into effect July 6. However, the second set of tariffs allows time for negotiations, which could lead to the initial tariffs being lifted after only a few months.”

The White House announcement on Friday did not say when the US tariffs would take effect.

Trump is pushing forward on his agenda to even things out with America’s trade partners, regardless of the consequences, under the assumption that he can just throw America’s economic weight around in an aggressive manner while expecting that respect for America alone will serve as enough of a deterrent against meaningful consequences adversely impacting America’s political and economic hegemony, as well as its own domestic well being.

Not only is China broadening its trade horizons with an ever growing list of markets, but so too is Europe.

Mexico, too, is looking for other suppliers from which to purchase certain agricultural goods in a bid to decrease the detrimental effect of an escalating trade conflict with America.

Economic security, worldwide, is therefore much less certain as Trump pursues this path, and the trade arrangements that have brought America, China, Europe, and North America to their respective places in the global economy are changing in very radical ways, often in ways that don’t respect America’s position. Meaning, therefore, that Trump’s policies, rather than putting America first, are, in effect, putting America last.

Liked it? Take a second to support The Duran on Patreon!
Advertisement
4 Comments

4
Leave a Reply

avatar
4 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
4 Comment authors
Rastislav Veľká MoravaJNDillardghartwellDaisy Adler Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Rastislav Veľká Morava
Guest
Rastislav Veľká Morava

It is time to END Globalism, US Led, China Led, EU Led, or any other.

JNDillard
Guest
JNDillard

What is to keep China from simply shifting its trade to other, non US markets, as Russia has done and Iran is doing with the US and EU?

ghartwell
Guest

Sounds like a set up to increase cooperation, trade and development in other than American countries to their benefit like sanctions benefited the Russian economy. Punish other and punish yourself. Break cooperation with the world and the world leaves you behind.

Daisy Adler
Guest
Daisy Adler

Latest News:
China “threatened to impose tariffs on US energy products in response to $50 billion in tariffs imposed by US President Donald Trump. Such tariffs would inhibit Chinese refiners from buying US crude imports, potentially crashing US energy markets and hitting the fossil fuel industry where it hurts the most…
China imports approximately 363,000 barrels of US crude oil daily. The country also imports about 200,000 barrels a day of other petroleum products” https://sputniknews.com/world/201806171065497038-china-crude-oil-tariff-US-suprise/

Latest

Trump Weighs In On The Single Worst Mistake In American History

Trump hits Bush: Invading Iraq ‘the single worst decision ever made’.

Published

on

Via Zerohedge


In a wide ranging interview with The Hill on Tuesday conducted in the Oval Office, President Trump was asked to give his take on the biggest mistake in American history.

Considering just how open-ended a question that is, it’s perhaps surprising that he merely went back less than a couple decades into the Bush presidency, though Trump’s base will certainly welcome it as it hearkens back to his “America First” foreign policy vision of the campaign trail.

“The worst single mistake ever made in the history of our country: going into the Middle East, by President Bush,” the president during his interview with Hill.TV.

“Obama may have gotten them (U.S. soldiers) out wrong, but going in is to me the biggest single mistake made in the history of our country,” he said.

Trump explained the reasoning behind this choice, and why it wasn’t something like the civil war or another defining and devastating event reaching far into American History.

“Because we spent $7 trillion in the Middle East. Now if you wanna fix a window some place they say, ‘oh gee, let’s not do it. Seven trillion, and millions of lives — you know, ‘cause I like to count both sides. Millions of lives,” the president explained.

Some scholars and humanitarian groups estimate that over one million Iraqis were killed in the US invasion and occupation of Iraq starting in 2003. A 2008 Opinion Research Business (ORB) poll, for example, found that approximately 1.03 million people had died as a result of the war.

“To me it’s the worst single mistake made in the history of our country. Civil war you can understand. Civil war, civil war. That’s different. For us to have gone into the Middle East, and that was just, that was a bad day for this country, I will tell you.”

Various estimates on the Iraq war’s cost have put the total taxpayer bill as low as near $2 trillion, but none dispute that it is in the multiple trillions, and estimates will vary widely depending on if veteran care is factored into it.

The comments echo things Trump said on the campaign trail in 2016. For example during one of his first major foreign policy speeches then candidate Trump said, “I will never send our finest into battle unless necessary, and I mean absolutely necessary, and will only do so if we have a plan for victory with a capital V.” And referencing the famous quote of John Quincy Adams, he said during the same speech, “The world must know that we do not go abroad in search of enemies.”

He had previously shocked pundits for being the first Republican nominee for president to trash George W. Bush’s decision to go to war in Iraq, and has more recently likened it to “throwing a big fat brick into a hornet’s nest”.

All of this is a hopeful sign considering the extremely heightened and dangerous tensions over Syria this week, and given Trump seems to have vacillated between “bringing the troops home” and getting more involved. On Monday Trump hinted that a decision on the U.S. role in Syria is coming soon.

Commenting on the over 2,000 troops now in Syria ostensibly as part of the “anti-ISIL” coalition campaign, Trump indicated this mission could end soon: “We’re very close to being finished with that job,” he said. He followed with: “And then we’re going to make a determination as to what we’re going to do.”

We consider it a hopeful and a good sign that Trump is possibly revisiting his “America First” foreign policy pledges by identifying the Iraq War as the worst mistake in US history.

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

Latest

Brett Kavanaugh eleventh hour smear begins to fall apart (Video)

The Duran – News in Review – Episode 112.

Alex Christoforou

Published

on

US President Trump is urging the woman accusing Brett Kavanaugh to testify and be heard.

Trump said he wants to hear from Christine Blasey Ford, noting that it would be “unfortunate” if she does not testify before a Senate committee. Trump told reporters Wednesday as he left the White House to view hurricane damage in North Carolina…

“If she doesn’t show up, that would be unfortunate.”

“If she shows up and makes a credible showing, that would be very interesting.”

From Trump’s lips to God’s ear…Blasey Ford came out to issue a statement essentially saying that she will not testify to Congress, either in an open or closed door session.

Furthermore it appears that Ford will not even allow Senate investigators to fly to California and obtain her statement from the comfort of her own home (as Senator Grassley has offered to do).

Ford is demanding an FBI investigation into an allegation with no date, time or place attached to it. 

RT CrossTalk host Peter Lavelle and The Duran’s Alex Christoforou discuss the dangerous game of identity politics being played by the establishment, Democrat left, and their mainstream media minions.

The premise that a four decades old accusation is all that is needed to destroy a person’s entire life, threatens to tear down the most basic foundational values adhered to from within the US Constitution, and propel the United States of America towards a fascist state where censorship, citizen surveillance, and evidence free accusations are used to keep the establishment left in power and the American population cowered in fear.

Remember to Please Subscribe to The Duran’s YouTube Channel.

According to Zerohedge, Democrats’ Hail Mary play to stymie the confirmation of Trump SCOTUS pick Brett Kavanaugh is beginning to fizzle out. As angry Dems demanded that a Monday hearing on the allegations against Kavanaugh be delayed until the FBI has a chance to investigate, turncoat Republicans (on whom the Dems had been depending for votes) instead withdrew their support and fell in line after Senate Judiciary Chairman Chuck Grassley declared that he would not honor Democrats’ request. Grassley revealed his intention to stand firm late Tuesday after lawyers for Palo Alto University professor Christine Blasey, who is claiming that Kavanaugh attempted to sexually assault her 35 years ago when the two were 17-year-old high school students, said their client wouldn’t be wiling to appear at Monday’s hearing.

According to the HillGrassley said Tuesday that there was “no reason” to delay the hearing now that Republicans have invited both Kavanaugh and Christine Blasey Ford, his accuser, to testify publicly. However, while Ford’s attorneys have insisted that their client has taken a polygraph test and “deserves to be heard”, Ford has bizarrely insisted that the FBI should have an opportunity to investigate her claims before she appears before the committee in order to spare her the “trauma” of confronting her alleged assailant.

Ford’s lawyers conveyed her request in the form of a letter sent to the committee, a copy of which was obtained by CNN.

Senator Grassley said he would refuse this request as several Republicans who had appeared to be on the cusp of defecting said they wouldn’t support further delays should Ford prove unwilling to testify.

Via the Hill…

“Republicans extended a hand in good faith. If we don’t hear from both sides on Monday, let’s vote,” said GOP Sen. Bob Corker (Tenn.), who was one of the first Republicans to call for the Judiciary Committee to hit pause on Kavanaugh’s nomination on Sunday.

GOP Sen. Susan Collins (Maine) told reporters earlier Tuesday that Ford’s lack of response to the committee about testifying was “puzzling.”

And GOP Sen. Jeff Flake, who had threatened to vote against Kavanaugh if Ford wasn’t given the chance to be heard, told CNN that he expected the committee to move on if she doesn’t appear.

“I think we’ll have to move to the markup,” he told CNN. “I hope she does (appear). I think she needs to be heard.”

Via Zerohedge…

Kavanaugh has denied Ford’s allegations and insisted he didn’t attend the party where the physical assault allegedly took place. Patrick Smyth, a fellow former Georgetown Prep student whom Ford alleges was also in attendance during the party issued a statement via his lawyer standing up for Kavanaugh. And in a separate letter to Grassley and Democratic Sen. Dianne Feinstein, not only does Smyth repudiate Ford’s allegations, but he adds that he doesn’t remember this party even taking place.

Of course, Feinstein – who admitted last night that she couldn’t say for certain that Ford’s story is entirely truthful – sat on Ford’s allegations for three months before referring them to the FBI and sharing them with other lawmakers (who purportedly “leaked” it to the press). President Trump on Tuesday said that he “feels sorry” for Kavanaugh, adding that he doesn’t want to “play into [Democrats] hands”, presumably by giving them more time to drag out the confirmation process.

“They should have done this a long time ago, three months ago, not now. But they did it now. So I don’t want to play into their hands,” Trump said.

Without the support of their Republican allies, Democrats will lack the votes on the committee to hold up the nomination past Monday. Though bizarrely, Kavanaugh himself hasn’t said yet whether he would or wouldn’t testify, which begs the question: If neither Kavanaugh nor Ford appear at the hearing, what exactly will lawmakers discuss?

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

Latest

‘Hell on Earth’: MSF doctor tells RT of rape, violence, inhumane conditions in Lesbos refugee camp

One toilet for over 70 people, rape, and mental health issues – a doctor from Doctors Without Borders (MSF) and an aid worker told RT about the dire conditions in the overcrowded Moria refugee camp in Greece.

Alex Christoforou

Published

on

Via RT


One toilet for over 70 people, rape, and mental health issues – a doctor from Doctors Without Borders (MSF) and an aid worker told RT about the dire conditions in the overcrowded Moria refugee camp in Greece.

The overcrowded camp on the island of Lesbos, built to accommodate 3,100, houses around 9,000 people. “It’s a kind of hell on Earth in Europe,” Dr. Alessandro Barberio, an MSF clinical psychiatrist, said, adding that people in the camp suffer from lack of water and medical care. “It is impossible to stay there,” he said.

According to Barberio, asylum seekers are subjected to violence “during night and day.””There is also sexual violence”which leads to “mental health issues,” he said, adding that all categories of people at the camp may be subjected to it. “There is rape against men, women and children,” and the victims of sexual violence in the camp often have nightmares and hallucinations, Barberio told RT.

Asylum seekers in Moria “are in constant fear of violence,” and these fears are not groundless, the psychiatrist said. “Such cases [of violence] take place every week.”

There is “one toilet for 72 people, one shower for 84 people. The sanitation is bad. People are suffering from bad conditions,” Michael Raeber, an aid worker at the camp, told RT. They suffer from mental health problems because they are kept for a long time in the camp, according to Raeber.

“There is no perspective, they don’t know how their case will go on, when they will ever be able to leave the island.” The camp is a “place where there is no rule of law,” with rampant violence and drug addiction among the inhabitants, Raeber said.

In its latest report, MSF, which has been working near Moria since late 2017, criticized the unprecedented health crisis in the camp – one of the biggest in Greece. About a third of the camp population consists of children, and many of them have harmed themselves, and have thought about or attempted suicide, according to the group.

Barberio was behind an MSF open letter on the state of emergency in Moria, released on Monday, in which he writes that he has never “witnessed such overwhelming numbers of people suffering from serious mental health conditions.”

Calling the camp an “island prison,” he insisted that many of his patients in the camp are unable to perform basic everyday functions, “such as sleeping, eating well, maintaining personal hygiene, and communicating.”

A number of human rights groups have strongly criticized the conditions at the camp and Greece’s “containment policy”regarding asylum seekers.

Christina Kalogirou, the regional governor of the North Aegean, which includes Lesbos, has repeatedly threatened to shut down the facility unless the government improves the conditions. On Tuesday, government spokesman Dimitris Tzanakopoulos said that Greece will move 2,000 asylum seekers out of the severely overcrowded camp and send them to the mainland by the end of September.

Greece, like other EU states, is experiencing the worst refugee crisis since WWII. According to International Organization for Migration estimates, 22,000 asylum seekers have arrived in Greece since the start of this year alone.

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

JOIN OUR YOUTUBE CHANNEL

Your donations make all the difference. Together we can expose fake news lies and deliver truth.

Amount to donate in USD$:

5 100

Validating payment information...
Waiting for PayPal...
Validating payment information...
Waiting for PayPal...
Advertisement

Advertisement

Quick Donate

The Duran
EURO
DONATE
Donate a quick 10 spot!
Advertisement
Advertisement

Advertisement

The Duran Newsletter

Trending