White House tells China to fix trade practices

06 August, 2018, 06:29 | Author: Shannon Aguilar
  • President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China

President Donald Trump will keep pressing China for trade concessions, a top White House economic adviser said Friday, as the Asian nation continued the tariff escalation by announcing further retaliatory actions against US goods. The White House initially announced tariffs - 25 percent on steel and 10 percent on aluminum - arguing they would protect USA companies and allow for the creation of new manufacturing plants - key Trump promises in the 2016 presidential campaign.

"We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of usa consumers...and hear the collective call of the global community", Wang, a member of the country's state council, or cabinet, said in Singapore.

China has already retaliated against some of these measures.

Beijing said the timing of the new tariffs would depend on whether the USA follows through on its threat.

The action could threaten the health of the US economy, including the machinery and farming sectors of the Mahoning Valley economy, officials say. According to Reuters, the Chinese commerce minister said in a statement after the latest round of tariff threats that the U.S. had "repeatedly escalated the situation against the interests of both enterprises and consumers". From Apple to General Motors, a long list of large USA enterprises have transferred extensive operations to China and could be vulnerable to any response from Beijing.

China is proposing a 25 percent tariff on imports of USA liquefied natural gas, a major blow to an emerging American business. Rather, the US importers bringing the products into the United States pay the tariffs. "China, which is for the first time doing poorly against us, is spending a fortune on ads and PR trying to convince and scare our politicians to fight me on Tariffs - because they are really hurting their economy", he wrote on Twitter.

The statement said the date of implementation of the taxes will depend on the "actions of the US side" and China reserves the right to apply "other countermeasures".

USA jobs growth slows more than expected in July
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc . The unemployment rate remains at a record low as employers fall slightly short of analyst's expectations for July.

Twenty dead as tourist plane crashes into mountainside
The plane that crashed had its last maintenance check in late July, Waldmeier said, at which time no defects had been found. It crashed about 2,540m (8,333 ft) above sea level, on the western side of a 3,000m peak called Piz Segnas.

Pompeo Tells Turkey Time Has Run Out to Resolve Pastor Dispute
Pompeo discussed the detention of American pastor Andrew Brunson , who has been in custody in Turkey since 2016 on terror charges. On Tuesday, a court rejected his appeal to be released altogether during his trial.

The commission stressed that China adopts the tariff measures to defend its lawful rights and interests, and to curb the escalation of trade friction, as well as minimize the impact on domestic production and people's livelihoods. The trade gap narrowed in April and May as farmers front-loaded soybean exports to China before Beijing's retaliatory tariffs came into effect in early July.

The decision was made in response to a USA plan to raise tariffs to be imposed on 200 billion dollars of Chinese goods from 10 percent to 25 percent. The "best news", he said, was that "we are coming together with the European Union to make a deal with them".

But whatever the reason, the longer the trade war continues, the more Trump will find himself in a bind: on one hand he wants lower rates and a weaker dollar, on the other he keeps escalating by enacting ever bigger (and higher) tariffs on China, which are sure to prompt a broad inflationary response in the USA economy as we have already discussed.

Other U.S. goods targeted by China in the latest list include semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, iron ore, steel products, roasted coffee, sugar, foods containing chocolate, candies, and even vehicle windscreens.

Protectionist moves by the United States have drawn a response from other trading major partners.

Officials in Beijing are reported to be unwilling to commit to any further discussions unless the White House can decide on who is the point person in charge. Meanwhile, Beijing's Foreign Minister, Wang Yi, met with his USA counterpart, Mike Pompeo at the ASEAN Foreign Minister's Meeting in Singapore on Friday. "Trump's trade challenge was aimed at thwarting China's technological development".

Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on US companies and consumers.

Recommended:

  • Evacuations in rain-stricken Virginia amid concern dam might collapse

    Evacuations in rain-stricken Virginia amid concern dam might collapse

    A deluge of rain in Virginia has prompted hundreds of people living below an overflowing dam to be evacuated from their homes. The National Weather Service issued a flood warning for Blackwater Creek below the dam until 3.15pm local time (8.15pm BST).
    Sarri aims for long-term future at Chelsea

    Sarri aims for long-term future at Chelsea

    Asked if he expects the 29-year-old to be part of his midfield this season, Sarri said: "Yes I do". I am delighted that players with this style of play will be flawless for English football.

    New EPA fuel economy plan is sure to anger California

    The administration wants to freeze a rule mandating that automakers work to make cars substantially more fuel efficient. The Corporate Average Fuel Economy standards require automakers' cars to average about 50 miles per gallon by 2025.
  • Death Toll Rises After Magnitude 7 Earthquake Strikes Indonesia

    Death Toll Rises After Magnitude 7 Earthquake Strikes Indonesia

    Nugroho said an initial tsunami warning which was later cancelled had sparked terror as residents scrambled to reach safer ground. Prime Minister Malcolm Turnbull said there were no reports at this stage of Australians being injured by the quake.
    Mars closest to Earth at 57m kilometres

    Mars closest to Earth at 57m kilometres

    People who have watched the lunar eclipse on July 27, 2018 might also have noticed Mars in the sky, few degrees below the moon . The red planet will appear at its brightest since 2003, when Mars made its closest approach to Earth in nearly 60,000 years.
    Turkey threatens retaliation against USA  after sanctions

    Turkey threatens retaliation against USA after sanctions

    Washington accused the two ministers of leading government organisations behind "serious human rights abuses". Commission on International Religious Freedom, said in a statement: "The president is not acting alone".
  • Iran Guards says it held Gulf drills as U.S. tensions rise

    Iran Guards says it held Gulf drills as U.S. tensions rise

    US President Donald Trump announced in May Washington's withdrawal from a landmark multinational nuclear deal with Iran. Their arrival means Iran Air has received 13 of the 20 it ordered from the French-Italian manufacturer in April 2017.
    Chelsea v/s Manchester City, Community Shield 2018

    Chelsea v/s Manchester City, Community Shield 2018

    Manchester City set a series of records in staking their claim to be the greatest English top-flight team of all time . Manchester City fans will be hoping for even more goals this afternoon, especially after the signing of Riyad Mahrez.
    Have Iranian forces withdrawn from the Israeli border in Syria?

    Have Iranian forces withdrawn from the Israeli border in Syria?

    Back on May 10, Israel conducted what it called its most intensive airstrikes on Syria in decades. Israeli forces monitored the militants' movements before carrying out the strike, he said.
  • Meghan Markle shares birthday with the Queen Mother

    Meghan Markle shares birthday with the Queen Mother

    Then, when William welcomed his first child, Prince George with wife Kate , they chose to follow suit and use the name Cambridge. Kate has also offered some royal fashion pointers through London-based designers such as Emilia Wickstead.
    Alisson to debut for Liverpool against Napoli

    Alisson to debut for Liverpool against Napoli

    Liverpool FC started their summer spending with the £39m addition of Brazil worldwide Fabinho from Ligue 1 side AS Monaco. Liverpool signed the 25-year-old Brazil global from Roma, smashing the world record for a keeper in a deal worth £68m.
    Man Hit By Car Attempting ‘In My Feelings’ Challenge

    Man Hit By Car Attempting ‘In My Feelings’ Challenge

    In hundreds of such videos that have surfaced on the internet, people are seen crashing into poles and tripping on potholes. A Florida man's attempt at the " In My Feelings " challenge went wrong when he was hit by a vehicle during the stunt.


Popular

Pedro signs one-year contract extension at Chelsea
We have to improve in the other half so the defenders can be less busy'. "And so I hope to see from my team another step". "I am not happy about this situation but before I answer, I would like to speak to him". "I'm so happy he came here".

Twitter can't believe what President Trump has tweeted about LeBron James
LeBron James (@ KingJames ) says Trump's trying to use sport to divide people, but he believes it brings people together. Trump's tweet came after CNN re-aired a wide-ranging interview between James and Lemon that originally aired on Monday.

Trump rallying support for Florida GOP congressman
A few protesters briefly caught the President's attention after the shouted at him but they were immediately whisked away. He also touched on immigration, renewing his vow to "build a wall" along the southern border of the United States.

Chelsea Rocked As Star Player's Agent Demands A Move To Real Madrid
However, the club are yet to sign a replacement for Cristiano Ronaldo and the English transfer window closes in just nine days. But Chelsea should understand the feeling of the player to live with his family and respect his request to the move.

Samsung accidentally leaked the Galaxy Note 9
The bottom edge of the Galaxy Note 9 features a compartment for S Pen, an external speaker, USB-C port and a 3.5mm audio jack. SamMobile spotted the video, which has now been pulled down from YouTube , but is doing the rounds everywhere else.

Nevada County Strike Team now on the Mendocino Complex
Bulldozer operators and their machines build containment lines while battling the River fire in Lakeport, California on July 31. Firefighters found the unlikely pair last week in the doorway of a home seeking shelter from the nearby fire.

Has SpaceX Aced Boeing in Space Race?
According to Bloomberg , NASA will name the astronauts that will fly on the tests on Friday. The reproduction of the story/photograph in any form will be liable for legal action.

RBI rate hike worries real estate sector
But the same market on August 1 slipped 85 points even though commentators said the second rate hike was on "expected lines". Federal Reserve held short-term interest rates in the U.S. steady Wednesday but is expected to raise them again next month.

Elon Musk apologizes for brushing off analysts on past earnings call
Tesla stock surged as much 12 per cent in after-hours trading and were up 9.1 per cent at $US328.15 as of 7:28 pm in NY . The compay reported an adjusted net loss of $3.06 per share, more than analysts expected.

Demi Lovato is recovering well
On the track, she sings: "Momma, I'm so sorry, I'm not sober anymore / And daddy, please forgive me for the drinks spilled on the floor".