• News
  • Money

White House adviser warns China 'better not underestimate' Trump on trade - worldwide

White House adviser warns China 'better not underestimate' Trump on trade - worldwide

Mr Trump's senior advisers, particularly White House National Economic Council Director Larry Kudlow and Treasury Secretary Steven Mnuchin, have said the White House's ultimate goal is to remove tariffs and trade barriers in a way that makes "free and fair trade", but Mr Trump's message on Saturday evening was one of protectionism and economic restrictions, not open markets.

"Tariffs are working far better than anyone ever anticipated" and would make the United States "much richer than it is today", the U.S. president tweeted.

China proposed a 25 percent tariff on imports of copper ore and concentrate from the USA, which shipped about 70,000 tons to the country a year ago.

Already, the trade war has begun to take a toll: For instance, China has lost its status as the world's second-largest stock market, falling behind Japan, The Financial Times reported on Friday. Those tariffs have already started to affect some businesses, though only a small fraction of the USA economy is experiencing consequences. The Commerce Ministry said the implementation and date of the tariffs depended on United States actions. "China market has dropped 27% in 4months [sic], and they are talking to us".

March 15: President Trump signed an executive order to impose a 25 percent tariff on steel and a 10 percent tariff on aluminum imports from China and several other countries. The move has prompted concerns of a global trade war as each nation has responded with retaliatory tariffs on USA products.

While Mr Trump has taken credit for new steel jobs created with the help of tariffs, retaliatory measures by Beijing and others have rattled United States soya bean farmers and the many companies reliant on increasingly expensive steel as a raw material. On Friday, U.S. data showed the merchandise trade gap with China widened slightly in June to $32.5 billion after May's $32 billion deficit. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the USA side persists in putting its tariff measures into effect".

The commerce ministry issued a statement saying the new duties would be applied if Washington pulled the trigger on President Donald Trump's threat to raise tariffs on $200 billion worth of Chinese goods.

The ministry also said that the USA measures violated the World Trade Organization rules and damaged China's interests.

Several countries, including China, had a say in the matter because Qualcomm sells its products globally and the proposed merger could have been seen as giving the company a price monopoly, it said.

The US and China implemented tariffs on $46 billion worth of each others' goods in July.

Trade tensions between the USA and China have been escalating for months, driven by President Trump's aggressive rhetoric and policy positions. China continues to move forward while for U.S. farmers, the trade war has represented a major step backwards.

China immediately expanded its own list of types of US products to be tariffed, including farm products, cars and crude oil.

The Chinese are unable to match US tariffs on a dollar-per-dollar basis but Beijing can make it hard for USA companies doing business in China. China has denied violating global trade norms. The deficit had narrowed in previous months as companies rushed out exports to beat the imposition of tariffs.

Leave Your Comment

Leave Your Comment


Latest News

  • RBI monetary policy: Repo rate hiked by 25 bps

    RBI monetary policy: Repo rate hiked by 25 bps

    The central bank said inflation in two years' time was likely to be 2.09 percent, above the BoE's 2 percent target. In June, the MPC had raised the key rate by a similar 25 basis points or 0.25 per cent.
    Tsunami warning issued after magnitude 7.0 quake  rocks Indonesia, tourist hotspot Bali

    Tsunami warning issued after magnitude 7.0 quake rocks Indonesia, tourist hotspot Bali

    There were no immediate reports of casualties, but the latest quake caused people to flee their homes and move to higher ground. Authorities in Indonesia issued a tsunami alert on Sunday after a massive quake rocked the popular tourist mecca of Bali.
    Venezuela's Maduro Survives Attack by Exploding Drones

    Venezuela's Maduro Survives Attack by Exploding Drones

    The BBC said loud bangs could also be heard in the footage. "We are carefully following the situation". The transmission was suddenly cut short without explanation as the president was whisked away.
  • New Law in Israel Sparks Backlash from Arab Minority Group

    New Law in Israel Sparks Backlash from Arab Minority Group

    The law has outraged Israel's Arabic-speaking minority which includes the Druze and makes up about 20 percent of the population. So, what does the future hold for the Druze inside Israel? The Nation-State Law, first of all, entrenches the Law of Return .
    Spanish pilots union sues Ryanair over contracts

    Spanish pilots union sues Ryanair over contracts

    The pilots, who are striking today, confirmed they will refuse to work from 1am on August 10. Ryanair condemned the planned fifth day of strikes.
    Tiger Woods, Phil Mickelson to square off in November

    Tiger Woods, Phil Mickelson to square off in November

    Mickleson saying, "Now, I don't know if he wants a piece of me, but I just think it would be something that would be really fun". Woods, 42, and Mickelson, 48, are competing in this week's WGC-Bridgestone Invitational that begins Thursday at Firestone.
  • ‘Mission: Impossible’ Bests Winnie-the-Pooh at Box Office

    ‘Mission: Impossible’ Bests Winnie-the-Pooh at Box Office

    Elsewhere at the box office, Bo Burnham's " Eighth Grade " earned US$2.8 million when it expanded nationwide . In third was another new release, Lionsgate s " The Spy Who Dumped Me ", at $12.4 million.
    The Pope Changes Catholic Church's Position on Death Penalty

    The Pope Changes Catholic Church's Position on Death Penalty

    The Catholic church's anti-abortion stance is well-known - and a stance many Texas leaders support . Pope Francis issued a request to revise the catechism's death penalty teaching.
    Manchester United may turn their attention to Bayern's Jerome Boateng

    Manchester United may turn their attention to Bayern's Jerome Boateng

    The Red Devils started the transfer window on a high as they managed to bring in Diogo Dalot and Fred in a matter of few days. The Red Devils refused to match the valuation as they believed the player could cost as low as £25 million next summer.
  • Maurizio Sarri admits to 'difficult' first pre-season at Chelsea

    Maurizio Sarri admits to 'difficult' first pre-season at Chelsea

    Courtois and Eden Hazard return from their summer break today, when Sarri will speak to them about their futures. His agent Christophe Henrotay had revealed that he had told Chelsea that Courtois wanted to go to Real Madrid .
    Echoing Trump, RNC Warns Candidates, Donors Away From Koch Brothers

    Echoing Trump, RNC Warns Candidates, Donors Away From Koch Brothers

    The hostility has reached a boiling point, with Trump launching Twitter tirades against the Koch Network in recent days . The company and the Koch political operations have pushed relentlessly for lower taxes, less regulation and free trade.
    Oil Prices Drop as U.S. Inventory Grows

    Oil Prices Drop as U.S. Inventory Grows

    Trump said Monday he'd meet his Iranian counterpart without preconditions, following a war of words earlier this month. U.S.net imports, measuring the imports deducted by its exports, is a very important value for the oil price movements.
  • Oil edges lower as supply concerns return

    Oil edges lower as supply concerns return

    OPEC+ may discuss whether a bigger production increase is needed when they meet in September, Novak said last month. The price for Brent crude oil , the global benchmark for the price of oil, was down 1.75 per cent as of 9:20 a.m.
    Man City and Chelsea lock horns in Community Shield

    Man City and Chelsea lock horns in Community Shield

    Chelsea and Manchester City have between them won five of the last seven Premier League titles. Chelsea is always a big rival, with Antonio Conte before and with Maurizio too.
    Growing California fires prompt new evacuations

    Growing California fires prompt new evacuations

    Workers who live in Yosemite's popular Valley region were ordered to leave Friday because of inaccessible roads. The report says his death highlights the need for better risk assessment, communication and supervision.
  • Trump acknowledges purpose of meeting with Russian lawyer

    Trump acknowledges purpose of meeting with Russian lawyer

    Any legal battle over whether the president can be compelled to testify could go all the way to the U.S. Sekulow said Sunday. "I think there's plenty of evidence of collusion or conspiracy in plain sight".
    Trump says he might delay shutdown showdown until after elections

    Trump says he might delay shutdown showdown until after elections

    He continued, "Border Security is National Security, and National Security is the long-term viability of our Country". The higher amount matches what Trump has privately sought in conversations with Republican lawmakers.
    Donald Trump Hits Back At LeBron James Over Racial Comments

    Donald Trump Hits Back At LeBron James Over Racial Comments

    He's dividing us, and what I've noticed over the last few months is that he's kind of used sport to kind of divide us. James also said he wouldn't attend a ceremony at the White House if his team had won the NBA Finals.

Breaking News



Recommended

Coalition spokesman accuses Houthis of killing civilians

One woman at the protest said: "All the world knows what happens in Yemen and no country did anything for Yemen - didn't help". According to Griffiths, the war has intensified - particularly in the city of Hudaydah - despite all efforts to end it.

Demi Lovato Expected To Be Released From Hospital Soon

One of TMZ's sources, said: "She could die if she doesn't, and that's not going to be on my watch that we did nothing". Demi experienced complications after her apparent overdose and remained in the hospital with extreme nausea and fever.

Actor Steven Seagal appointed Russian ministry’s ‘special representative’

According to Seagal's own website, the 66-year-old has been a regular visitor to Russian Federation for over a decade. Intelligence Community had repeatedly stated Russian Federation interfered with the election.

Goats Gone Wild In Boise Neighborhood

So in a sense, the neighborhood actually got some free work done before they were finally corralled. By 9 a.m., all of the goats had been loaded on to a trailer to be taken back from whence they came.

Matches to Make After UFC 227

The UFC would be wise to build him up with a couple of winnable fights before matching him up with another high-level opponent. There is a very big card coming up in NY with numerous top guys from my division on it and I would like to join them.

British holidaymakers swelter in record-breaking European heatwave

The hot weather is continuing, with temperatures forecast to reach 30 degrees Celsius in southern Britain today. Temperatures are rising in Spain and Portugal aided by a wave of hot air coming from Africa.

20 killed in plane crash in Switzerland

Police said Sunday they have now determined that all 20 people on board the plane, including its three crew members, died. The 20 Minutes newspaper quoted a witness who was on the mountainside at the time of the crash.

Opinions & Transfer NewsWe All Follow United

The Sun cites one case of an unnamed player in a panic asking the TV channel he gave an interview to erase an answer he gave them. Although he is missing 10 first-team players now , the manager must prepare the side he has to play and win matches.

Firefighters Tackle Burning Aeromexico Plane After Crash in Durango, Mexico

The plane had barely taken off when it felt like it was hit by a strong air current, another passenger told network Televisa . Authorities said that the plane had taken off in heavy rain and that it came down around six miles from the airport.

Prince Harry’s Audi RS6 Avant up for sale

In the listing, the vehicle is priced at £71,900 (approximately C$120,000), with the remarkably low mileage of just 4,464 miles. Prince Harry just made a lifestyle change that has royal fans freaking that a little Prince or Princess may be on the way.