Trump administration ups ante in trade fight with China

CAI MENG  CHINA DAILY

The Trump administration said it's weighing whether to increase the proposed tariff on $200 billion of Chinese goods to 25 percent from 10 percent, stepping up pressure on Beijing to change its trade practices.

"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt USA families and workers more than they will hurt China", said Matthew Shay, president of the National Retail Federation. The United States is far and away the most popular place for such investment, given the size and liquidity of markets for USA government debt and policies that are very friendly to foreign investors other financial assets and real estate. Administration officials are exploring an additional $200 billion of goods on which tariffs might be imposed. Beijing retaliated by imposing similar charges on the same amount of USA products. This would put pressure to hike rates in the U.S., in particular.

Earlier in the day foreign ministry spokesman Geng Shuang used equally strong language to warn the USA away from what it termed "blackmail".

The United States and China implemented tariffs on $34 billion worth of each others' goods in July. But they have rejected changing technology development plans they see as a path to prosperity and global influence.

In fact, tariffs in US-EU trade-or the trade between any two economies engaged in economic cooperation-are bound to fall, as that is what free trade is all about.

China's imports from the United States a year ago totaled $153.9 billion.

Trump has ultimately threatened tariffs on more than $500 billion in Chinese goods, covering virtually all USA imports from China.

"The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports", NPR's Brian Naylor reported. China, on its part, has to raise the standards of its products and production to the level of Western countries', so as to transform the pressure from the developed economies, especially the United States, into an impetus for development, and emerge stronger after the tariff war launched by Trump is over.

Weather to bring renewed fire danger to Northern California
An EF-3 tornado is capable of destroying parts of homes, lifting cars off the ground and stripping the bark off of trees. Varney's radio wasn't communicating with headquarters, so his assistant relayed messages - until they lost contact.

Manchester United ready to punish Anthony Martial for going AWOL
Mourinho was expecting the 22-year-old to rejoin the squad in the United States when he gave him permission to leave last week. Three of Manchester United's World Cup stars are heading back to the club's Carrington training ground earlier than expected.

Sony posts record Q1 profit as new strategy lift its game
With the previous year's one-time gain of 36.8 billion yen excluded, Sony logged even sharper first-quarter growth of 61 per cent. It also raised its sales forecast for the full year to 8.6 trillion yen, up from a previously projected 8.3 trillion yen.

Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified "comprehensive measures". "So is the United States trying to put tariffs on its own companies?"

In its statement, however, the Chinese Commerce Ministry said China can achieve "high-quality" economic growth despite the toll exacted by tariffs: "China always holds on to the belief that bad things can be turned into good things".

On day 27 of the U.S.

While American and Chinese officials have hinted at the possibility of restarting talks in recent weeks, it's been nearly two months since they last held high-level negotiations.

"We would advise the United States to correct its attitude and not try to engage in blackmail".

"We have been very clear about the specific changes China should undertake", said U.S. Trade Representative Robert Lighthizer.

As for developing countries, China included, they should deepen their cooperation in trade and expand their innovation capability while avoiding harmful competition.

It will raise about $US770 billion between now and the end of the year - more than 60 per cent higher than for the same period last year - to fund America's burgeoning budget deficit.

Related news:

Hot News

isis-killer-beheading-video-story-top Meghan Markle And Prince Harry's Ireland Tour Photos
Aug 05, 2018 - 01:21
The source added, "I think she finds it a little frustrating at times, but this is her new life, and she has to deal with it". It comes after Thomas Markle , 73, made repeated public pleas for his 36-year-old daughter to speak to him.

isis-killer-beheading-video-story-top Chelsea prepare fresh bid for Wilfried Zaha
Aug 05, 2018 - 00:46
Meanwhile, Tottenham are also weighing up a move for the player, although Palace are reportedly confident of keeping hold of him. Zaha is thus, a viable target , who will bolster the Blues' attack irrespective of the Brazilian's departure.

isis-killer-beheading-video-story-top First fine handed down for violation of Denmark’s new ‘Burqa Ban’
Aug 05, 2018 - 00:45
Mr Borcher said: 'During the fight her niqab came off, but by the time we arrived she had put it back on again '. The country's much-debated "Burqa Ban" has prohibited full-body burqas, as well the niqab.

isis-killer-beheading-video-story-top Carney Says Chance of a No-Deal Brexit Is ‘Uncomfortably High’
Aug 05, 2018 - 00:28
He then added: "As a outcome of that, a disruption to the level of economic activity, higher prices for a period of time". MARK Carney reveals he has ordered banks to be ready for a recession if there is a "no deal" Brexit .

isis-killer-beheading-video-story-top Drake drops In My Feelings video chock full of cameos
Aug 04, 2018 - 02:21
Needless to say, this video is making us want to dance! In My Feelings is featured on Drake's fifth studio album, Scorpion . It looks like Drake is getting ready to drop off the official video for his #1 single " In My Feelings ".

Fortnite to skip Google Play on Android
Aug 04, 2018 - 02:14
Fortnite is a free to play game, and so all of the money it makes is from in-game purchases for costumes, dance moves, and more. Josh Miller/CNET On open platforms like PC, Mac and Android , Epic's goal is to bring its games directly to customers.

isis-killer-beheading-video-story-top Samsung Galaxy Note9 retail box confirms specs
Aug 04, 2018 - 01:17
Meanwhile, an ETNews report has claimed that the price of Galaxy Note 9 will be similar to the previous model, Galaxy Note 8 . From all the renders and leaks we've seen, we can speculate with some confidence as to what the Galaxy Note 9 will look like.

isis-killer-beheading-video-story-top Demi Lovato's Bodyguard Credited With Saving Her Life
Aug 04, 2018 - 01:11
And it has now been claimed that Demi has agreed to check in to a live-in rehab facility when she is discharged from hospital. Lovato was found unconscious in her bed her Hollywood Hills home following a night of partying on July 24.

isis-killer-beheading-video-story-top Judge orders convict to have mouth taped shut over interruptions
Aug 03, 2018 - 05:07
This is the moment a judge in the United States ordered his sheriff deputies to tape a defendant's mouth shut during trial. According to Metro News , Williams continued to protest, saying: 'But you're not letting me tell you what's going on.

isis-killer-beheading-video-story-top Andy Murray happy to tick a mental box after Washington win
Aug 03, 2018 - 04:26
He added: 'It wasn't so much thinking about hanging the rackets up, I've always planned and wanted to come back. If I stay fit and healthy, I'll play more against the best players and that will improve my fitness.

isis-killer-beheading-video-story-top Former Arsenal man Kanu tips Aubameyang for success
Aug 03, 2018 - 03:54
Last season, Ramsey featured in 30 outings across all competitions, bagging 11 goals and 12 assists which earned him the club's player of the season award.

Demi Lovato is 'serious about sobriety' and will do 'whatever it takes'
Aug 03, 2018 - 03:47
Jackson later attended a "therapeutic school" in Utah, after which she said she came out "a completely different person". Paris Jackson is not "going back to rehab" following pop singer Demi Lovato's apparent drug overdose .

Trump downplays Ivanka saying media is not enemy
Aug 03, 2018 - 03:35
The activities include doing "20 squats", listening to music, and meditating, she said. "I was crying", Trump said. Ivanka talked about her mother Ivana, 69, who was married to President Trump from 1977 until 1992.

isis-killer-beheading-video-story-top Prosecutors Paint a Picture of Paul Manafort's Lavish Lifestyle
Aug 02, 2018 - 02:01
Rudy Giuliani, the president's personal lawyer, has indicated that Mr Trump could pardon Mr Manafort should he be found guilty. Devine testified that Manafort ran a tightly disciplined, professional campaign that contributed to his candidate's victory.

isis-killer-beheading-video-story-top Eel Fire sparks in Mendocino County, in addition to Mendocino Complex Fire
Aug 02, 2018 - 01:53
He bought his three-bedroom house past year using a loan from the Department of Veterans Affairs . "I'm very upset about it". It was the longest closure at Yosemite since 1997, when floods closed the park for over two months.