It's Tariffs at 20 Paces in Trump-Xi Trade War

It's Tariffs at 20 Paces in Trump-Xi Trade War

The early declines followed an announcement by the Chinese government that it plans to impose tariffs of 25 percent on a list of US goods worth $50 billion, including soybeans and aircraft.

It said that China's economic dependency on the US fell from 6.3 percent of GDP in 2006 to about 3.0 percent in 2017, while USA economic dependency on China rose steadily from 0.1 percent of GDP to 0.7 percent during 2000 and 2014.

The US kicked off this round of the fight Tuesday when the Office of the US Trade Representative announced tariffs on 128 Chinese goods, particularly in emerging technology, transportation, and machinery.

A few hours later on Tuesday, China responded in kind by announcing tariffs of its own targeting soybeans, automobiles, and chemicals.

The planned US tariffs are the result of an investigation ordered by US President Donald Trump into China's intellectual property practices.

It's a strategy that might just work.

The American Soybean Association on Wednesday called on the Trump administration "to reconsider the tariffs that led to this retaliation".

China and the US both imposed tariffs on each other’s goods as trade tensions escalate. Soybeans are of particular importance since they are the largest U.S. agricultural export to China, with just over $14 billion worth heading to China in 2016.

However, experts warn that 2018 could be a different story, calling a trade war between the two gargantuan economies increasingly likely.

Stocks are opening sharply lower on Wall Street as an escalating trade dispute between the US and China poses a threat to global economic growth and corporate profits. "Investors believe a trade war will hurt both countries and their economies eventually".

Israel suspends UN deal on African asylum seekers
The nations were reported to be Uganda and Rwanda and Israel's Supreme Court had blocked deportations meant to begin on Sunday. Most of the African migrants in Israel , estimated at almost 42,000, are from Eritrea and Sudan.

"China's response was tougher than what the market was expecting - investors didn't foresee the country levying additional tariffs on sensitive and important products such as soybeans and airplanes", said Gao Qi, Singapore-based strategist at Scotiabank.

The United States and China are in the middle of a trade tiff.

The Chinese action was, in turn, in response to the Trump administration's own $50-billion list of Chinese products that face United States tariffs over Beijing's alleged theft of intellectual property and technology.

The Chinese government says its tariffs are specifically in response to the United States trade measures against steel and aluminum.

The fear is that neither Chinese officials nor President Trump seem keen to back down from their positions.

Boeing and Caterpillar led a slide in big US manufacturers and technology companies that bore the brunt of the deepening U.S. A full-fledged trade war could slow global commerce.

Beijing's announcement followed Washington's publishing of a list of 50 billion dollars worth of Chinese imports that could be subject to punitive tariffs.

"We hope that the USA side, with sense and long-term picture in mind, refrain from going further down the wrong path", the Chinese Embassy in the United States said in a statement on Wednesday.

Activity in Japan's service sector also grew at its slowest pace in 17 months last month, British shop prices dropped at the fastest pace in more than a year while Australian February building approvals fell 6.2 percent.

Related Articles

  • Apple Working on Touchless Control and Curved iPhone Screen

    Apple Working on Touchless Control and Curved iPhone Screen

    With the iPhone X off to a weaker than expected start, Apple has been scrambling to offer better innovations in future devices. Google's ATAP research group has been working on similar technology through a program known as Project Soli .
    Spotify to test how its music service plays on Wall Street

    Spotify to test how its music service plays on Wall Street

    Looking ahead, Spotify recently claimed that its paid subscriber base may grow to upwards of 96 million users by the end of 2018. The company said it brought in about $5 billion in revenue in 2017, up 39% year over year, and a net loss of about $1.5 billion.
    Moto G6, G6 Play US Pricing Revealed By Retailer

    Moto G6, G6 Play US Pricing Revealed By Retailer

    Under the hood, the smartphone will be powered by Qualcomm Snapdragon 630 Octa-core chipset with up to 6GB RAM and 64GB storage. As for the availability details, Moto G6 is expected to ship starting May 17, which hints at April launch of the phone.
  • Cardi B Delivers Visual for

    Cardi B Delivers Visual for "Bartier Cardi", New Single "Be Careful"

    The "Bartier Cardi" rapper is set to join Jimmy Fallon as The Tonight Show's first-ever co-host. Cardi will sit down with Fallon to chat all about her upcoming album, Invasion of Privacy .
    China Slams Tariffs on US Pork, 127 others

    China Slams Tariffs on US Pork, 127 others

    In fact, China imposes relatively high barriers on many imports and on foreign investment in many sectors. Meanwhile the U.S., Canada and Mexico continue to hold talks about potential changes to NAFTA .
    Dates set for Lions' offseason training program

    Dates set for Lions' offseason training program

    The nine-week program is broken down into three phases per Article 21 of the Collective Bargaining Agreement. Each club may also hold a rookie development program for a period of seven weeks, beginning on May 14th.
  • Egypt's Sisi re-elected with 97pc of vote

    Egypt's Sisi re-elected with 97pc of vote

    Military arrested Morsi and Muslim Brotherhood leaders and declared chief justice Adly Mansour as the interim president. Last week, Sisi posted photos of voters participating in the polls and praised them on facebook for the huge turnout.
    Tornado watch for parts of central IN  this afternoon

    Tornado watch for parts of central IN this afternoon

    With the colder air being ushered in after the cold front, freezing temperatures and areas of frost are possible Thursday morning. These storms will be capable of strong winds, some hail and an outside chance of a quick spin-up tornado within the line.
    Overnight Ratings: NBC's

    Overnight Ratings: NBC's "Jesus Christ Superstar"

    It is also on par with the 5.9 that NBC's last live musical, " Hairspray Live ", drew back in 2016. NBC fared much better in 2013 and 2015 - with The Sound of Music and The Wiz , respectively.
  • US Rep. Elizabeth Esty to leave Congress at end of term

    US Rep. Elizabeth Esty to leave Congress at end of term

    Abuse and harassment occur in congressional offices far too often, and this problem extends beyond members of Congress themselves. Congresswoman Elizabeth Esty's handling of the sexual harassment allegations in her office is now subject to a review by the U.S.
    Book Claims Meghan Markle Ended Marriage 'Out of Blue'

    Book Claims Meghan Markle Ended Marriage 'Out of Blue'

    The " Suits " actress and the Duke are expected to pay a tribute to the late Princess of Wales on their big day. A new book reveals how Prince Harry's bride-to-be Meghan Markle has ended her marriage with her first husband.
    Google Home is going to launch its smart speakers in April

    Google Home is going to launch its smart speakers in April

    You can use Google Home smart speakers to play music from apps like YouTube, Spotify, Play Music, among others. LIKE MOST high-end flagships , Google's Pixel 2 phone costs loads of money - but that's all about to change.