Trump fires first salvo in trade war versus China

06 July, 2018, 03:56 | Author: Orlando Hughes
  • Donald Trump

His company, which sells sauvignon blancs and zinfandels to distributors in China has lost a half-million dollars in orders since China slapped tariffs in April on $3 billion worth of USA fruits, nuts and wine.

President TrumpDonald John TrumpChelsea Handler issues July 4 apology to world: "We're sorry about our president" USA pork producers prepare for steep tariffs: "I don't want to be the patriot who dies at the end of the war" ACLU membership grew from 400,000 to 1.84 million after Trump was elected: report MORE's trade war with China officially gets underway Friday with tariffs on $34 billion of Chinese imports, a move that Beijing has promised to reciprocate in the latest escalation between the world's two largest economies. "Changes in trade policy could cause us to have to question the outlook", he said during a panel talk in Portugal. "It's pretty significant", said Chen, managing director of Alexander Wine Co, which has been doing business in China for nearly a decade.

The industry source said China had been unable to address the Trump administration's concerns about Chinese trade policies in at least five key areas, including forced technology transfers, Chinese industrial overcapacity, government subsidies, SOE reform, and Beijing's restrictions in the cloud computing industry.

"Everyone is holding off to see what happens with this tax, whether it's repealed, or if there's a better solution".

The Chamber of Commerce this week released a report measuring how tariffs are likely to affect each state's export industries, with the overall message being that tariffs will hurt more than they will help.

The tariffs come at a time, however, of slowing growth and rising debt in China after more than three decades of almost uninterrupted expansion.

Local trade consultant Stephen Jacobi said he was hopeful that in the short term the dispute wouldn't a direct impact in New Zealand exports which (other than some steel products) were not in the firing line.

But as the Independence Day fireworks cool in Washington, the eve of the trade war has arrived in China's capital, where government leaders keep reminding people: We did not start this, but we will fight back.

In the months since, the tit for tat has escalated, with the US threatening successive rounds of tariffs on goods valued at hundreds of billions of dollars.

Gao said China's foreign trade was expected to continue on a stable path in the second half of the year, though investors fear a full-blown Sino-American trade war would deal a blow to Chinese exports and its economy.

Shipping containers sit on a Hong Kong-based container ship at the Port of Oakland in California last month.

6 women, 4 men blindfolded, hung from ceiling in India
Another police officer said that suicide is being suspected but possible angles of homicide are also being investigated. The local residents of the area reported the matter to police and investigation is underway.

The tariffs would mark a significant escalation in the trade dispute between the world's two biggest economies.

Richard Morgan, chief executive of business advisory Equus Global Associates and a distributor of California dairy and Georgia pecans in China, told Reuters he was absorbing the impact of the April tariffs, reducing his profit margin to preserve market share and keep customers.

How did we get here?

"The sad part for us is while this political dance is playing out, our business may be taking a hit".

Mabuchi makes these motors in China and then sells them to automakers and medical-device companies in the USA and elsewhere. "They also will drive up the cost of manufacturing in the US and risk numerous 1.3 million good-paying manufacturing jobs our industry supports".

Chinese retailers told Reuters they probably would raise prices or spurn USA imports for domestic substitutes, which could eventually hurt their businesses.

Mr Feng said: "If the United States implements tariffs, they will actually be adding tariffs on companies from all countries, including Chinese and United States companies". "If customers feel that the prices are very high after the adjustments, then sales will go down".

Multiple Chinese state agencies stated China's stance on the US-China trade war, as the US Tariffs on $34 billion Chinese products will kick in within 24 hours.

"We will continue to assess the potential impact of the USA -initiated trade war on companies and will help companies mitigate possible shocks".

"While each measure on its own has small macroeconomic effects, the combination of the measures, the supply chain disruptions and the increased business uncertainty could spell trouble for the U.S. economy", Daco said.

Economists are generally wary of tariffs, since they drive up costs for businesses and consumers.


  • Gareth Southgate urges England players to 'write their own stories'

    Gareth Southgate urges England players to 'write their own stories'

    England manager Gareth Southgate has played down suggestions he may have inspired a fashion trend. Gareth Southgate has been fantastic.
    Durant, Paul to re-sign with teams

    Durant, Paul to re-sign with teams

    But the Warriors seem confident that he can keep coaching for a long time, especially after signing him to this extension. On one hand, Crawford, 38, is an older player that would be joining a Golden State team looking to get younger.
    Messi, Ronaldo World Cup exits signal changing of the guard

    Messi, Ronaldo World Cup exits signal changing of the guard

    Despite failing to get on the scoresheet, the Barcelona star laid on two assists, one each for Sergio Aguero and Gabriel Mercado. Ronaldo started off this year's tournament with a hat trick against Spain and then added another goal against Morocco.
  • 1 dead, 9 others injured after boat explodes in the Bahamas

    Chester Cooper , a member of parliament for Exumas and Ragged Island, identified the person who died as an American woman. Both of her lower legs were amputated and she needs surgery on her spine for a lumbar disk fracture, the page said.
    Neymar Had His Ankle Stepped On, Then Stepped on Mexico's Throat

    Neymar Had His Ankle Stepped On, Then Stepped on Mexico's Throat

    After their slow start it was ultimately no more than the Selecao deserved, as their bid for a sixth world title marches on. Neymar is through on goal, his shot is saved and it falls to Firmino to tap it into an empty net.
    Belgium vs Japan: 5 things to look forward to

    Belgium vs Japan: 5 things to look forward to

    ROSTOV-For the second World Cup in succession, Belgium has swept through the group stage with three wins and stylish football. Teams such as Brazil or Mexico could await them in the quarterfinals, while France or Uruguay loom further down the line.
  • Oil prices fall as Donald Trump demands OPEC ‘reduce pricing now’

    Oil prices fall as Donald Trump demands OPEC ‘reduce pricing now’

    Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile United States action. Trump, however, is not satisfied with either the current level of oil prices or the announced production increase.
    Japan's fresher legs give them a chance against Belgium:The Asahi Shimbun

    Japan's fresher legs give them a chance against Belgium:The Asahi Shimbun

    With Cristiano Ronaldo and Lionel Messi both eliminated from the World Cup on Saturday, this tournament now has a superstar void. Meanwhile, Spanish club Real Betis will feel vindicated for their signing of Japan's breakout star Takashi Inui.
    Google is letting third-party developers access your Gmail Inbox

    Google is letting third-party developers access your Gmail Inbox

    The email scanning comes into play when you give third-party apps permission to access your Gmail account details. Edison Software did the same for "hundreds of users" when building a new feature, the paper says.
  • Tropical depression becomes tropical storm Beryl

    Tropical depression becomes tropical storm Beryl

    A forecaster for said the storm will break apart due to strong wind shear as well as dry air and dust. Both systems are expected to strengthen as we enter into the second full month of the 2018 Atlantic hurricane season.
    Main points of European Union  migration deal

    Main points of European Union migration deal

    The proposition of countries volunteering to set up controlled migrant processing centres is one of many vague points of the deal. Europe's leaders got the bitter taste of what anti-system diplomacy, or creative disruption means.
    Canada ‘will not back down’ over USA  metals tariffs

    Canada ‘will not back down’ over USA metals tariffs

    Meanwhile, asked about reports that Stephen Harper will meet senior US officials in Washington next week, Ms. Trudeau announced Canada's intention to retaliate against Trump's tariffs at the end of May.


Trump will focus on Russia's 'malign' activity at summits: U.S
A US congressional delegation was in Moscow on Tuesday meeting with Russian Foreign Minister Sergey Lavrov and Russian parliamentarians.

Serena powers past qualifier into third round
Asked if her wealth of Wimbledon experience was a key factor, Venus said: "I´d love to have that extra advantage". Roger Federer just breezed into the third round of the 2018 Wimbledon Championships .

NBA Free Agency 2018: The Los Angeles Lakers are back
Succeeding with the Lakers is something different, according to numerous men who have worn this gold jersey. James deciding to leave the Cavaliers , again, left fans wondering what will be left of the city.

Capital employees march in Annapolis Independence Day parade
The Republican governor's order says the action was in "accordance" with an order issued by President Donald Trump . White House press secretary Sarah Sanders offered a different timeline to reporters Tuesday morning.

Top Supreme Court candidates’ views on abortion under scrutiny
Bob Casey Jr. (D) said Trump is wrongly limiting himself to a list of 25 names released by the White House. In the case of a 50-50 vote on the nominee, Vice President Mike Pence could cast the tie-breaking vote.

Paul George explains why he chose to stay with Thunder
George declined his $20.7 option with the Thunder and entered will soon enter free agency, but that move was widely expected. Philadelphia star Joel Embiid weighed in on Twitter saying, "The Lakers are FOREVER gonna be Kobe's and Magic's team".

Sons of Salto Edinson Cavani and Luis Suarez drive Uruguay’s campaign
Angry critics have blamed Georgina for Portugal's 1-2 defeat in Saturday's pulsating game in which Ronaldo failed to find the net. Cavani had to fall behind the line of the ball to help out in midfield. " Uruguay's biggest strength is Uruguay", he said .

Neymar stars as Brazil beat Mexico to reach last eight
Upsets in this tournament have already claimed the last two World Cup finalists and the last two World Cup winners. They have been functional and effective, and you can't really ask for much more than that.

Toyota says Kentucky-made Camry price could increase $1,800 with Trump tariffs
The Trump Administration last month requested a study on the national security risks of imported cars and auto parts. For example, 48 per cent of the vehicles Nissan sold in the USA past year were imported from overseas.

Cavs GM called LeBron; Sixers in L.A. to meet his agent
Rich Paul informed the Cavaliers on Friday that he would not opt-in to his $35.6 million contract for the 18-19 season. As of right now, it appears Los Angeles is the favorite to sign him based on the on and off the court opportunities.