US, EU forming 'united front' against China

US, EU forming 'united front' against China

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

China is preparing to impose differentiated additional tariffs on $60 billion worth of imports from the United States, if the latter further escalates trade frictions, the customs tariff commission of China's state council announced on July 3.

In July, the U.S. published a list of $200bn-worth of additional products to be hit with tariffs of 10% - a figure the United States is now considering raising to 25%.

White House press secretary Sarah Huckabee Sanders says that "instead of retaliating, China should address longstanding concerns about its unfair trading practices", including those laid out in a March report by the Office of the U.S. Trade Representative.

Trump has said trade wars are "easy to win" and made the soaring US-China goods deficit a principal issue in his nationalist economic agenda.

More news: Giuliani says Trump team will respond to Mueller about interview later Wednesday

Trump then concluded: "China, which is for the first time doing poorly against us, is spending a fortune on ads and P.R. trying to convince and scare our politicians to fight me on Tariffs- because they are really hurting their economy".

In addition, Trump this week ordered officials to consider imposing a 25 percent tax on $200 billion worth of imported Chinese goods, up from an initial 10 percent rate.

"China is the third-largest importer of US LNG, but US LNG makes up only a modest but growing portion of China's supply portfolio, which suggests that this particular trade dispute will hurt America more than it hurts China", Kyle Isakower, API's vice president for regulatory and economic policy, said. Another $16 billion in levies will likely follow in the coming days or weeks.

China has said it will levy new tariffs on more than 5,200 U.S. products, if the White House moves forward with its latest tariff threat. The Chinese side seem to be seeking to match that ratio with the new proposals. China continues to move forward while for United States farmers, the trade war has represented a major step backwards.

Trump also oddly boasted in OH that the tariffs would help the US pay off its $21 trillion debt (Trump is responsible for $1.9 trillion of debt).

More news: Deadly California blaze spawned destructive fire tornado

China plans to impose a 25% tariff on imports of US-manufactured solar cells - but the world's biggest manufacture of solar cells now imports few of the cells used to make panels that generate power.

Hopes had been rising that Trump might drop his trade-war campaign after the president announced a deal last week with European Commission President Jean-Claude Juncker that would see the United States and EU cut tariffs and other barriers.

The market is not large by value compared with approximately $12 billion of USA crude that came to China a year ago, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal.

Tariffs on another $16bn worth of products are pending, the second part of tariffs on $50bn worth of imports that the USA announced in March.

"Leading China's economy on a stable and far-reaching path, we have confidence and determination", another commentary in the main edition of the People's Daily said. The worsening of the tension comes amid a slowing of China's economy, declines in the currency and a bear market in stocks. "Obviously, the US tariffs won't help and they are going to cause some damage", he said.

More news: China plans tariffs on $60 billion of US products

The Trump administration may be overestimating its ability to pressure Beijing into changing its economic behaviour, said Stefan Selig, managing partner at BridgePark Advisors LLC and former trade undersecretary at the Commerce Department under Barack Obama.

Related Articles

  • Nailbiter! Republicans hold OH  seat

    Nailbiter! Republicans hold OH seat

    In Missouri, voters overwhelmingly chose to overturn a right-to-work law passed by the legislature that targeted union organizing. Trump's tweet backing Georgia Republican governor hopeful Brian Kemp vaulted him to an easy primary runoff win two weeks ago.
    Chelsea to sign Kovacic on loan

    Chelsea to sign Kovacic on loan

    Thibaut Courtois looks desperate to leave the club meaning Maurizio Sarri could well be on the lookout for a replacement. This is against UEFA's rules and Madrid are considering reporting the Italian club if they don't back down.
    Mendocino Complex Fire now 4th largest wildfire in California history

    Mendocino Complex Fire now 4th largest wildfire in California history

    A total of almost 3,900 people were fighting the Mendocino Complex Fire , including crews from Arizona, Washington and Alaska. The Thomas Fire scorched a much more densely populated area, burning through 1,063 structures and damaging 280 more.
  • Congressman Chris Collins Arrested For Insider Trading

    Congressman Chris Collins Arrested For Insider Trading

    The House Ethics Committee had been investigating the allegations against Collins since August of 2017. Collins was an early Trump supporter and one of the president's liaisons in Congress.
    Justin Thomas doesn't break sweat in winning finale at Firestone

    Justin Thomas doesn't break sweat in winning finale at Firestone

    Jason Day , Rickie Fowler, Jon Rahm and Tommy Fleetwood are among the names inside the top 10, all within seven shots of Thomas. Tiger Woods reacts after missing a putt on the 17th hole during the second round of the Bridgestone Invitational on Friday.
    900 tourists being evacuated from Indonesia’s tiny islands after quake

    900 tourists being evacuated from Indonesia’s tiny islands after quake

    The Bali and Lombok airports continued operating Sunday night, according to the director general of civil aviation. The quake, measured at 7.0 magnitude by Indonesian authorities and a still-powerful 6.9 by the U.S.
  • Angelina Jolie Claims Brad Pitt Has Paid No Child Support

    Angelina Jolie Claims Brad Pitt Has Paid No Child Support

    Jolie wants the judge in charge of their case to issue formal child support orders retroactively against him. However, an insider familiar with the situation told TooFab , " Brad always fulfills his commitments".
    China to put 25% tariffs on $16 billion worth of USA  products

    China to put 25% tariffs on $16 billion worth of USA products

    UBS Wealth Management CIO Mike Ryan on a new study on USA business owners' views about the economy and tariffs. So far, despite the rhetoric, only $37bn worth of imports into China and the USA have actually been affected.
    Pogba's agent in Manchester to unlock Frenchman's move to Barcelona

    Pogba's agent in Manchester to unlock Frenchman's move to Barcelona

    Jose Mourinho tells ESPN FC that the World Cup was the flawless habitat for Paul Pogba as he could 'only think about football '. Pogba was inconsistent last season and was even dropped by the United boss for a spell in the second half of the season.
  • Manafort's lawyers press witness about his own lies, affair, embezzlement

    Manafort's lawyers press witness about his own lies, affair, embezzlement

    Downing pressed him on the specifics of their business relationship: which payments to Gates were authorised and which were not. Mr Gates told jurors that he had been "tasked" by his boss "to determine how we could lower the taxes". "Mr.
    LeBron James To Executive Produce Showtime Docu-Series

    LeBron James To Executive Produce Showtime Docu-Series "Shut Up & Dribble"

    That's according to Showtime , which announced Monday that the series is being executive produced by James and longtime friend and business partner Maverick Carter. "So keep the political commentary to yourself or, as someone once said , shut up and dribble ".
    Pompeo says Iran sanctions will be enforced

    Pompeo says Iran sanctions will be enforced

    President Donald Trump's decision to pull out of an worldwide nuclear deal and reimpose sanctions on Tehran. Washington's so-called "snapback" sanctions are due to be reinstated against Tehran at 12:01 a.m.