Technology: Chinese tariff retaliation, presidential tweets and market unease sends exchanges plummeting - PressFrom - US

TechnologyChinese tariff retaliation, presidential tweets and market unease sends exchanges plummeting

01:40  24 august  2019
01:40  24 august  2019 Source:

Trump adds tariffs to $550 billion of Chinese imports in trade war reprisal

Trump adds tariffs to $550 billion of Chinese imports in trade war reprisal President Trump announced Friday on Twitter that tariffs on Chinese imports will increase 5 percentage points in a tit-for-tat response to China's own plans to place new duties on U.S. goods. About $250 billion of goods produced by China and imported into the U.S. already have a 25% tariff. This newest increase will push tariffs to 30% beginning October 1, 2019. Trump also increased "List 4" tariffs from 10% to 15%. The List 4 tariff, which affects the remaining $300 billion of Chinese imports, will go into effect September 1 and December 15. ...unfair Trading Relationship.

WASHINGTON — President Trump escalated his trade war with China on Friday morning, raising tariffs on 0 billion worth of Chinese goods and taking steps to tax nearly all of China ’s imports as punishment for what he said was Beijing’s attempt to “renegotiate” a trade deal.

If Washington resorts to the promised tariffs , Beijing will have to retaliate , ministry spokesman Gao Feng said on Thursday. The same was promised by the State Council Tariff Committee last week, but neither Gao nor the committee clarified what steps China will take.

After a week of modest gains, major stock indexes plummeted on Friday as China retaliated against U.S. tariffs by imposing $75 billion worth of tariffs on U.S. goods coming into the country.

China's foreign ministry said that it would resume tariffs on U.S. imports of automobiles and auto parts and place an additional 5% or 10% tariff on agricultural and food products like soybeans, coffee, whiskey and seafood.

The trouble was exacerbated by statements on President Donald Trump's Twitter account, which called for the U.S. to "immediately start looking for an alternative to China." The president also accused China of stealing "our Intellectual Property at a rate of Hundreds of Billions of Dollars a year."

China warns US tariffs will ‘escalate trade friction’

China warns US tariffs will ‘escalate trade friction’ China appealed to Washington on Thursday to “meet each other halfway” and settle a trade war instead of going ahead with planned tariff hikes Beijing warned will trigger retaliation. © Chinatopix via Associated Press Shipping containers being loaded onto a cargo ship at a port in Nantong in eastern China's Jiangsu province on July 18. Exporters are preparing for a Sept. 1 increase in US duties in a fight over trade and technology. Those are due to go ahead on more than $100 billion of Chinese goods despite the Trump administration’s decision to postpone some other planned increases to mid-December.

China will raise tariffs on billion in U.S. goods in retaliation for the Trump administration's latest decision to increase duties on In a string of tweets , the president argued the tariffs are "very bad for China ." The president has repeatedly claimed China bears the brunt of the costs from the tariffs .

WASHINGTON — The United States and China intensified their trade dispute on Monday, as Beijing said it would increase tariffs on nearly billion worth of American goods and the Trump administration detailed plans to tax nearly every sneaker, computer

The attacks sent markets into a tailspin. The Dow Jones Industrial Average fell by as much as 700 points before closing the day slightly down only 623 points at 25,628.60. Meanwhile the S&P 500 Index fell 75.84 points to end the day at 2,847.11 and the Nasdaq dropped 239.62 points to close at 7,751.77.

The declines come on top of a dismal week of economic reports for the U.S. Earlier, the number of jobs the country had added over the past year was revised downward by 500,000. Meanwhile, the national debt is ballooning at a faster rate than expected, with the U.S. deficit expected to hit $1.2 trillion by 2020.

Bible shortage? Publishers say tariffs could cause it.
 Religious publishers say President Donald Trump's most recent proposed tariffs on Chinese imports could result in a Bible shortage. That's because millions of Bibles, some estimates put it at 150 million or more, are now printed in China each year. Critics of a proposed tariff say it would not only make the Bible more expensive for consumers, it would also hurt the evangelical efforts of Christian organizations that give away Bibles as part of their ministry. (AP Photo/Marta Lavandier) NASHVILLE, Tenn.

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