China ready to retaliate for proposed U.S. investment controls - ministry

Fashion Notes Ivanka Trump Plays Sports with Schoolchildren for White House Fitness Day			Getty Images  AP		31 May 2018Washington D.C

Fashion Notes Ivanka Trump Plays Sports with Schoolchildren for White House Fitness Day Getty Images AP 31 May 2018Washington D.C

Given these developments, we aren't surprised the Trump administration announced Tuesday it plans to impose 25 percent tariffs on $50 billion - not $150 billion - worth of Chinese products.

She expressed hope that the two leaders will continue to share a good relationship but added that Trump would not stand for any unfair trade policy.

BEIJING-China will cut import tariffs on a range of consumer items including apparel, cosmetics, home appliances, and fitness products starting from July 1, the State Council, equivalent to the cabinet, said on May 30. The Commerce Ministry didn't respond to questions about the status of the meeting, but the American Embassy said a delegation of trade, agriculture and treasury officials had arrived in the Chinese capital to make preparations.

"The goods seeing cuts are not relevant to trade with the United States", said Mr Derek Scissors, a trade specialist at the American Enterprise Institute, a Washington think tank.

"There's plenty going on", Dave Salmonsen, senior director of congressional relations for American Farm Bureau Federation, told Capital Press.

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"Since March 1, when speculation about Chinese retaliation against USA pork began, hog futures have dropped $18 per animal, translating to a $2.2 billion loss on an annualized basis", Dermot Hayes, Iowa State University economist, said in a press release from NPPC on Tuesday. The European Union and the United States are so far on a collision course over steel and aluminum imports by the U.S. from the EU, with either tariffs or import restrictions becoming more likely by June 1. The countries have alternated between attacking each other over trade issues and working together on efforts to rid North Korea of its nuclear weapons.

"This is really the US going it alone", said Philip Levy, senior fellow at the Chicago Council on Global Affairs who was a trade adviser in the George W. Bush administration. However, he said tariffs are a tax on American consumers and a blunt tool to address "very complex problems that hamper trade and investment relationships".

In return, the Commerce Department lifted a seven-year ban on ZTE's purchase of US components that it imposed earlier in May.

While Trump campaigned heavily on taking bold steps against perceived foul play in global trade by China, those set to suffer the most from the new tariffs will be Canada, Mexico and the European Union, who exported $23 billion worth of steel and aluminum to the US past year.

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