• News
  • Finance

China's exports, imports slowed sharply in August

China's exports, imports slowed sharply in August

Trump said Friday that tariffs on China worth $200 billion would "will take place very soon depending on what happens". "China trade war has now become even more hard to discern as both sides step up their attacks and counter-attacks", said Cornell University economist Eswar Prasad, former head of the International Monetary Fund's China division. "And I hate to say this, but behind that is another US$267 billion ready to go on short notice if I want".

If the administration follows through with this latest round, tariffs would apply to a total of $517 billion of imports from China. The US imported $505 billion in goods from China previous year.

"Moreover, because China accounts for such a large percentage of imports for consumption or further manufacturing, any additional tariffs would likely translate into added costs and price increases in the United States". -China trade situation would "get sorted out because there's an inescapable mutuality" between the two countries.

The world's two biggest economies have been locked in a months-long trade dispute, with negotiations going nowhere and fears that it could damage the global economy.

Cell phones are the biggest USA import from China, and so far they've been spared.

But the tariffs do not appear to have dented the appetite for Chinese-made products in the United States.

"That totally changes the equation", Trump said.




FILE PHOTO: Top White House economic adviser Larry Kudlow speaks to reporters at the White House in Washington, U.S., August 16, 2018.

"If USTR [Lighthizer] were to impose a 10-25 per cent additional duty on networking products and accessories", the corps wrote, "it would cause broad, disproportionate economic harm to US interests, including our companies and US workers, our customers, US consumers, and broader US economic and strategic priorities".

Trump has had Beijing in his crosshairs since he took office, and has applied increasing pressure to try to convince it to change its policies, allow more imports and reduce the $335-billion U.S. trade deficit with China. "U.S. businesses and citizens-not Chinese companies or the government-pay these tariffs on US imports".

Their trading partners complain those violate Beijing's free-trade commitments and USA officials worry they might erode American industrial leadership.

But Kudlow said the US goals are clear.

Imports of goods and services increased 0.9 percent to a record $261.2 billion in July. And he said he'll likely sign up updated free trade agreement with South Korea later this month when he visits the United Nations. Chinese officials may respond by subjecting American companies operating in China to unexpected tax audits, custom inspections or even consumer boycotts.

Leave Your Comment

Leave Your Comment


Latest News

  • Justice Department looks into social media firms over free speech

    Justice Department looks into social media firms over free speech

    USA intelligence agencies have concluded that Russian Federation interfered in the 2016 campaign with the aim of tilting the election in Trump's favor, a finding that Moscow has denied.
    'Unhinged' Trump loses temper, claims Woodward book

    'Unhinged' Trump loses temper, claims Woodward book

    In one meeting, Kelly reportedly said Trump was "an idiot", and it was "pointless to try to convince him of anything". Trump says he would have liked to speak with Woodward and he says it sounds like it will be a "negative" book.
    Rockets, Suns Agree To A Major NBA Trade

    Rockets, Suns Agree To A Major NBA Trade

    Knight is coming off of a season in which he averaged 11.0 points and 2.4 assists in 54 games (five starts) for the Suns . Chriss has a career scoring average of 8.5 points, 4.8 rebounds and shoots a tad over 30 percent from 3-point range.
  • Former Sen. Jon Kyl to Be Named as McCain's Replacement

    Former Sen. Jon Kyl to Be Named as McCain's Replacement

    By state law the senator will have to be a member of the same party as the departing one, in this case the GOP . Kyl said that he "will do my best to ensure that Arizonans continue to be well-represented in the Senate".
    Tottenham's Son wins gold at Asian Games, avoids military service

    Tottenham's Son wins gold at Asian Games, avoids military service

    Hugely popular at Spurs , Son joked before the final that he was upset team-mates Harry Kane and Dele Alli hadn't texted. Son's former club Bayer Leverkusen refused to release him for the 2014 Asian Games when the Koreans also scooped gold.
    Astronauts work to fix  International Space Station leak

    Astronauts work to fix International Space Station leak

    Now flight controllers are monitoring the cabin pressure while coming up with a better and long-term solution for the leak. Flight controllers at NASA Mission Control Center in Houston worked with their Russian counterparts to enable the repairs.
  • Five people found dead in Australian city of Perth

    Five people found dead in Australian city of Perth

    Maria Manfredini, who lives at the property behind where the incident occurred, said she was shocked by the tragedy. Just two months ago, an Ellenbrook mother and her two children were also found dead inside their suburban home.
    Nike makes Colin Kaepernick face of 30th anniversary 'Just do it' campaign

    Nike makes Colin Kaepernick face of 30th anniversary 'Just do it' campaign

    Kaepernick has not been on an National Football League roster since he parted ways with the 49ers at the end of the 2016 season. Nike has endorsed Kaepernick since 2011 but has not featured him in campaigns since his departure from the NFL.
    Trump says Attorney General Sessions safe in job at least until November

    Trump says Attorney General Sessions safe in job at least until November

    More recently, Republican lawmakers have even been signaling to Trump that they'd be cool with another Saturday Night Massacre. At this point, Senate GOP aides believe Trump will listen to McConnell and leave Sessions be for the time being.
  • Kim Kardashian West attends White House meeting on prison reform

    Barnett, who was a member of Johnson's legal team, was also working to get Young released. "It's so unfair. This week, Kim appeared on the "Wrongful Conviction" podcast to discuss her support for Young.
    U.S.  police arrest China shopping giant's CEO over misconduct claims

    U.S. police arrest China shopping giant's CEO over misconduct claims

    The defendant was found guilty of seven offenses, according to a court document. Richard Liu was arrested over the misconduct allegations on Friday.
    NFL Jets deal Bridgewater to Saints, pin hopes on rookie

    NFL Jets deal Bridgewater to Saints, pin hopes on rookie

    Teddy Bridgewater's brief time with the Jets ended Wednesday, with the team reportedly trading him to the Saints . Bridgewater arguably outplayed Darnold this summer, going 28 of 38 for 316 yards, two TDs and one interception.
  • Police chase shuts down France's Lyon airport runway

    Police chase shuts down France's Lyon airport runway

    He added that auto was "almost certainly stolen", with a source close to the inquiry saying it had Luxembourg license plates. Before driving onto the runway the man had driven the vehicle into the glass doors of one of the airport terminals.
    Djokovic wins third US Open, equals Sampras on 14 Grand Slams

    Djokovic wins third US Open, equals Sampras on 14 Grand Slams

    The US Open Men's singles final will be shown LIVE on Star Sports Select 1 and Star Sports Select 1 HD at around 1.30 am IST. The effort took its toll on a suddenly weary-looking Del Potro as a 95-minute set was claimed by Djokovic in the tiebreak.
    'Don't touch me': Marco Rubio and Alex Jones clash

    'Don't touch me': Marco Rubio and Alex Jones clash

    Jones, who was deplatformed by Apple, Facebook and YouTube in an apparently coordinated action by big tech, got in Rubio's face. Rubio warned, "You're not gonna get arrested". "You are a little gangster thug", he shouted. "I didn't say that", Rubio said.
  • Kavanaugh Defends Judicial Record As Democrats Seek Answers On Hot-Button Issues

    Kavanaugh Defends Judicial Record As Democrats Seek Answers On Hot-Button Issues

    After more questions from senators on Thursday, the hearing is set to wrap up on Friday with testimony from outside witnesses. Defying rules of the Senate and in protest of the confirmation process of Judge Brett Kavanaugh , New Jersey Democrat, Sen.
    The latest Pixel 3 leak came from the back of a Lyft

    The latest Pixel 3 leak came from the back of a Lyft

    Google's next big smartphone launch is expected to happen early next month, but there's been yet another " leak " ahead of time. It looks a lot like the outgoing Pixel 2 XL , which is to say a little conservative and a little boring.
    Watch KSI vs Logan Paul Official Live YouTube Video Stream

    Watch KSI vs Logan Paul Official Live YouTube Video Stream

    And Logan Paul "thanked" KSI saying that he was allowed to "realise" who he was and promised for a "new Logan Paul ". Unlike KSI's last fight , which was free to watch on YouTube , fans who want to watch online will have to pay £7.50.

Breaking News



Recommended

Ariana Grande Shares Photo of Mac Miller After His Death

In a statement about her breakup with Miller, Grande said there were times when the "toxic relationship" took its toll. Ariana Grande is remembering Mac Miller . 'There are no further details as to the cause of his death at this time'.

Four people, including suspect, killed during shooting in downtown Cincinnati bank

The FBI, Bureau of Alcohol, Tobacco and Firearms and SWAT members are reportedly on hand to help clear the Fifth Third building. He added that the shooting "could have been much, much worse" if not for the immediate police response to end the threat.

Woods and McIlroy share lead at BMW Championship

Tiger was bogey-free through nine, sinking four birdies and eagling the par-5 16th, his seventh hole of the day. Tiger Woods is doing that thing he does where he gets everyone all riled up early in a tournament.

Two Koreas agree to hold September summit in Pyongyang

Not only that they manged to hear directly from the regime's leader, where Pyongyang stands on denuclearization and peace efforts. The team brings with them, details including date, venue and topics for the hotly anticipated inter-Korean summit.

Tropical Storm Gordon should strike Gulf Coast as hurricane, forecasters predict

Red flags flew over Pensacola-area beaches in Florida's Panhandle, where swimming and wading in the Gulf of Mexico was prohibited. But authorities are also issuing a voluntary evacuation order for people outside the city's levee protection system.

TPG and Vodafone announce merger

Vodafone will have net debt of about $1.9 billion after a restructure of its debt facilities after the merger is approved. The entry of TPG to Australia's mobile market will "invigorate" and "stimulate" competition, according to Vodafone.

Speed and camera upgrades coming with the three new 2018 iPhones

The company's fall line-up will include an iPhone X Plus successor with a whopping 6.5 inch OLED screen, according to the report . The iPhone X's Apple A11 Bionic CPU uses a 10nm process, which means there's a processor transistor every 10 nanometers.

GOVERNOR: Democrats face off in Florida gubernatorial race

DeSantis rode Trump's endorsement to victory in the GOP race, underscoring the president's broad appeal in Republican primaries. If he wins, Gillum would be Florida's first African-American governor.

Arizona primaries being held just days after McCain's death

As in many GOP races across the country, candidates in the Republican primary competed to prove their loyalty to President Trump . The seat is held by retiring Republican Senator Jeff Flake , perhaps the most vocal Trump critic among congressional Republicans.

Prosecutors grant Trump Organization CFO Allen Weisselberg immunity in Cohen probe

The new charges would center around whether the Trump Organization falsified the representation of the payment made to Daniels. Cohen, who could get about four years to five years in prison, is due to be sentenced December 12.