China trade dispute escalates

Ironically, the goods the United States has targeted are mostly intermediate products manufactured in China by multinational companies imported by US-based manufacturers, and miss Chinese firms, according to analysts.

Economists reckon that every $100 billion of imports affected by tariffs would reduce global trade by around 0.5 percent.

A California vineyard which could be seriously affected if the trade war between the U.S. and China deepens.

"China firmly opposes [the USA tariffs] and has to continue to make necessary counterattacks", China's ministry of commerce said in a statement.

U.S. president Donald Trump has threatened to target all $500bn of Chinese imports unless Beijing agrees to sweeping changes to its intellectual property practices over what his administration alleges are unfair trade practices.

That would more than exceed the size of China's exports to the United States, raising concerns that Beijing could consider other types of retaliation, such as making life more hard for American firms in China or letting its yuan currency weaken further to keep its exports competitive.

The 25 percent increases took effect as envoys from both sides held their first high-level talks in two months in Washington.

China's commerce industry said the USA moves are clearly suspected of violating World Trade Organisation rules and intends to sue under the WTO's dispute resolution mechanism. Those include an end to subsidies for strategic industries, a stop to forced technology transfer and more competition for state-owned enterprises - all measures that officials fear may undermine the Communist Party's legitimacy to rule.

Kyle Lafferty returns to Rangers from Hearts on two-year deal
The former Rangers man has been keen on a move back to Ibrox over the last few weeks but the two clubs have taken their time to reach an agreement over a fee.

Saudi Arabia 'seeks death penalty for woman activist'
The five defendants and Ms Ghomgham were recommended for beheading by Riyadh's specialised criminal court earlier this month. Ms Ghomgham was described as a "well known human rights defender" by the European Saudi Organisation for Human Rights .

Islamic State chief urges militants to fight on
Although the audio is undated, it appears to refer to recent events, including the detention of a USA pastor in Turkey. IS overran large swathes of Syria and neighboring Iraq in 2014, proclaiming a "caliphate" in areas they controlled.

Business groups expressed hope that the meeting would mark the start of serious negotiations over Chinese trade and economic policy changes demanded by President Donald Trump.

"We hope the USA side will get along with us to strive for a good result from the talks with a reasonable and practical attitude", Lu said.

Beijing has denied US allegations that it systematically forces the unfair transfer of USA technology and has said that it adheres to WTO rules. The US president said any resolution would "take time because China's done too well for too long, and they've become spoiled".

Mid-level officials are expected to meet for a second day of talks later. "We only have one-way streets not only with China but everybody".

China has responded by threatening to impose new tariffs on $60 billion worth of U.S. goods, while Beijing could also target the local operations of United States corporations with inspections and boycotts as it has done in past disputes with South Korea and Japan.

China's list of 333 US product categories hit with duties includes coal, copper scrap, fuel, steel products, buses and medical equipment.

Though it is too early for trade damage to show up in much economic data as yet, tariffs are beginning to increase costs for consumers and businesses on both sides of the Pacific, forcing companies to adjust their supply chains and pricing, with some USA firms looking to decrease their reliance on China.

The tariffs have gone into effect at the same time as trade talks between the two sides remain ongoing in Washington.

Related news:

Hot News

isis-killer-beheading-video-story-top Madonna defends 'self-indulgent' tribute to Aretha Franklin
Aug 23, 2018 - 16:43
She spoke at length about her own start in the business and her own career before thanking Franklin for "empowering all of us". Take a look at Madonna's speech - and some of the reactions to it - below.

isis-killer-beheading-video-story-top Trump wants Pompeo to study South African land seizures, farm killings
Aug 23, 2018 - 13:36
For more on the story we are joined in studio by Makhosini Nkosi who will unpack the latest on Donald Trump's tweet. They point to the case of neighbouring Zimbabwe , where the economy collapsed after land reform was carried out.

isis-killer-beheading-video-story-top Orchard Supply Hardware stores in Orlando will close by February
Aug 23, 2018 - 13:27
Per the USA Today report , Orchard Supply's roughly 4,000 employees were informed of the company's decision Tuesday. Liquidation sales will start on August 23 and finish by the end of the year, when stores will close for good .

isis-killer-beheading-video-story-top Two birds test positive for West Nile virus in B.C.
Aug 23, 2018 - 13:24
Most people who contract West Nile won't show any symptoms, but some signs of illness include sore joints, nausea and a headache. West Nile usually spreads between birds and mosquitos, and some Canadians have caught the virus from mosquito bites.

isis-killer-beheading-video-story-top Prithvi & Vihari Get Maiden Test Call-Up, Vijay & Kuldeep Dropped
Aug 23, 2018 - 12:38
Earlier in the day, India thrashed the England team to win the 3rd test in the 5-match Test series, keeping the series alive. Already popular in the cricketing industry, 18-year-old Prithvi Shaw had led the U19 to a World Cup title earlier this year.

isis-killer-beheading-video-story-top Nvidia Division 2 Expected To Have Real-Time Ray Tracing Support
Aug 23, 2018 - 12:25
The Founders Edition of GeForce RTX 2080 is available for pre-order at a price $799, while the standard version will cost $699. The next generation gaming GPU family - the GeForce RTX 20 Series , includes the GeForce RTX 2080 Ti , 2080, and 2070.

isis-killer-beheading-video-story-top Sergio Aguero is Premier League's best foreign import, says Alan Shearer
Aug 23, 2018 - 12:02
They will continue their title defence when they take on newly promoted Wolverhampton Wanderers this weekend. That's the opinion of the division's all-time top goalscorer, Alan Shearer.

Eerie Skyglow Called 'Steve' Isn't an Aurora, Is 'Completely Unknown' to Science
Aug 23, 2018 - 11:43
STEVE shines in thin ribbons of purple, rather than in red, green, or yellow curtains, as is the case of typical auroras. STEVE is not to be confused with another type of faint light which is seen in the darkest of locations: Airglow.

isis-killer-beheading-video-story-top Venezuela slashes five zeroes from currency
Aug 23, 2018 - 11:27
As part of the measures, the bolivar will be pegged to a state-run cryptocurrency called the petro . In turn, the minimum wage will be fixed at half a petro (1,800 sovereign bolivars).

isis-killer-beheading-video-story-top China's Huawei, ZTE blocked from Australia's 5G network
Aug 23, 2018 - 11:25
Lord at the time urged Australia not to be swayed by the USA report, which he said was about protectionism rather than security.

isis-killer-beheading-video-story-top Trump administration proposes rolling back Obama's Clean Power Plan
Aug 23, 2018 - 11:13
The move represents the latest bid by Trump to fulfill campaign promises to revive the coal industry and restore mining jobs. The Sierra Club says that 270 of the 523 coal plants it targeted in 2010 are either shut down or scheduled to be.

isis-killer-beheading-video-story-top S Africa inquiry opens into alleged graft under Zuma
Aug 23, 2018 - 10:42
The inquiry panel does not have powers to arrest or prosecute but the evidence it collects can be used in any future prosecution. The local Sunday Times newspaper reported Zuma had been invited to appear - but the commission's spokesman declined to comment.

isis-killer-beheading-video-story-top Melania tried to calm Trump down before Omarosa tirade
Aug 23, 2018 - 09:58
Manigault Newman is only the most recent former Trump associate with reliability issues to allege misconduct on his part. Then there's Sam Nunberg, a former Trump campaign aide who made a series of wild media appearances in March.

isis-killer-beheading-video-story-top China shifts to Iranian tankers to keep oil flowing amid US sanctions
Aug 23, 2018 - 09:20
The US oil rigs were unchanged in the week at 869 rigs, according to a weekly report from energy company Baker Hughes on Friday. For the week, Brent was heading for a 1.8 per cent loss, and the United States crude on track to end three per cent lower.

isis-killer-beheading-video-story-top Verizon slowed our data as we fought massive wildfire, chief says
Aug 23, 2018 - 08:13
US CARRIER Verizon has been accused of throttling data speeds for firemen tackling the record forest fires blazing in California . Verizon now admits that it shouldn't have continued to throttle County Fire's data after the department reached out to Big Red.