Will Trump tariff plan punish Chinese home textiles?

Will Trump tariff plan punish Chinese home textiles?

Will Trump tariff plan punish Chinese home textiles?

It urged Washington to negotiate a settlement but set no deadline.

"But there will be some impact due to our exports via the United States or indirect exports", Zhang told reporters on the sidelines of the China Development Forum in Beijing on Saturday. The Ministry considered that act a serious violation of the World Trade Organization regulations and its national interests, reason why it announced Beijing plans to proceed with a legal action against Washington at the global entity.

The trade tensions could send a shudder through the global economy and complicate Mr. Xi's efforts to sustain China's rapid growth in the face of rising debt and an aging population. Shares tumbled on Wall Street and slumped in Asia, where Japan's Nikkei 225 index fell 3.5% while the Shanghai Composite index slipped 3.1% and Hong Kong's Hang Seng lost 2.8%.

In a retaliatory move, China unveiled plans yesterday to impose higher tariffs on United States dollars 3 billion worth of American goods including pork and pipes in retaliation to U.S. tariffs on steel and aluminium imports from Beijing.

But China, trying to avoid a headon collision with the U.S. because it has a lot to lose in a trade war, also asked the USA to work towards settling the dispute rather than escalating it. Beijing is talking tough to salvage its political prestige but still hoping for a solution, analysts said.

Meanwhile, Democratic Sen. Sherrod Brown (D-Ohio) said he was troubled to hear that South Korea would be initially exempted from the steel and aluminum tariffs.

Within 15 days, a proposed list of products to be hit with tariff increases will be announced, the Washington Post reported.

He added that while a trade war would benefit no one, "China is far more resilient than the U.S.to the pain".

The Chinese Ministry of Commerce on Friday said it was considering raising tariffs on 128 United States products bound for China, including fruits, nuts, wines, pork, and recycled aluminium, according to a statement on its website.

English pundit: Salah will prefer Real Madrid to Liverpool eventually
Take a look through the gallery to reveal the top 10 most wasteful players in the Premier League based on most big chances missed. Liverpool are being linked with a big move for Napoli's Jorginho .

Israel admits bombing Syrian nuclear reactor in 2007
However, Barak claims he delayed the operation so that the Israel Air Force could mount the best possible orchestrated attack . Under cover of night, the jets took off at 10:30 pm, flying low to avoid detection and returning at 2:30 am.

MS boy, 9, shoots sister, 13, over video game controller, police say
The accident has renewed heated debates over gun control, and even video game violence, and how it should be addressed. The 13-year-old girl from MS died from her injuries at Le Bonheur's Children's Hospital in Memphis, Tennessee .

There are fears the move would trigger a trade war between the world's number one and number two economies. "We are counting on you to be a cool head in the middle of a very overheated atmosphere". "But it means a new recognition that China is not the friend, the democracy and the free market we all hoped for over the last 30 to 40 years - something quite different".

So far, the Chinese response has been measured.

Big US companies tend to get more of their revenue from foreign customers than small companies do, and that makes them more vulnerable to damage from a trade war.

Beijing reported a trade surplus of $275.8 billion with the United States previous year, or two-thirds of its global total. The ministry indicated that China believes that the USA tariffs violate WTO rules and do not meet the security exemptions requirement.

A tit-for-tat escalation of trade retaliation, coupled with Trump's desire to "look tough on China" will make it harder for the two sides to settle their differences, said Eswar Prasad, a professor of trade policy at Cornell University and a former head of the International Monetary Fund's China department.

That also happens to be around the deadline date for a new NAFTA in 2018: Beyond May, any agreement would likely not have enough time to pass a ratification vote before there's a new Mexican president and new U.S. Congress in 2019.

The losses were widespread and technology companies were pummelled.

Qirun was in talks with a US investment company that was considering selling the former's moisture separator reheater, a device that removes moisture from wet steam and reheats the steam, to Europe.

Related news