Markets

Trump says U.S. lost trade war with China years ago

Trump says U.S. lost trade war with China years ago

Tariffs on each side totaling $3 billion sounds like a lot of money, but is a small percentage of all the goods and services traded between the two nations. "Investors believe a trade war will hurt both countries and their economies eventually".

Eager to protect American industry, President Donald Trump slapped tariffs on imported steel, aluminum, solar panels and washing machines.

Trump launches a second government probe, explicitly targeted at China. Late on Tuesday, the Trump administration had announced 25 per cent tariffs on $50 billion of annual imports from China, covering around 1,300 industrial technology, transport and medical products. "It's relatively proportionate to the tariffs we put on based on the intellectual property".

"I am much, much more concerned about where stocks close today rather than where they opened", he says.

While critics have complained the administration's policies risk starting a trade war, Trump argued in a post on Twitter that the war had already been lost.

Outside of Brazil, the United States and Argentina, about 17 million tonnes of soybeans comes from a handful of countries.

Other affected countries, including South Korea and Mexico, threaten varying degrees of retaliation to the tariffs. It has always been received economic wisdom that tariffs represent a drag on global trade (hence the Brexiters' fixation on free-trade agreements), but they are not the only barrier to trade in a complex and increasing regulated trading world. Sometimes tariffs are used to raise the price of imported products so that they don't undercut domestic products.

At the same time, the Chinese Ministry of Commerce has reportedly filed complaint with the World Trade Organization over the tariffs introduced by the US.

Weather Authority: Another winter storm ahead
The upper Midwest and northern Great Lakes could see accumulations of at least six inches, with localized amounts of up to a foot. Oakland resident John O'Brien said that he spent the morning clearing his driveway and walkway.

Steel and aluminum suppliers began raising prices within 24 hours of Trump announcement last month of his intention to hit the metals with steep import tariffs, according to the Institute for Supply Management. While we are pleased that many everyday products such as clothing and shoes are not on the list, we remain concerned that other goods such as consumer electronics and home appliances are targets.

China, the world's biggest steel exporter, calls the tariffs "a serious attack" on worldwide trade and says it will take "firm action" if Chinese businesses suffer losses as a result. The U.S.is the second-largest supplier of soybeans to China, after Brazil, and soybean farmers past year sent $14 billion worth of the crop to China.

Trade tensions between China and the United States have been ramped up after Beijing responded to U.S. plans for putting new taxes on hundreds of Chinese imports.

One of the notable casualties of the Chinese tariffs is a U.S. company that's owned by China. Shares in China's WH Group, which owns Smithfield, have plunged more than 11% since the tariffs were first proposed two weeks ago.

The US kicked off this round of the fight Tuesday when the Office of the US Trade Representative announced tariffs on 128 Chinese goods, particularly in emerging technology, transportation, and machinery.

Indeed, the main driver for equity markets - global synchronized economic growth - which results in strong corporate earnings would be at risk in case of a global trade war.

The S&P 500 Index tumbled through its average price for the past 200 days, with all 11 sectors lower after China said it would levy 25% tariffs on imports of 106 United States products, including soybeans, automobiles, chemicals, and aircraft.

Oil has been struggling to rise to above the highs of January as the Organization of Petroleum Exporting Countries' effort to drain a global glut has been undercut by surging USA production.


  • Russian general: Salisbury poisoning could lead to last war in history

    Russian general: Salisbury poisoning could lead to last war in history

    Skripal and his daughter have been in hospital since ingesting the deadly nerve agent novichok in Salisbury, Wilts on March 4. Gary Aitkenhead, chief executive at Porton Down, told Sky News it was "not our job" to specify the source of the poison.
    Koch group says Trump should compromise on DACA

    Koch group says Trump should compromise on DACA

    The so-called "catch and release" practice has been an issue dating back at least to the Republican administration of George W. The president ended the DACA program past year and gave Congress six months to pass a new law to replace it.
    Russian Federation  test-launches new 'Satan 2' ballistic missile

    Russian Federation test-launches new 'Satan 2' ballistic missile

    He said the Sarmat missile is "a new weapon in response to the deployment of missile defense by the US overseas ". Putin has made much of developing such "invincible" systems as a counter to costly U.S. missile defense programs.
  • Arsenal beat Stoke 3-0 in Premier League

    Arsenal beat Stoke 3-0 in Premier League

    It was to prove a shallow oasis in a desert of barren first-half mediocrity however as Arsenal continued to waste possession. Stoke were more free-flowing in attack but Calum Chambers and Shkodran Mustafi were always present to deal with their threat.
    Rwanda, Uganda deny migrant deal with Israel

    Rwanda, Uganda deny migrant deal with Israel

    He added: "We do not have a contract, any understanding, formal or informal, with Israel for them to dump their refugees here". Many others were detention centres, where they were pressured to accept payments to leave Israel .
    U.S.  stock markets take a hit as China retaliates for Trump tariffs

    U.S. stock markets take a hit as China retaliates for Trump tariffs

    Among Oregon companies, ESI was down 8 percent, Intel was down 4.7 percent and Nike fell 4.2 percent. The Trump administration is scheduled to compile its final list of tariff goods by Friday.
  • Lawrence Police's Best Live Tweets During Kansas' Blowout Loss to Villanova

    Lawrence Police's Best Live Tweets During Kansas' Blowout Loss to Villanova

    We pride ourselves on defending and rebounding, and that's our true measure of success in playing Villanova basketball . The Wolverines rallied from a 10-point deficit in the second half to upend NCAA darling Loyola-Chicago, 69-57.
    50 feared trapped as Madhya Pradesh hotel collapses

    50 feared trapped as Madhya Pradesh hotel collapses

    Three people killed and two were injured after a four-storey building collapsed near Sarwate bus stand in Indore on Saturday. Madhya Pradesh chief minister Shivraj Singh Chouhan tweeted his condolences and said: "We are monitoring the rescue effort".
    Wall Street ends week higher but posts monthly loss

    Wall Street ends week higher but posts monthly loss

    Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc . USA stocks rose on Thursday as technology shares recovered some lost ground in a roller coaster week for Wall Street .
  • Bill Cosby trial judge delivers two big victories to defence

    Bill Cosby trial judge delivers two big victories to defence

    A second large group of potential jurors was also brought in Tuesday, in case the sides ran out of jurors from the first group. The judge in Cosby's retrial ruled that his lawyers can call a witness who says his accuser talked about framing a celebrity.
    Samsung's Upcoming Flagship Smartphone Galaxy Note 9 Could Launch In July

    Samsung's Upcoming Flagship Smartphone Galaxy Note 9 Could Launch In July

    However, it doesn't match the might of 4,000 mAh battery being hosted by the likes of Huawei P20 Pro or Huawei Mate 10. Therefore this early production could likely hint that we get to see the Note 9 release earlier than expected.
    Google shuts down Google URL Shortener goo.gl

    Google shuts down Google URL Shortener goo.gl

    In the meantime the service will continue to operate and users can still create short links until the 30th of March, 2019. Notably, Google's URL Shortener service was launched for its Toolbar and FeedBurner , both of which have been shut down.