China slaps new tariffs on US

[SIZE=7][B]China retaliates with tariffs on $75 billion of US goods[/B][/SIZE]
Yong Xiong and Victoria Cavaliere, CNN Business
Updated 12:14 PM ET, Fri August 23, 2019

Beijing (CNN)The US-China trade war ratcheted up yet again on Friday, with Beijing unveiling a new round of retaliatory tariffs on about $75 billion worth of US goods.
China will place tariffs of 5% or 10% on US imports starting on September 1st, according to a statement posted by China’s Finance Ministry.

The Ministry also announced plans to resume tariffs on US imports of automobiles and automobile parts. The tariffs would be 25% or 5%, and would take effect on December 15th. The new tariffs will target 5,078 products, including soybeans, coffee, whiskey, seafood and crude oil.

Last week, China said it would take countermeasures after the United States announced it would impose 10% tariffs on Chinese imports worth $300 billion.

The United States postponed the implementation of about half of those tariffs, which will cover several categories of Chinese-made consumer goods, until December. They had been due to take effect in September.

China’s announcement sparked an angry response from US President Donald Trump on Twitter. Trump said he will be responding to China “this afternoon.”
“We don’t need China and, frankly, would be far better off without them,” Trump wrote. He also “ordered” American companies “to immediately start looking for an alternative to China.”

US markets, which had struggled for direction earlier in the day, dropped on the comments. The Dow was down as much as 400 points, or 1.6%, in late morning trading.
The US Trade Representative’s office did not immediately comment on China’s tariffs announcement.

The move comes amid indications the ongoing trade war is having an impact on the world’s two largest economies. Industrial production in China — an important indicator for the country’s economy — grew just 4.8% in July compared to a year earlier, according to China’s National Bureau of Statistics. That’s the worst growth for that sector in 17 years.

American factories are also contracting for the first time in a decade and red lights are flashing in the bond market, where the yield curve has inverted. Such inversions, where the 10-year Treasury yield dips below the two-year Treasury rate, are historic predictors of a coming recession.

The US Chamber of Commerce, which represents the interests of more than 3 million businesses, called on China and the United States to “get back to the table” to discuss issues important to both sides, including intellectual property and market access.

“Today’s Chinese retaliation is unfortunate, but not unexpected. The fact of the matter is that nobody wins a trade war, and the continued tit-for-tat escalation between the U.S. and China is putting significant strain on the U.S. economy, raising costs, undermining investment, and roiling markets,” the statement said.

–CNN Business’ Matt Egan contributed to this report

U.S ni wajinga sana. Wanadhani China ni Kenya ati wataimolest hivi hivi. China is a juggernaut. China apan tambua xhieth

Wacha @patco akuje saa hii tu. Kwanza companies have been ORDERED by his excellency Trump to take business back to the USA. The truth is that nobody wins in a trade war.

@Nattydread posted it. @patco followed hot on his heels.
And now you…
Why do you ‘Americans’ think we do not watch or read ‘news’?

Hauskii hata staff member ameweka same story. Labda hata yeye anaishi U.S … who knows.

Am really hating all these…the world economic recession has already hit most economies… Consumption is down, cost of importation is at it’s highest I have ever seen. I have nothing to do with the two countries but we’re being hit the most…fwak! Them!

Kaende kuenda sana

I’s hard to know who will come out as the winner. US is really pressuring the Chinese but China also no saint either. I think somewhere along the way they will come up with an agreement or either we will witness an economic crisis where either China or the US will be a victim. China could win but you never know what the Americans are capable of especially with uncle sam who’s willing to do anything to win. The trade war is bad for Trump esp now that he is campaigning for re-election but could be catastrophic for the Chinese Communist party. For the US the worst is Trump loosing the re-election considering that America is democratic with a very vibrant private sector. In China Xi rules with an iron fist and has consolidated power more than ever through his communist party. Also most of the companies are state owned. If the trade war leads to economic meltdown around the world demand will be at the lowest and considering China dependence on exports it would be suffer the most.

Over a year ago, I foresaw this and tried to convince Kenyans that Trump is going to damage the world economy in very fundamental ways. KTalkers, led by ‘the usual suspects’ dismissed me as uneducated and a blithering liberal who likes gay-loving Obama and “abused” HRC.

The fact is that the world is a village (so the saying goes) and what happens in the largest consumer economy in the world will inevitably affect the rest of the world. If the economy is led by a dunderhead, brace yourselves! (and start saving.) The storm is coming.

PS: I should qualify this by including NattyDread and and a few others who could see it coming too. We were dismissed though.

China can’t lose. The savings rate in China is one of the highest in the world.

Top 10 Countries That Save the Most:
[li]1. Singapore[/li][li]2. Suriname[/li][li]3. China[/li][li]4. Nepal[/li][li]5. Philippines[/li][li]6. Mauritania[/li][li]7. Ireland[/li][li]8. Republic of Korea[/li][li]9. Bangladesh[/li][li]10. Switzerland[/li][/ul]
[SIZE=5]3. China[/SIZE]
China, with average GDP growth of 10% per year, is one of the largest economies in the world. Its GDP of $12.238 trillion and savings rate of [B]47% [/B]in 2017 rank this Asian behemoth No. 3 among the 170 countries monitored by the World Bank.

The US savings rate is 8.1%.

The trade war is between the largest consumer economies vs one of the highest suppliers economies. If it comes down to a knuckle fight, China can always lower it’s prices and attract other markets while the USA cannot substitute its suppliers. The USA is up shit creek without a paddle.

alternative to china:D:D 2billion little yellow ninjas… trump is a dumbass

Many saw that, it was even demonstrated in the southpark series.

Who is that in No. 2?

South America


Is Africa prepared? This will be virgin markets that China will be angling to tap. Imagine African countries supplying China with over $300 billion dollars worth of agricultural produce.

Africa does not even produce enough for itself. Now africa should be angling to attract American corporations who might just start moving out of China.

Africa produces more than enough food. The problem is poor land use. And lots of wastage. If we can solve these issues we can feed the entire world. And another big issue is Western subsidizes which make it tough on the African farmers to supply global markets. So this little American trade war is the opportunity African markets have been seeking into tapping the Chinese markets.

America isn’t doing what it did to China again. African countries have been boxed into AGOA. If we start demanding more then lots of restrictions

i wouldnt be surprised tilambu made a raid on little china pale ameruka:D:D:D:D