China strikes back at U.S. with new tariffs on $75 billion in goods
By Se Young Lee and Judy Hua BEIJING (Reuters) - China said on Friday it will impose retaliatory tariffs against about $75 billion worth of U.S. goods, putting as much as an extra 10% on top of existing rates in the dispute between the world's top two economies. The latest salvo from China comes after the United States unveiled tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on Sept.
By Se Young Lee and Judy Hua
BEIJING (Reuters) - China said on Friday it will impose retaliatory tariffs against about $75 billion worth of U.S. goods, putting as much as an extra 10% on top of existing rates in the dispute between the world's top two economies.
The latest salvo from China comes after the United States unveiled tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on Sept. 1 and Dec. 15.
China will impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States including agricultural products such as soybeans, crude oil and small aircraft. China is also reinstituting tariffs on cars and auto parts originating from the United States.
"China's decision to implement additional tariffs was forced by the U.S.'s unilateralism and protectionism," China's Commerce Ministry said in a statement, adding that its retaliatory tariffs would also take effect in two stages on Sept. 1 and Dec. 15.
The White House and U.S. Trade Representative's office did not immediately respond to Reuters' request for comment on China's latest tariffs.
Though Chinese and U.S. trade negotiators held another discussion earlier in August, neither side appears ready to make a significant compromise and there have been no sign of a near-term truce.
The protracted dispute has stoked fears about a global recession, shaking investor confidence and prompting central banks around the world to ease policy in recent months. U.S. stocks fell on Friday on the news of China's tariffs, underscoring growth concerns.
In an interview on CNBC, Federal Reserve Bank of Cleveland President Loretta Mester said she viewed the Chinese retaliatory tariffs as "just a continuation" of the aggravated trade policy uncertainty that has begun weighing on American business investment and sentiment.
AGRICULTURE, AUTO SECTORS HIT
The knock-on effects of the U.S.-China trade dispute was a key reason behind the Fed's move to cut interest rates last month for the first time in more than a decade.
"It is unclear as things stand whether the U.S.-China trade negotiations will continue as planned in early September," said Agathe Demarais, global forecasting director at The Economist Intelligence Unit, in an e-mail statement.
"All eyes will now turn to the U.S. Fed to see whether Jerome Powell, the Fed Chairman, will react to these developments by accelerating rate cuts."
Among U.S. goods targeted by Beijing's latest tariffs were as soybeans, which will be hit with an extra 5% tariff starting Sept. 1. China will also tag beef and pork from the United States with an extra 10% tariff.
China is also reinstituting an additional 25% tariff on U.S.-made vehicles and 5% tariffs on auto parts that had been suspended at the beginning of the year. Carmakers such as Daimler and Tesla had adjusted their prices in China when the auto and auto parts tariffs had been suspended.
Ford, a net exporter to China, said in a statement it encouraged the United States and China to find a near term solution.
"It is essential for these two important economies to work together to advance balanced and fair trade," the company said.
White House trade adviser Peter Navarro told Fox Business News that trade negotiations with China would still go on behind closed doors.
(Reporting by Judy Hua, Min Zhang, Se Young Lee, Stella Qiu, Hallie Gu and Dominique Patton in BEIJING, Yilei Sun in SHANGHAI, Doina Chiacu andDavid Shepardson in WASHINGTON; Editing by Alison Williams)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Crispin Kyala KAMITUGA, Democratic Republic of Congo (Reuters) - Kinyenye Furaha passed out from shock when he realised a mine collapse in eastern Congo had buried more than 50 fellow miners including his brother, he said on Sunday, as the hunt continued for bodies two days after the disaster. Miners searching the site near the town of Kamituga in Democratic Republic of Congo have so far recovered 18 bodies, after heavy rains on Friday caused the artisanal gold mine to cave in, burying those working below ground.
By Tom Balmforth and Maria Tsvetkova MOSCOW/TOMSK (Reuters) - The ruling United Russia party looked set for an array of local election wins on Sunday, but was also on course for some setbacks as stricken Kremlin critic Alexei Navalny's supporters made rare gains in city politics in Siberia. The local elections were closely watched for signs of protest voting against the ruling party that backs President Vladimir Putin amid frustrations over years of falling wages and the government's handling of the pandemic. The votes also followed the suspected poisoning by a rare nerve agent of opposition politician Navalny who had promoted a tactical voting strategy to hurt United Russia and fielded dozens of candidates for city councils in Siberia
By Linda Sieg TOKYO (Reuters) - Japanese Chief Cabinet Secretary Yoshihide Suga, a longtime loyal aide of outgoing Prime Minister Shinzo Abe, was poised to win a ruling party leadership election on Monday, virtually ensuring that he replaces Abe this week in the nation's top job. Suga, 71, who has said he would pursue Abe's key economic and foreign policies, is expected to get the bulk of votes from 394 Liberal Democratic Party (LDP) lawmakers and is likely to win a majority of 141 votes from the party's local chapters.