World markets dipped as there was no clarity on when the trade war between the two countries would end. Amid a 90-day tariff truce between China and the United States since December, the three-day talks ended on Thursday with Beijing promising to import a large number of American products and services, reported CNBC. China has pledged to “purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States,” said th
With just about two months left before a deadline for a new trade deal, Washington and Beijing are launching two-day talks to end the intense tariff war raging between the nations as major US companies’ stocks plummet. American and Chinese delegates face each other on Monday in Beijing, with both sides expressing optimism before the meeting. US President Donald Trump said that negotiations are going “very well,” echoing his previous statements that “big progress” was being ma
The World Trade Organisation (WTO) has agreed to establish dispute settlement panels (DSP) to hear complaints from a number of countries over new US steel and aluminium tariffs, as well as those from Washington over retaliatory duties. The WTO Disputes Settlement Body agreed to establishing the panels on Wednesday (21 November). These will rule on whether retaliatory duties imposed by Canada, China, the European Union (EU), and Mexico break WTO rules. These duties include US-
MEXICO CITY (Reuters) - Cabinet ministers from the United States, Mexico and Canada will sign a new trade agreement on Nov. 30, Mexico's economy minister said on Thursday. The deal will be signed in Buenos Aires, Argentina, the Mexican Economy Minister Ildefonso Guajardo told reporters at an event in Mexico City. Argentina is hosting the G20 international forum for governments and central bank governors. It was yet to be determined whether the presidents and prime minister wi
US Customs and Border Protection (CBP) has warned that a duty suspension signed off by President Donald Trump last month will not supersede the China import tariffs. The Miscellaneous Tariff Bill (MTB) Act temporarily cuts or eliminates import tariffs until December 2020 on articles such as chemicals, footwear, textiles, toasters, and roughly 1,660 other items that are not made in the US. The 2018 MTB covers two apparel items: Babies' woven apparel of linen; and men's or boys
Target is among the hundreds of retailers and other companies pushing back against the new tariffs. U.S. Trade Representative Robert Lighthizer has received almost 6,200 comment letters on the tariffs so far. A coalition of roughly 300 retailers — including Kohl's, L.L. Bean, the Gap, Macy's and Under Armour — signed on to a letter strongly opposing the tariffs. Target is "deeply troubled" by the Trump administration's escalating trade war, saying it threatens to undermine th
China will levy tariffs on about $60 billion (53.39 billion pounds) worth of U.S. goods in retaliation for new U.S tariffs, as previously planned, but has reduced the volume of tariffs that it will collect on the products. The tariff rates will be levied at 5 and 10 percent, instead of the previously proposed rates of 5, 10, 20 and 25 percent, the Finance Ministry said on its website late on Tuesday.
China will impose a 10 percent tariff on U.S. products it previously desig
The Trump administration’s latest round of tariffs on Chinese goods kicked in Thursday, drawing immediate retaliation from Beijing. The new exchange of fire in the trade war between the two economic superpowers comes as officials from both countries hold talks in Washington over the dispute. The United States imposed 25% tariffs on another $16 billion of Chinese goods just after midnight ET Thursday — midday in Beijing. The tax affects 279 Chinese products, including chemical
President Donald Trump said Tuesday night that the U.S. would slap a 25 percent tariff on cars coming from the European Union. The president's statement came hours after The Wall Street Journal reported that Commerce Secretary Wilbur Ross said he had postponed an August timeline to publish a report on auto tariffs. "We're going to put a 25 percent tax on every car that comes into the United States from the European Union," Trump said at a campaign rally in West Virginia. Pres
In a statement from the Office of the United States Trade Representative (USTR) today (8 August), the US said the second tranche of additional tariffs under Section 301 is part of its response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property. It follows the first tranche of tariffs on about $34bn of imports from China, which went into effect on 6 July. The list contains 279 of the original 284 tariff lines tha
China has announced plans to put tariffs of up to 25% on US products worth $60 billion, the latest salvo in an escalating trade war. The Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods. "In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade fricti
Indicating a u-turn in their trade relations, the United States and the European Union have agreed to launch a new phase in their relationship, including working together toward zero tariffs. The decision was taken during a meeting between US President Donald Trump and the President of the European Commission Jean-Claude Juncker in Washington, D.C. US-EU trade relations in recent months had soured after the US imposed tariffs on steel and aluminium imports, which was retaliat
> >Trump has now threatened to impose tariffs on all US$500bn of imported goods from China. >> The warning, along with his repeated complaints about rising interest rates, sent the US dollar falling against major currencies.
A group representing US apparel and footwear brands and importers has accused President Donald Trump of using the American consumer as a pawn in his trade conflict with China – after the US leader threatened to impose tariffs on all US$500bn of import
European officials are considering holding talks on a tariff-cutting deal between the world’s largest car exporters, according to the Financial Times. Trump threatened to impose a 20 percent on all car imports from the EU sending shares. The EU had threatened retaliatory tariffs. European officials are considering holding talks on a tariff-cutting deal between the world’s largest car exporters to prevent an all-out trade war with the U.S., according to the Financial Times who
BEIJING (Kyodo) -- China and the European Union agreed Monday to work in tandem to tackle trade protectionism, with U.S. President Donald Trump starting to impose higher tariffs on imports from those areas in a bid to protect domestic firms. "Both sides agree to firmly oppose unilateralism and protectionism and prevent such practices from impacting the world economy or even dragging the world economy into recession," China's State Council Vice Premier Liu He said in a speech.