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Is Trump escalating the US trade war with China with shock tariffs or is he simply posturing?

Just as we thought the United States and China had reached an extended truce in the trade war, another surprise move by US President Donald Trump – vowing to impose 10 per cent tariffs on another US$300 billion of Chinese goods – sent shock waves across global markets.On Tuesday, the US government said it would delay till December 15 plans to impose new tariffs on certain products while removing some products from the tariff list altogether.Meanwhile, Trump has ordered the Treasury to label… Source link

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Stocks blog: Markets expected to rally as Trump delays some tariffs

It is not every day that US President Donald Trump lightens the mood. But amid the gloom that has descended on Hong Kong amid an escalation in protests, a delay in tariffs on some items until December 15 announced overnight could be welcomed – and even embraced by some sections of the markets. It should not come as a surprise that US markets all closed higher overnight. The S&P 500 rose 1.48 per cent, the Nasdaq was up 1.95 per cent and the Dow Jones Industrial Average gained 1.48 per…

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Global 

Donald Trump’s ‘real threat’ of Vietnam tariffs sends ripples of anxiety through Southeast Asian nation

Steven Yang had been considering moving his mattress factory from China’s manufacturing heartland of Guangdong to Vietnam for some years, because despite increasing the salary of his 50 workers every year, his staff kept leaving.Yang’s company, Foshan Jietai Furniture, exports to the United States, European Union, Canada, Hong Kong, Australia and other parts of Asia. He had been focused on increasing his exports to America, but these plans were devastated when US President Donald Trump imposed… Source link

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China 

US rushes to ready new China tariffs as firms say Donald Trump’s decisions ‘made with a tweet’ leave them no time to plan

The Trump administration is rushing to finalise a list of US$300 billion in Chinese imports it plans to hit with tariffs in a few weeks’ time, as US companies make a last-ditch appeal to be spared from the latest round of duties.US President Donald Trump’s announcement last week on adding a 10 per cent tariff as of September 1 to virtually every Chinese import that is not yet subject to punitive duties took US Trade Representative Robert Lighthizer by surprise, people familiar with the… Source link

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China currency move, US tariffs an ‘unwanted escalation’ in dispute, says Australia

Australia has called on the US and China to negotiate a resolution to their economic conflict, with Treasurer Josh Frydenberg describing the introduction of currencies into the dispute as an “unwanted escalation”.In a television interview on Wednesday, Frydenberg avoided answering a question on whether the US was right to brand China a currency manipulator.“It’s not for Australia to say which side is right and which side is wrong,” he said. “What Australia wants is for the international rules… Source link

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Global 

Donald Trump could be ‘laying groundwork for more tariffs’ by labelling China a currency manipulator

The decision by the United States government to label China as a “currency manipulator” offers the White House greater scope to act unilaterally against Beijing, which could lead to a further escalation of trade war tariffs, analysts said.The US Treasury made the announcement – which sent global markets into a tailspin – after the Chinese yuan depreciated below 7 to the US dollar on Monday for the first time since 2008, saying that the devaluation gave China an “unfair competitive advantage in… Source link

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Money 

Japanese companies join manufacturers’ mass exodus from China’s factories as US tariffs on made-in-China products bite

Top Japanese companies including Sony, Ricoh and Asics are orchestrating shifts in production away from China, joining manufacturers from other countries seeking to sidestep US tariffs.Sony said last week that trade-war levies may cause it to raise prices or move production of PlayStation consoles, cameras and projectors outside China, steps that could affect profit for the year ending March by about 10 billion yen (US$94 million).Ricoh, which got about 28 per cent of revenue from the Americas… Source link

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Trade between US and China tumbles in first half of year, data shows, a victim of tariffs

The total value of bilateral trade between the United States and China dropped by nearly 14 per cent in the first half of the year versus the same period in 2018, data from the US Commerce Department showed on Friday.The change is a clear effect of the trade war between the world’s two largest economies, analysts say.In the first six months of the year, adding exports and imports as a measure of total trade between the US and China, the total amount of goods exchanged was US$271 billion versus… Source…

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Global 

Steven Mnuchin wanted to warn China of new tariffs, but Donald Trump said no

US President Donald Trump ruled out giving Beijing advance notice of his intent to slap a new 10 per cent tariff on US$300 billion in Chinese goods in an Oval Office meeting before he announced the duties, according to several people familiar with the discussion.During the meeting, Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer briefed Trump on their talks in Shanghai this week with their Chinese counterparts.While the White House called the talks “constructive”… Source link

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