Trump Ready To Ratchet Up China Trade War With More Tariffs - Report – Business News – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

Business News

Trump Ready To Ratchet Up China Trade War With More Tariffs – Report

Published

on

Trump Ready To Ratchet Up China Trade War With More Tariffs

U.S. President Donald Trump is prepared to quickly ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends next week, Bloomberg News reported on Thursday.

The White House declined comment on the Bloomberg report, which cited six unidentified sources, and deflated markets. The S&P hit session lows, and the U.S. dollar, Chinese yuan and U.S. Treasury yields also fell.

Trump has credited his electoral success to his hard line on trade, which he has argued hurts U.S. workers and favors foreign competitors. Washington is demanding Beijing improve market access and intellectual property protections for U.S. companies, cut industrial subsidies and slash a $375 billion trade gap.

READ:  AB InBev Told Indian Authorities About Cartel, Triggering Anti-trust Probe

The world’s two largest economies have already applied tariffs to $50 billion of each other’s goods in a tit-for-tat trade war. Talks aimed at easing tensions ended last week without major breakthroughs.

“So-called hardline, pressure-exerting methods of the U.S. side won’t work on China and are not helpful to resolving the problem,” Chinese foreign ministry spokeswoman Hua Chunying said on Friday when asked about the report.

READ:  Djibouti Commissions China-built Free Trade Zone

China’s position is to resolve the issue via pragmatic talks on an equal basis, which is what the international community wants to see, she added.

Washington’s new proposed 25 percent tariffs would affect consumer products including home building supplies, technology products, bicycles and apparel.

A public comment period on the proposal is set to end on Sept. 6, and Trump plans to impose the tariffs after that deadline, Bloomberg said.

Some sources said Trump had not made his final decision, the Bloomberg report said. Trump administration officials have been divided over how hard to push Beijing.

READ:  Honda Buys In To GM Cruise Self-driving Unit

Trump, who has threatened to impose duties on virtually all of the more than $500 billion of Chinese goods exported to the United States each year, told Reuters in an interview earlier this month that resolving the trade war with China would “take time” and that he had “no time frame” for ending it.

The report on Trump’s China stance coincides with U.S. negotiators pushing to hammer out a deal with Canadian counterparts to overhaul the North American Free Trade Agreement.

Business News

Boeing Shares Continue To Slide As Countries Ground 737 MAX Planes

Published

on

By

Boeing Shares Continue To Slide As Countries Ground 737 MAX Planes

Boeing shares have continued to slide on Tuesday as a growing list of countries move to ground the aircraft manufacturer’s 737 MAX model jets after the crash of an Ethiopian Airlines flight on Sunday killing a hundred fifty-seven persons.

READ:  Russia Becomes World Fifth Biggest Bullion Holders

Boeing’s stock price has fallen nearly twelve percent since the accident, erasing roughly twenty-eight billion dollars in value amid concerns the accident could have links to last October’s crash of a 737 MAX 8 operated by Indonesia’s Lion Air. A hundred eighty-nine persons died in that one.

READ:  'We'll Never Seize Zim Assets Despite The Country Failing To Settle Debt Arrears,' - China

Although experts warn that it’s too early to know what caused the Ethiopian Airlines crash, both crashes occurred shortly after takeoff. Experts say, that suggests a possible connection.

Bloomberg reports the Boeing 737 is the best selling aircraft in history.  The MAX is its newest version, with more fuel-efficient engines.  It is also generates almost one-third of the airline maker’s operating profit.

READ:  CBN Seek To Promote Naira Exchange Rate

Continue Reading

Business News

SA Banks Stop Supply Of US Dollars To Zimbabwe

Published

on

By

SA Banks Stop Supply Of US Dollar To Zimbabwe

South African banks have stopped supplying Zimbabwe with U.S Dollar notes saying they want to avoid risk. They cite Zimbabwe`s loss of a hundred correspondent banking relationships in the past few years because of the country`s high risk rating.

READ:  CBN Report Shows More Than N1 Trillion Decrease In Total Nigerian Treasury Bills

South African banks have been the major sources of U.S dollars for Zimbabwe since 2009.

Zimbabwe Reserve Bank Director, William Wanimanzi says the development is a result of the country`s failure to follow proper dollarization procedures, signs of which he said are now catching up with the country`s fragile economy. He said the country is not officially dollarized because it does not have an agreement with the United States government to use its currency. He says this will make it difficult to take in cash into the economy.

READ:  End Of Era Beckons As Sources Say Merkel To Give Up CDU Party Chair

Continue Reading

African News

Zimbabwe Central Bank Abandons Quasi Dollar

Published

on

By

Zimbabwe Central Bank Abandons Quasi Dollar

Zimbabwe Central Bank has abandoned the quasi dollar it introduced in 2016.  The peg of one Zimbabwe dollar to one US dollar has not worked as the black market rate has been in the range of three and a half to four Zimbabwe dollars to one U.S. dollar.

READ:  AB InBev Told Indian Authorities About Cartel, Triggering Anti-trust Probe

Economists say this move could lead to jitters in countries that hold the peg, including Saudi Arabia and Hong Kong.

Zimbabwe has long been dealing with currency instability that in 2009, it introduced the US dollar, euro, and the South African rand as legal tenders it thought would stem the wild round of hyper-inflation.

READ:  President Buhari In New York For UN General Assembly

Continue Reading

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: