MAST GUARDING

China hits back in trade war with US

China has said it will impose tariffs on $60bn (£46bn) of US goods from 1 June, extending a bilateral trade war.

The move comes three days after the US more than doubled tariffs on $200bn of Chinese imports.
Earlier, US President Donald Trump denied that US consumers would pay for higher tariffs on Chinese imports and warned China not to follow suit.
But Beijing said it would not swallow any “bitter fruit” that harmed its interests.
China has raised tariffs on more than 5,000 US products, with the new rates ranging from 5% to 25%.
The move was announced in a statement by the Tariff Policy Commission of China’s cabinet, the State Council.
Chinese foreign ministry spokesman Geng Shuang told a news briefing in Beijing that China would “never surrender to external pressure”.
US markets reacted badly to the move. Within minutes of opening, the Dow Jones Industrial Average was down more than 460 points, or 1.8%, while the broad-based S&P 500 also fell 1.8% and the Nasdaq shed 2.3%.
Markets in Europe were also depressed by latest round of tit-for-tat tariffs, with London’s FTSE 100 down about 0.5%, while the main indexes in Frankfurt and Paris were more than 1% lower.
“China should not retaliate – will only get worse!” Mr Trump tweeted shortly before news of the Chinese decision came.
Mr Trump also said China had “taken so advantage of the US for so many years”.
He added that US consumers could avoid the tariffs by buying the same products from other sources.
“Many tariffed companies will be leaving China for Vietnam and other such countries in Asia. That’s why China wants to make a deal so badly!” he said.
The US argues that China’s trade surplus with the US is the result of unfair practices, including state support for domestic companies. It also accuses China of stealing intellectual property from US firms.
The latest round of US-Chinese trade negotiations ended in Washington on Friday without a deal.
Mr Trump’s approach in the dispute has put him at odds with his own top economic adviser, Larry Kudlow, who has said “both sides will suffer”.
Source: bbc.co.uk

US/China trade tariffs.
US/China trade tariffs.

Share this article

Facebook
Twitter
LinkedIn
intel reports

Security and Risk Report 21/12/22

MAST’s security report issue 359 is available to read now. In the UK, the government has announced details of “Martyn’s Law”, which will require UK

Read More »

Contact MAST Guarding

PHONE

24/7 Control room:
0207 9380921

EMAIL

protection@mast-security.com

ADDRESS

Third Floor, 1 St Andrew’s Hill, London, EC4V 5BY 

Get in touch

Main Office: +44 (0) 1279 216726

Risk Consulting
Email: Riskconsulting@mast-security.co.uk
Call: +44 (0) 1279 874 528

Physical and Asset Security
Email: Protection@mast-security.com
Call: +44 (0) 1279 874 529

Security Systems
Email: Technology@mast-security.com
Call: +44 (0) 1279 874 521

Maritime Security
Email: Operations@mast-security.co.uk
Duty Manager: +44 (0) 7827 359132
24/7 Emergency Telephone+44 (0) 1202 045 833

Mast logo icon

Get in touch

Main Office: +44 (0) 1279 216726

Risk Consulting
Email: Riskconsulting@mast-security.co.uk
Call: +44 (0) 1279 874 528

Physical and Asset Security
Email: Protection@mast-security.com
Call: +44 (0) 1279 874 529

Security Systems
Email: Technology@mast-security.com
Call: +44 (0) 1279 874 521

Maritime Security
Email: Operations@mast-security.co.uk
Duty Manager: +44 (0) 7827 359132
24/7 Emergency Telephone+44 (0) 1202 045 833