Robert Scott, economist, says fears over Donald Trump tariffs overblown

Salam Bin Mohammed 24 was first in the queue for the new iPhone 8 at Apple’s Regent Street store in London last September. Analysts will be watching to see if demand is as strong for new models this year

Robert Scott, economist, says fears over Donald Trump tariffs overblown

China will not buckle to U.S. demands in any trade negotiations, said the state-run China Daily newspaper on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.

The trade war has already contributed to sell-offs in China's stock markets and currency.

The two governments have imposed 25 percent tariffs on $50 billion of each other's goods.

Officials from both countries have met four times for formal talks, most recently in August, when Treasury's undersecretary for global affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen.

Every year, the US imports $500 billion worth of goods from China, while it ships only one-third of that amount to the East Asian country.

"If nearly a half of American companies anticipate a strong negative impact from the next round of USA tariffs, then the US administration will be hurting the companies it should be helping".

Even Mr. Scott said the tariffs have failed to accomplish Mr. Trump's stated goal of forcing better trade deals, notably with China, and reducing the US trade deficit.

China has also warned it could unleash "qualitative" measures, which USA business groups have interpreted as more burdensome regulations, stalled visas and other red-tape headaches.

"The Trump administration should not be mistaken that China will surrender to the USA demands".

In addition to retaliatory tariffs, companies report China is slowing down customs clearances and stepping up inspections and other bureaucratic processes, the chambers said.

Explosions damage so many homes 'you can't even see the sky'
In nearby Methuen, police chief Joseph Solomon said 20 to 25 homes were on fire in Lawrence when he responded to help. There were 38 fires in Andover alone and at the peak of the incident, 18 fires were burning at the same time.

White House claims no decision made on Donald Trump Ireland visit
Scientists say those threats are the outcome of something for which Trump has firmly rejected government planning: climate change. Trump was expected to visit Dublin and his Dooberg golf resort in County Clare during his now-in-question visit.

Former Trump manager Manafort to plead guilty in Mueller probe: court documents
The developments were first reported by ABC News, which said details of the deal would be announced in court on Friday. Former Trump campaign chairman Paul Manafort has agreed a plea deal to avoid a second trial, USA media report.

Both countries are set to return to the table with the threat of new USA tariffs looming.

His first round of tariffs this summer hit US$50 billion in Chinese products like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at United States soybeans, autos and other farm goods.

Before his meeting on Thursday, Trump boasted on Twitter that he has the upper hand in the trade feud with Beijing and feels "no pressure" to resolve the dispute.

"Tariffs are already negatively impacting USA companies and the imposition of a proposed $200 billion tranche will bring a lot more pain", Eric Zheng, chairman of the American Chamber of Commerce in Shanghai, said Thursday in a statement.

The unpredictability around the trade fight is hampering investment decisions as investors need stability to make sound decisions, Beebe said.

China has threatened retaliation, which could include action against U.S. companies operating there.

About 30% of firms said they were shifting parts of their supply chains away from China and the United States to buy components from other places.

The survey released Thursday by the European Union Chamber of Commerce in China polled almost 200 European firms doing business in China and found 17% are delaying investment or expansion plans.

Chinese funded publications and news agencies around the world continue to insist that the trade war's impact on the Chinese market is insignificant, but the numbers and the statements of China's leadership tell a different tale.

Latest News