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Media Report
July 11 , 2018
  • CNN reports: "The Trump administration is preparing another round of tariffs on Chinese goods worth $200 billion, ramping up the US-China trade war. Trade Representative Robert Lighthizer on Tuesday released a list of thousands of additional goods that could face 10% tariffs after a public comment period. It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves. The move comes after the United States imposed 25% tariffs on Chinese goods worth $34 billion last Friday. Beijing immediately responded with its own tariffs on US goods worth $34 billion. Tuesday's action makes good on a threat President Donald Trump made last month. He directed Lighthizer to identify $200 billion in Chinese goods for tariffs if China retaliated against US penalties that are meant to punish the country for intellectual property theft."
  • The New York Times reports: "President Trump's escalating trade war with China rattled global markets on Wednesday. China led a market tumble in Asia and Europe, with stocks there finishing the day down nearly 2 percent, after the Trump administration threatened to impose new tariffs on Chinese goods. Stocks in Japan and South Korea also fell, though by less. In Europe, there was a broad sell-off across markets by late morning, with major markets down more than 1 percent. Companies with China exposure were among the worst hit. On Wall Street, which saw a rally on Tuesday, futures were trending downward, giving a glimpse of how markets in the United States could open on Wednesday morning. China's currency was also hit by selling."
  • Bloomberg reports: "U.S. President Donald Trump is pushing his trade conflict with China toward a point where neither side can back down. By Aug. 30, as the U.S. nears mid-term elections vital for Trump's legislative agenda, the White House will be ready to impose 10 percent tariffs on $200 billion of Chinese-made products, ranging from clothing to television parts to refrigerators. The levies announced Tuesday -- together with some $50 billion already in the works -- stand to raise import prices on almost half of everything the U.S. buys from the Asian nation. China has seven weeks to make a deal or dig in and try to outlast the U.S. leader. President Xi Jinping, facing his own political pressures to look tough, has vowed to respond blow-for-blow. He's already imposed retaliatory duties targeting Trump's base including Iowa soybeans and Kentucky bourbon."
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