African agribusiness market expected to reach $1tr by 2030    Price cuts underway across Egypt, says trade federation report    Egypt sets $12bn target for ready-to-wear garment exports by 2031    Egypt's PM reviews plan to slash prices across key consumer goods    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US tariffs take effect, China announces retaliation
Published in The Egyptian Gazette on 06 - 07 - 2018

BEIJING, July 6, 2018 (News Wires) - The United States and China hiked tariffs Friday on billions of dollars of each other's goods, launching what Beijing called the "biggest trade war in economic history" in a spiraling dispute over technology.
The Trump administration is confronting Beijing over development tactics it says include stealing or pressuring foreign companies to hand over technology. American officials worry Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence will erode US industrial leadership.
Washington imposed 25 per cent duties on $34 billion of imports from China in the first in a possible series of increases that President Donald Trump says could affect up to $550 billion of Chinese goods.
The Chinese Foreign Ministry said "retaliatory tariffs" took effect. The Communist Party newspaper People's Daily said they were imposed on a $34 billion list of goods issued last month that included soybeans, pork and electric vehicles.
Washington has "ignited the biggest trade war in economic history," said a Commerce Ministry statement.
Companies worry the spiraling dispute could chill global economic growth. Chinese exporters have reported US orders fell off ahead of the tariff hike. But Asian financial markets took Friday's developments in stride.
Japan's main stock index, the Nikkei 225, gained 1.1 percent while the Shanghai Composite Index added 0.5 per cent. Hong Kong's Hang Seng also rose 0.5 per cent.
The conflict between the world's two biggest economies reflects chronic tension in their relationship as customers, business partners and increasingly as competitors. It also is rooted in the clash between American notions of free trade and Beijing's state-led development model.
China's ruling Communist Party has insisted on making changes at its own pace while sticking to state-directed technology development seen as the path to prosperity and global influence.
Beijing has announced reforms this year including ending limits on foreign ownership in its auto industry, but none directly addresses complaints that are fueling its conflict with Washington.
On Thursday, Trump said higher tariffs on an additional $16 billion in Chinese goods were set to take effect in two weeks.
After that, the hostilities could intensify: Trump said Washington is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing does not yield.
That would bring the total of targeted Chinese goods to $550 billion - more than the $506 billion in goods that China shipped to the United States last year.
Chinese officials reject accusations they steal or force foreign companies to hand over technology. But rules on auto manufacturing and other industries do require companies to work through state-owned partners, obliging them to share know-how with potential competitors.


Clic here to read the story from its source.