25
Saturday
May 2019
8:53 AM IST
News Headlines
Day after BJP''s massive victory, all eyes now on govt formation        Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls        Surat: 19 students die as fire engulfs commercial complex        Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7        Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8        Nadal, Federer set up potential semifinal at Roland Garros        India, New Zealand seek tune-up in warm-up clash        Federer, Nadal threaten Djokovic bid for historic Slam        Uncertainty over Serena fitness, Osaka form at Roland Garros        Sensex, Nifty hit record highs as early trends hint at NDA win        Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome        Chinese man guilty of defrauding Apple out of 1,500 iPhones        US aviation regulator says Boeing hasn't submitted 737 MAX fix        Indian among 18 people arrested in Nigeria for illegal bunkering        US-Japan vision for Indo-Pacific serves as foundation for global partnership: White House        Rahul elected from Wayanad LS seat        Will approach party high command against Sidhu: Amarinder Singh        Amit Shah wins Gandhinagar seat by margin of 5.57 lakh votes        People of India decided Narendra Modi as PM, I fully respect it: Rahul Gandhi        BJP set to return to power as Modi wave sweeps most of India        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
China hikes tariff on US products; says will not succumb to Trump''s pressure tactics
 
Beijing/Washington: China on Monday retaliated against the US imposing additional tariffs and vowed that it will "never surrender to external pressure" after President Donald Trump warned his Chinese counterpart Xi Jinping that Beijing "will be hurt very badly" if he did not strike a deal with America. As the two trading giants and top economies were locked in a bruising trade war, President Trump on Monday warned the Communist giant not to impose retaliatory tariffs on American products.

After the near collapse of trade talks with China last week, Trump on Friday imposed punitive duties on USD 200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent, and asked for a similar increase on tariff on the rest of the Chinese import of over USD 300 billion. In the latest escalation of the trade war, the Chinese Ministry of Finance said tariffs on USD 60 billions of US exports to China would rise by "25, 20 and 10 per cent" respectively. Products that were taxed at five per cent would not be affected. The ministry said Beijing''s move was "a response to unilateralism and trade protectionism."

"China hopes the United States will return to the right track of bilateral trade negotiations, work together with China and meet China halfway to reach a mutually beneficial and win-win agreement on the basis of mutual respect and equality," the ministry said in a statement coinciding with the opening of US stock markets. 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 per cent, while the broad-based S&P 500 also fell 1.8 per cent and the Nasdaq shed 2.3 per cent. Markets in Europe were also depressed by latest round of tit-for-tat tariffs, with London''s FTSE 100 down about 0.5 per cent, while the main indexes in Frankfurt and Paris were more than 1 per cent lower.

The benchmark Shanghai Composite Index lost 1.21 per cent, or 35.50 points, to close at 2,903.71. The Shenzhen Composite Index, ended 1.08 per cent lower, or 16.87 points, at 1,551.75. The Trump administration, which has accused China of backtracking on previous trade commitments, sought to turn up the pressure on Beijing after months of talks failed to produce a breakthrough. President Trump on Monday used his Twitter handle to criticise China. "China should not retaliate - will only get worse!" he tweeted. "I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don''t make a deal because companies will be forced to leave China for other countries," he said. "Too expensive to buy in China. You had a great deal, almost completed, & you backed out!" Trump said ramping up his remarks against Beijing after the collapse of trade negotiations with China. "There will be nobody left in China to do business with.

Very bad for China, very good for USA! But China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job). "Therefore, China should not retaliate-will only get worse!" Trump warned. In Beijing, the Chinese Foreign Ministry too reacted to Trump''s threats. Asked about Trump''s threat to impose tariffs on all Chinese imports which totalled to USD 539.5 billion last year after the just concluded 11th round of talks in Washington failed to make head way to end the trade war between the top countries, Foreign Ministry spokesman Geng Shuang said "we have repeatedly stated that raising tariffs won''t any problem."

"China will never succumb to external pressure. We are determined and capable to safeguard our legitimate rights and interests," he said. "We still hope that the US will meet halfway and try to solve the issues between us on the basis of mutual respect, equality and mutual benefit. This is in line with both sides interests and is the aspiration of the international community," he said. China''s top trade negotiator Liu He has said that talks would continue in Beijing at an unspecified date. White House economic advisor Larry Kudlow said on Sunday that Trump and Chinese President Xi could meet next month on the sidelines of the G20 summit in Japan to sort out their differences on trade. But Geng did not confirm the likely meeting between Trump and Xi at the G20 meeting.

Trump has been demanding that China reduce the massive trade deficit which last year climbed to over USD 539 billion. He is also pressing for verifiable measures for protection of intellectual property rights, technology transfer and more access to American goods to Chinese markets. Earlier, the ruling Communist Party of China''s mouthpiece the People''s Daily in a front page editorial said Beijing wants to settle its differences with the US, but warned that it will not change its system and can weather a lengthy stand-off. "The US cannot control China, and it is even less likely that it can deter China''s development," it said.

It has warned the US to not to miscalculate China''s strength saying that Washington risks making "mistake after mistake." Chinese officials say while China is willing to import more and provide access to US goods, Beijing is finding it hard to agree to Trump''s demand for intrusive inspections to enforce Intellectual Property Rights which China failed to curb so far.


Sensex, Nifty hit record highs as early trends hint at NDA win
Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome
Chinese man guilty of defrauding Apple out of 1,500 iPhones
ILFS crisis: ED conducts fresh raids in Mumbai
Tata Motors shares fall 7 pc post quarterly results
Indices off record highs; Sensex trips 383 pts on profit-booking
Uber partners with ICC for Men''s cricket World Cup 2019
Markets soar in early trade; Sensex zooms 942 points, rupee gains 79 paise
Exports grow marginally, imports up 4.5pc in Apr
Jet Airways crisis: CEO, Deputy CEO resign
Demonetisation: ED attaches over Rs 2 crore assets in Axis Bank PMLA case
Andhra Bank net loss down by 51.34pc in Q4
Imminent crisis in NBFC sector: Corp Affairs Secy
China : Volvo to recall over six thousand cars
Pak to continue talks with IMF on bailout over weekend
Chinese envoy says trade talks with US have not broken down
Amazon's Bezos unveils lunar lander project 'Blue Moon'
UPL announces 26.75 pc stake buy in Allfresh
SBI reports net profit of Rs 838 cr in Mar 2019 quarter; trims bad loan ratio
HCL Tech profit stands at Rs 2,568 cr in Q4
KERALA NEWS
Rahul elected from Wayanad LS seat
 Thiruvananthapuram: Congress president Rahul Gandhi was Thursday declared elected from the Wayanad L  
LS polls candidate attacked in Kerala
Two women abort their plan to enter Lord Ayyappa temple Sabarimala
Kerala CM meets CEOs of leading business firms in Switzerland
INTERNATIONAL NEWS
Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7
 London: An embattled Theresa May announced Friday that she would resign as the UK''s Conservative le
Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8
US aviation regulator says Boeing hasn't submitted 737 MAX fix
Indian among 18 people arrested in Nigeria for illegal bunkering
NATIONAL NEWS
Day after BJP''s massive victory, all eyes now on govt formation
 New Delhi: As the BJP swept to power with a spectacular performance for a second term, all eyes are
Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls
Will approach party high command against Sidhu: Amarinder Singh
Amit Shah wins Gandhinagar seat by margin of 5.57 lakh votes
Untitled Page
Rashtra Deepika LTD
Copyright @ 2019 , Rashtra Deepika Ltd.