How will the US-China trade war impact South Africa?

22 June, 2018, 17:46 | Author: Natasha Holloway
  • White House downplays China trade tensions as ‘dispute

Adding as much as £200m per year to the cost of consumer goods arriving in Britain from the USA, the measures came after Donald Trump imposed additional tariffs on imports of steel and aluminium shipped from the EU.

The spat comes amid a wider push by President Trump's administration to hit other countries with tariffs that would reduce the USA trade deficit.

"We've never seen anything like this", said Mary Lovely, a Syracuse University economist who studies global trade - at least not since countries tried to wall themselves off from foreign competition during the Great Depression.

"The unilateral and unjustified decision of the U.S.to impose steel and aluminum tariffs on the European Union means that we are left with no other choice", she said. This month, the President said that, by July 6, the United States will impose stiff 25 percent tariffs on several kinds of Chinese goods, worth an estimated US$34 billion - a figure that could rise as high as $200 billion if the list of goods is widened.

The European Union (EU) on Friday levied tariffs on estimated $3.2 billion worth of American goods, in retaliation for tariffs US President Donald Trump's tariff imposition on imported steel and aluminium.

The list also hits clothing along with bed linen and men's leather footwear, eye make-up and lipsticks, plus a host of steel products.

Xi told a gathering of foreign business executives that after "signs of stability and improvement in the world economy" past year, "we must also stay vigilant because. we have seen a surge of trade protectionism, isolationism and populism".

"Our response must be clear but measured".

Instagram Launches Youtube Competitor IGTV for Longform Videos
There are no ads on IGTV today, but that would be a "reasonable place to end up", Instagram CEO Kevin Systrom said at the event. Up until now, video uploads were limited to just one minute on Instagram, but IGTV extends that limit to an hour.

Earlier this month, Mexico imposed a series of tariffs on $3 billion worth of USA exports of pork, apples, potatoes, bourbon as well as different types of cheese.

Addressing the Irish parliament in Dublin, he added that "we will do what we have to do to rebalance and safeguard" the EU.

"The parties that will be most impacted are U.S. companies", he said. Analyst Bergqvist argued that his "main concern" over a trade war was the impact on stock markets - and the subsequent knock-on effect for the world economy. It is going to hurt the stock market.

Relations plumbed new depths at the recent G7 summit when Trump abruptly rejected the joint statement and bitterly insulted his Canadian host, Prime Minister Justin Trudeau.

"Also, it is frankly ridiculous that European Union steel is considered a threat to United States national security".

But US Assistant Secretary of State for European and Eurasian affairs Wess Mitchell said on Thursday that Trump's approach towards his allies was about "strategic renovation".

"We did everything we could to avoid this situation, but now we have no choice but to respond".

Recommended:

  • Oil Falls on Spiraling US-China Trade Dispute, Rising Output

    Oil Falls on Spiraling US-China Trade Dispute, Rising Output

    Non-OPEC members including Russia, Oman and Mexico also agreed to cut 558,000 bpd off their production to stabilise the market. Indeed, the single largest factor that could push prices down going forward would be a sizable increase in OPEC plus supply.
    Maurizio Sarri Tells Chelsea To Chase Gonzalo Higuain

    Maurizio Sarri Tells Chelsea To Chase Gonzalo Higuain

    I hope he can win something with Chelsea . "When a person like this comes to a new club, he needs time". At Napoli , we enjoyed so much the play and the supporters enjoyed so much too.
    Banned Blatter arrives in Russian Federation  for World Cup

    Banned Blatter arrives in Russian Federation for World Cup

    Speaking to Sky Sports News, Blatter said: "I think England, or Ireland, they deserve to organise the World Cup". England bid for this year's tournament but lost out to Russian Federation despite being one of the favourites.
  • Today in Trump's Prison Camps for Children: White House Ignores Their Cries

    Today in Trump's Prison Camps for Children: White House Ignores Their Cries

    Goodlatte is chairman of the House Judiciary Committee and a key player on immigration legislation before the House this week. The legislation was expected to take an approach similar to the family separation provisions in the House Republican bills.
    North Korea's Kim Jong-un in China for two-day visit

    North Korea's Kim Jong-un in China for two-day visit

    President Donald Trump held a summit in Singapore , the first of its kind between a North Korean leader and an American president. Kim told Xi he hoped to work with China and other parties to push the peace process, Chinese state television said.
    Rapper Who Had No. 1 Album In March Was 20

    Rapper Who Had No. 1 Album In March Was 20

    The victim was identified as XXXTentacion , whose birth name is Jahseh Onfroy, according to a tweet from the Sheriff's Office . XXXTentacion , born Jahseh Onfroy, was as known for his legal troubles as music as he was known for music.
  • Two injured after woman goes on rampage in supermarket with boxcutter

    Two injured after woman goes on rampage in supermarket with boxcutter

    The attacker, who was dressed in black and wore a veil, was subdued by the supermarket staff and later handed over to the police. A sense of edginess has been with France since a murderous series of killings in 2015 in the name of the Islamic State group.
    3 confirmed dead in western Japan natural disaster , at least 90 injured

    3 confirmed dead in western Japan natural disaster , at least 90 injured

    Honda Motor Co said production in Suzuka, was halted for checks but no problems were found and operations were back to normal. Multiple small aftershocks followed, and an official from Japan's meteorological agency warned residents to remain on guard.
    Anxiety hit us hard, says Brazil coach Tite after Switzerland draw

    Anxiety hit us hard, says Brazil coach Tite after Switzerland draw

    We've done a lot of preparation, which has been building up for a long time . "They have two lines of defense and they do it very well".
  • Peru vs France LIVE on SBS

    Peru vs France LIVE on SBS

    France were unconvincing in their 2-1 win over Australia on Saturday but can book their spot in the last 16 if they beat Peru . But he stressed Peru , appearing at the World Cup for the first time in 36 years, would not be overawed.
    Google’s iMessage competitor just got a tiny bit better

    Google’s iMessage competitor just got a tiny bit better

    Hot on the heels of an accidental leak , the official Google Podcasts app has made its way to the Google Play Store . Google says the changes are rolling out starting today, but you know what that means: server-side rollouts.
    Magnitude 6.1 quake in Japan's Osaka area kills three, stops factories

    Magnitude 6.1 quake in Japan's Osaka area kills three, stops factories

    Prime Minister Shinzo Abe said authorities were assessing damage and that their top priority was the safety of residents. Two men in their 80s, one from Osaka's Higashiyodogawa Ward, and another from the city of Ibaraki also perished.


Popular

Melania Trump makes surprise visit to US-Mexico border
A spokesman for Mrs Trump shot down claims the jacket was meant to make a statement, saying: 'It's a jacket. The pair of statements from the first lady amounted to an unusual public intervention by Mrs.

Argentina's Jorge Sampaoli pleads with fans to lay off Lionel Messi
Despite the criticism and the pressure, Cuccittini told "Diario de Mariana" that Messi seems relaxed, calm, and confident. Lionel Messi has all the support of his Argentina team-mates and they will "keep by his side", according to Paulo Dybala.

USA court backs states over web sales tax
South Dakota has estimated that it could take in up to $50 million a year in additional revenue with these taxes being collected. In response to the ruling, the stocks of several internet retailers, including Amazon, eBay and Wayfair , all dropped.

That was coming, says Hummels after Germany defeat
The only time the ball was in midfield was when it was passing through to either end, with the teams combining for 18 shots. Commentators anxious that family tensions could distract the players from their goal of winning World Cup matches.

Rescue ships dock in Spain as migrant debate roils Europe
Spanish authorities are examining the migrants on a case-by-case basis to see who may qualify for asylum. Valencia emergency official Jorge Suarez said some of the migrants were in a state of shock.

Meghan Markle’s father reveals his warning to Prince Harry
He said give Donald Trump a chance, I sort of disagreed with that". "That was his politics, I have my politics, so". Thomas explained that he was ultimately unable to attend the wedding due to his health.

European Union is treating Britain over Galileo
At nearly the final moment on Tuesday, the two sides agreed to find a compromise and have until 1600 GMT to present it. Ministers are digging in and refusing to give ground for now. "Parliament can not - and should not - accept it".

At Least 4 Feared Dead in Texas Border Crash
The sheriff said it was just the latest in a series of police chases involving human and drug smugglers in the Big Wells area. A second border patrol agent was able to pull over the second vehicle but the third refused to stop.

President Trump's former campaign chairman going to jail
Kilimnik, whom US authorities suspect of having ties to Russian intelligence, served as Manafort's point man in Ukraine. But the president also stuck up for him , suggesting that Manafort's alleged crimes are too old to prosecute.

Australia must learn from World Cup mistakes, not blame technology
Nobody expected that we could play like this against France . A lot of moments they didn't know what to do any more. The players of France , they said it themselves.