US-China trade war
LATEST UPDATE: May 14, 2019 - 12:02am
LOCATION:
WASHINGTON
+ Follow Story
May 14, 2019

World equities came under intense pressure Monday from new eruptions in the US-China trade war, while oil rallied on simmering tensions in the crude-rich Middle East.

Equity investors began the day in underwhelming fashion in Asia, as the lack of a US-China trade deal jarred markets.

Negative sentiment spilled over into Europe, and then to US markets where stock valuations slumped massively.

"US stocks are falling decisively in early action, amid exacerbated US-China trade tensions as last week's negotiations that ended without a deal and Friday's increased tariffs on Chinese goods by the US were met with China's retaliatory measures announced today," analysts at the Charles Schwab brokerage said.

Negotiations in Washington ended Friday without agreement and a massive US tariff hike on Chinese imports kicked in.

Then on Monday, US President Donald Trump told China via Twitter not to retaliate, a warning ignored by Beijing where the government announced tariffs on $60 billion worth of US goods from June 1. -- Agence France-Presse

May 10, 2019

US and Chinese officials resume crucial trade talks, trying to resolve a year-long dispute that was on the verge of escalating with new US tariffs.

The Chinese delegation, including Vice Premier Liu He, was greeted by US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

With US punitive tariffs on $200 billion in Chinese goods set to jump to 25% just after midnight, President Donald Trump said that an agreement remains "possible." — AFP

May 6, 2019

Hong Kong stocks plunged almost 3% Monday after US President Donald Trump threatened to hike tariffs on hundreds of billions of dollars worth of Chinese goods at the end of the week.

The Hang Seng Index plunged 2.90%, or 871.73 points, to 29,209.82.

— AFP

April 17, 2019

American firms in China remain frustrated and are growing more pessimistic about their prospects in the country, a top business lobby said Wednesday, while a trade war between Washington and Beijing continues to fester.

US businesses have traditionally held together the US-China relationship amid rough spots in bilateral relations, but the American Chamber of Commerce in China said in a white paper that the community could no longer be counted on to be the ballast of the relationship.

"Many of our longstanding concerns about the business environment in China remain unaddressed," the chamber said in a statement. -- Agence France-Presse

April 5, 2019

US President Donald Trump on Thursday said the United States and China were a month from a potentially "epic" trade agreement.

But, nine months into the two countries' trade war, the announcement was anticlimactic, as the White House had earlier stoked anticipation that Trump could announce a date for a summit to clinch a final deal with his Chinese counterpart Xi Jinping.

Global markets had also rallied in recent days, roused by the hope that an end to the skirmish between the world's two top economies was at last at hand.

"We will probably know over the next four weeks. It may take two weeks after that," Trump told reporters following a meeting with Beijing's trade envoy Liu He.

"It's looking very good." -- Agence France-Presse

April 4, 2019

China has unveiled tens of billions of dollars worth of tax and fee cuts as part of a drive to kickstart the stuttering economy, extending pledges worth $300 billion announced last month.

With growth at a near three-decade low and the economy struggling under the weight of the US trade row and a soft global outlook, leaders are looking to grease the cogs by getting the country's vast army of consumers to start spending. — AFP

March 15, 2019

President Donald Trump says that trade war negotiations with China should wrap up within four weeks and expressed optimism about striking a deal, as top negotiators held new phone talks.

"We are doing very well with China talks," Trump says. "We are getting what we have to get." — AFP

March 9, 2019

Beijing is hopeful about its next round of trade talks with the US, China's vice minister for commerce says, after revealing that top negotiators had tried to hammer out a deal over burgers and eggplant chicken.

China and the United States have been locked in a bruising trade war since last year, imposing tit-for-tat tariffs on more than $360 billion in two-way trade, which has left global markets reeling. — AFP

March 7, 2019

Tech giant Huawei on Thursday opens a legal front in its counter-offensive against US warnings that it could aid Chinese intelligence services, filing suit to overturn a US law that bars federal agencies from buying its products.

Huawei said the case was filed in a US District Court in Plano, Texas, challenging a 2019 defence bill that prevents government agencies from buying its equipment, services, or working with third parties that are Huawei customers.

The move may send a global signal that Huawei is willing to use all means, including national courts, to prevent attempts to exclude it from a race to the 5G market -- the future of high-speed telecommunications.

"The US Congress has repeatedly failed to produce any evidence to support its restrictions on Huawei products. We are compelled to take this legal action as a proper and last resort," Huawei's rotating chairman Guo Ping said. -- Agence France-Presse

March 6, 2019

Asian markets fluctuated Wednesday as investors await the latest news on the China-US trade talks, though Australian stocks rose and the local dollar fell as weak economic growth data fuelled speculation about a rate cut.

With expectations that Washington and Beijing will eventually strike a tariffs deal already baked into equity prices, analysts say officials will need to provide some clarity on progress to give markets another step up.

But there are warnings that with optimism so high, there could be a lot of disappointment if the final deal does not live up to the hype, or the two sides fail to even reach an agreement.

The talk is that high-level negotiations are ongoing in order to pave the way for a signing ceremony between Donald Trump and Xi Jinping later this month. -- Agence France-Presse

March 5, 2019

US-China trade talks have been "very difficult and taxing" and negotiators still have "lots left to do", but breakthroughs have been made in some areas, China's commerce minister says. 

The comments as President Donald Trump has voiced confidence that he could soon sign a deal with President Xi Jinping to end a trade war that led to bruising tit-for-tat tariffs on goods from each country. — AFP

March 2, 2019

US President Donald Trump has urged China to abolish tariffs on agricultural products imported from the United States -- adding that trade talks between the rival powers were going well.

March 1, 2019

China says it "regrets" a World Trade Organization ruling in Washington's favour over a dispute on Chinese subsidies to wheat and rice producers.

The decision comes as the world's top two economies try to hammer out an agreement to settle a long-running trade row that has rattled global markets. — AFP

February 26, 2019

A business survey shows US companies in China forecast a gloomy year ahead, with many worrying about a deterioration in bilateral trade ties and nearly a quarter delaying investments.

The survey of 314 US businesses by the American Chamber of Commerce in China provides a full accounting of challenges American business face after Beijing and Washington exchanged tit-for-tat tariffs on more than $300 billion in two-way trade. — AFP

February 22, 2019

Top US and Chinese officials return to the daunting task of bridging a chasm between the world's two largest economies.

US President Donald Trump has repeatedly claimed the talks with Beijing are going "very well," but concrete signs of progress have not been apparent in the three months since the two sides agreed to pause their trade war in December. — AFP

February 20, 2019

President Donald Trump says that trade talks with China are complex but are "going very well" and again indicated the March 1 deadline for raising tariffs could be extended.

Officials has resumed the high-stakes negotiations aimed at ending a damaging tariff war between the economic superpowers. — AFP

February 19, 2019

The White House has announced that US-China trade talks aimed at ending a damaging tariff war will resume from Tuesday in Washington,

The last set of talks ended Friday in Beijing with no deal, though US President Donald Trump said the discussions were going "extremely well" and suggested he could extend a March 1 truce deadline for an agreement to be reached. — AFP

January 31, 2019

Top US and Chinese trade officials returned to the bargaining table Wednesday, working to avoid a sharp escalation in the trade war between the world's two largest economies.

At the head of a 30-person delegation from Beijing, Chinese Vice Premier Lie He greeted his counterpart, US Trade Representative Robert Lighthizer, against the backdrop of Washington's prosecution of Chinese telecoms giant Huawei, which has outraged Beijing and infused the negotiations with uncertainty.

The two sides have just a month remaining in a 90-day truce declared in December. Should the talks fail, US import duties on $200 billion in Chinese imports are due to more than double on March 2 -- something economists say could help knock the wind out of the global economy's sails. -- Agence France-Presse

January 17, 2019

China's top trade negotiator will travel to the United States for talks later this month ahead of a March deadline to avoid bruising tariff hikes, the commerce ministry says.

Vice Premier Liu He will visit Washington on January 30-31 for the negotiations, the ministry says, following up on talks between lower-level officials in Beijing earlier this month. — AFP

January 15, 2019

A Chinese auto maker will delay its entry into the US market until 2020 because of the trade war between Beijing and Washington, a company executive says at the auto show. — AFP

January 10, 2019

The United States says talks in Beijing on ending a bruising trade war focused on Chinese promises to buy more American goods.

But it gave no indication of progress on resolving disputes over Beijing's technology ambitions and other thorny issues. — AP

January 1, 2019

The presidents of China and the US have exchanged messages vowing to boost cooperation despite a bruising trade war on the 40th anniversary of the countries' diplomatic relations, Chinese state media reports.

Tensions between Beijing and Washington soared in 2018 over trade disputes, although US President Donald Trump has frozen the latest planned tariff hike and on Saturday reported "big progress" after a call with his counterpart Xi Jinping. — AFP

December 27, 2018

A US government delegation will travel to Beijing in early January for the first face-to-face talks since President Donald Trump and his Chinese counterpart agreed to a truce in their tariff war, according to a report. 

Deputy US Trade Representative Jeffrey Gerrish will lead the US team for talks during the week of January 7, Bloomberg News say, citing two people familiar with the matter. — AFP

December 18, 2018

Huawei defends its global ambitions and network security on Tuesday in the face of Western fears that the Chinese telecom giant could serve as a Trojan horse for Beijing's security apparatus.

The company has been under fire this year, with Washington leading efforts to blacklist Huawei internationally and securing the arrest of the company's chief financial officer in Canada.

The concerns have mounted as countries begin to plan and roll out fifth-generation mobile communications, or 5G, the next milestone in the digital revolution, bringing near-instantaneous connectivity and vast data capacity.

Huawei has faced a tough year as western countries like the United States, Australia, New Zealand, Britain, pull back from using its products while concerns grow in Japan, France, Germany and even the Czech Republic over security issues.

Seeking to dispel those fears, the company took the unprecedented step Tuesday to open research and development labs to reporters at its headquarters in the southern city of Shenzhen. -- Agence France-Presse

December 16, 2018

Though markets are on edge and the arrest of a top Chinese executive threatened to spark a crisis, there are signs the US-China trade war can be resolved without further collateral damage to the global economy.

The whole world is watching the talks between Washington and Beijing, hoping a 90-day tariff truce will hold and the sides can end a dispute that threatens hundreds of billions of dollars in trade.

In recent days the small signs of progress, and perhaps more importantly the absence of new threats from US President Donald Trump, have cheered investors worldwide, reversing some of the bloodletting that erased all of 2018 gains on Wall Street.

And the arrest in Canada of a senior Huawei executive amid US charges the company violated sanctions on Iran raised fears the renewed tensions could disrupt the talks -- but so far this does not seem to have happened.

"What is clear is that both President Trump and the Chinese are trying to separate the issues," says Edward Alden, a trade expert at the Council on Foreign Relations.

In fact, Beijing on Friday announced that starting January 1 it would suspend the additional punitive tariffs on US autos imposed in retaliation for Trump's tariffs on China, cutting them to 15 percent from 40 percent. -- AFP

December 11, 2018

The Chinese commerce ministry says top Chinese and US negotiators held telephone talks to exchange views on the timetable of trade talks,

Vice Premier Liu He speaks with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer 10 days after presidents Donald Trump and Xi Jinping agreed to a trade war truce. — AFP

December 9, 2018

China's factory inflation slows in November, a sign demand remains weak amid Beijing's ongoing trade war with the United States, while consumer inflation also flagged, official data showed Sunday.

The producer price index -- an important barometer of the industrial sector that measures the cost of goods at the factory gate -- climbed 2.7% on-year in November.

It ticked down from 3.3% the previous month, recording its weakest growth since October 2016, while remaining in line with the forecast in a Bloomberg News survey.

A slowdown in factory gate inflation reflects sluggish demand.

The consumer price index (CPI) -- a key measure of retail inflation -- rose 2.2% on-year, compared with 2.5% in October.

Food prices, up 2.5%, rose quicker than non-food prices, which were up 2.1%. Energy prices fell over the month. -- Agence France-Presse

December 8, 2018

China's export growth has sank in November as global demand weakened, adding to pressure on Beijing ahead of trade talks with Washington.

Exports rose 5.4 percent over a year ago to $227.4 billion, a marked decline from the previous month's 12.6 percent increase, customs data showed Saturday. Imports rose 3 percent to $182.7 billion, a sharp reversal from October's 20.3 percent surge. — AP

December 6, 2018

China says it would "immediately" implement measures agreed under a trade war truce with the United States -- and was confident it could reach a deal within 90 days.

The commerce ministry's remarks came days after US President Donald Trump and Chinese leader Xi Jinping agreed to give negotiators 90 days to resolve their trade spat. — AFP

December 6, 2018

China has demanded Canada release a Huawei Technologies executive who was arrested in a case that adds to technology tensions with Washington and threatens to complicate trade talks.

Huawei's chief financial officer, Meng Wanzhou, faces possible extradition to the United States, according to Canadian authorities. The Globe and Mail newspaper, citing law enforcement sources, said she is accused of trying to evade U.S. curbs on trade with Iran. — AP

December 5, 2018

China has promised to carry out a tariff cease-fire with Washington but gave no details that might help dispel confusion about what Presidents Xi Jinping and Donald Trump agreed to in Argentina.

China has yet to confirm Trump's claim Beijing promised to cut auto tariffs and immediately buy more American farm goods. Confusing and conflicting statements by Trump and U.S. officials, coupled with lack of Chinese confirmation, led to stock markets tumbling on Tuesday amid doubts about the chances for a final settlement of a fight over technology that threatens to chill global economic growth. — AP

December 4, 2018

The Trump administration is celebrating the 90-day truce it reached in its trade war with China as a significant breakthrough despite scant details, a hazy timetable and widespread skepticism that Beijing will yield to U.S. demands anytime soon. — AP

December 2, 2018

The White House says the US has agreed to suspend new China tariffs for 90 days, AFP reports.

China earlier said it had struck a deal to avoid further tariffs with the US, hailing a summit with US President Donald Trump.

Trump and his Chinese counterpart Xi Jinping "have come to an agreement on stopping imposition of additional tariffs," Foreign Minister Wang Yi said after the leaders' dinner on the sidelines of a G20 summit in Buenos Aires. -- Agence France-Presse

December 1, 2018

President Donald Trump and Chinese President Xi Jinping meet for some dinner diplomacy on the sidelines of the Group of 20 summit in Argentina.

The US-China trade war tops their agenda, but the two leaders also have other topics they hope to tackle, including Taiwan, the South China Sea and Americans being detained in China. — AP

November 30, 2018

China's factory activity fizzled in November, official data show, in the latest sign that the world's second-largest economy is losing steam in the midst of a US trade war.

The Purchasing Managers' Index, a key gauge of factory conditions, came in at 50.0 for the month, down from 50.2 in October and below forecast, the National Bureau of Statistics says. — AFP

November 29, 2018

A US trade representative has slammed Beijing for failing to offer "meaningful reform" on aggressive trade policies that harm US workers and industry, and threatened tariffs on Chinese autos.

The latest trade threat against China comes days before President Donald Trump is due to meet with Chinese leader Xi Jinping at a G20 summit in Argentina to defuse the ongoing trade conflict between the world's top two economic powers. — AFP

November 17, 2018

US Vice President Mike Pence has pilloried China's "opaque" chequebook diplomacy in a combative speech, taking aim at Beijing's business practices and warning trade tariffs would remain in place.

US-China trade tensions are likely to take centre stage at the APEC regional summit, with experts warning the spat could be catastrophic for the global economy, as the world's top two powers go head to head. — AFP

November 17, 2018

Vice President Mike Pence warns that US sanctions and pressure on China would remain in place until Beijing reforms its trade practices.

"We've put tariffs on $250 billion in Chinese goods and that number could more than double," he tells CEOs from around the region.

"We hope for better, but the United States will not change course until China changes its ways." — AFP

November 17, 2018

Protectionist actions are short-sighted and doomed to fail, Chinese President Xi Jinping says ahead of an APEC summit at which US-China trade tensions are likely to take centre stage.

"Attempts to erect barriers and cut close economic ties work against the laws of economics and the trends of history. This is a short-sighted approach and it is doomed to failure," Xi tells business leaders on the sidelines of the summit. — AFP

November 9, 2018

The United States and China resume top-level talks after months of spiraling tension, looking to see if they can find a way forward on disputes from trade to military friction.

Friday's delayed meeting in Washington comes weeks before US leader Donald Trump is expected to meet his Chinese counterpart Xi Jinping on the sidelines of the Group of 20 summit in Argentina, with both sides hoping they can announce some progress. — AFP

November 3, 2018

President Donald Trump has expressed confidence he can reach a deal to end a burgeoning trade war with China, saying he will meet his Chinese counterpart at the Group of 20 meetings in Argentina in about a month.

"I think we'll make a deal with China, and I think it will be a very fair deal for everybody," Trump says. — AP

November 2, 2018

Hong Kong stocks soar almost four percent as investors cheer a report that Donald Trump has asked officials to draw up a draft bill as he eyes a potential trade deal with China following talks with President Xi Jinping.

The Hang Seng Index jumps 3.94 percent, or 1,001.55 points, to 26,417.55 in afternoon trade. — AFP

October 12, 2018

China says it is in communication with the United States amid reports of a planned meeting between President Xi Jinping and President Donald Trump next month following a dive in the U.S. stock market blamed partly on a growing trade war between the world's two largest economies.

Foreign ministry spokesman Lu Kang offered no specifics Friday, saying only that China had noted the reports and maintains "communication on dialogues and exchanges at all levels" with the U.S.

The reported meeting would take place during the G-20 summit in Argentina in late November.

The Wall Street Journal and the Washington Post both cited White House sources as saying Trump has decided to proceed with the meeting with Xi. — AP

October 11, 2018

The heads of the World Bank and IMF urge the U.S. and China to play by world trade rules and de-escalate a dispute over Beijing's technology development strategy that threatens to do lasting damage to the global economy. — AP

September 18, 2018

China says it would "take countermeasures" after US President Donald Trump announced new tariffs on $200 billion of Chinese imports taking effect next week. 

"In order to safeguard its legitimate rights and interests and the global free trade order, China has no choice but to take countermeasures in lockstep," the commerce ministry says in the statement, which did not mention a previous threat to add tariffs on $60 billion in US imports if Washington imposed this new wave of levies. — AFP

September 12, 2018

China's vice premier warns that protectionism from "individual countries" poses a "serious hazard" to global growth, in an apparent reference to the US which has imposed tariffs on Chinese goods worth $50 billion with more threatened.

"Some individual countries' protectionist and unilateral measures are gravely undermining the rules-based multilateral trading regime, posing a most serious hazard to the world economy," Hu Chunhua says at a regional World Economic Forum in Hanoi. — Agence France-Presse

September 5, 2018

China is trying to defuse a spiraling tariff war with Washington over technology policy by highlighting gains in other trade-related areas.

The official, Shen Changyu, points to improvements in fighting violations, previously a target of complaints by the United States, Europe and other traders. — AP

August 30, 2018

China's government says it will make economic changes at its own pace regardless of U.S. pressure and that their spiraling dispute over technology can only be settled through talks as equals.

A Commerce Ministry spokesman gave no indication of possible plans for more negotiations after talks last week in Washington ended without progress. — AP

August 24, 2018

Chinese and US negotiators held "constructive and frank" trade talks in Washington this week and the two sides will keep in contact "regarding future plans", the Chinese commerce ministry says.

Delegations led by Chinese Vice Commerce Minister Wang Shouwen and US Treasury under secretary David Malpass held talks without announcing any breakthroughs while both sides launched a new batch of tit-for-tat tariffs. — AFP

August 23, 2018

The United States and China impose more tariff hikes on billions of dollars of each other's automobiles, factory machinery and other goods in an escalation of a battle over Beijing's technology policy that companies worry will chill global economic growth.

The 25 percent increases take effect as envoys from both sides held their first high-level talks in two months in Washington. — AP

August 10, 2018

China's auto sales shrink by 5.3 percent in July from a year earlier as SUV demand sagged, adding to signs of economic malaise amid a tariff battle with Washington.

The China Association of Automobile Manufacturers, says that drivers in the biggest auto market bought 1.6 million sedans, SUVs and minivans. Total sales, including trucks and buses, fall 4 percent to 1.9 million.

Demand has cooled amid forecasts of slowing economic growth after Beijing tightened lending controls to cool surging debt. — AP

July 21, 2018

Chinese President Xi Jinping arrives in Africa on a four-nation visit seeking deeper military and economic ties while his rival in a bitter trade war, the Trump administration, shows little interest in the world's second most populous continent.

China is already Africa's largest trading partner, and it opened its first military base on the continent last year in the Horn of Africa nation of Djibouti, which this month launched a China-backed free trade zone it calls the largest in Africa. — AP

July 13, 2018

China's June trade grows by double digits amid mounting tension with Washington but Beijing warns its exporters face "rising instabilities and uncertainties." — AP

July 11, 2018

The Chinese government has vowed to take "firm and forceful measures" against U.S. threats to expand tariff hikes.

The comment by a Chinese Foreign Ministry spokeswoman followed the U.S. Trade Representative's announcement it was preparing to impose 10 percent tariffs on a wider range of goods from fish sticks to French doors in the escalating trade dispute.

Asked what Beijing would do, foreign ministry spokeswoman Hua Chunying gave no details but says, "We will take firm and forceful measures." — AP

July 11, 2018

China criticizes new US tariff threat as 'totally unacceptable,' says it will take 'necessary countermeasures' — AP

July 11, 2018

The Trump administration is readying tariffs on another $200 billion in Chinese imports, ranging from burglar alarms to mackerel, escalating a trade war between the world's two biggest economies.

The Office of the U.S. Trade Representative proposed 10 percent tariffs Tuesday on a list of 6,031 Chinese product lines.

The office will accept public comments and hold hearings on the plan Aug. 20-23 before reaching a decision after Aug. 31, according to a senior administration official who briefed reporters on condition of anonymity. — AP

July 5, 2018

 A Chinese government spokesman has said Beijing "will not bow in the face of threats and blackmail" on the eve of U.S. tariff hikes and will defend its interests.

The Commerce Ministry spokesman, Gao Feng, says that Beijing will wait to see what Washington does before taking action of its own.

The Trump administration is poised to raise tariffs on $34 billion of Chinese imports in the dispute over technology policy. China has threatened to retaliate. — AP

July 5, 2018

Fears that China is threatening U.S. leadership in robots, electric cars and other advanced technologies are pushing the world's two biggest economies toward a full-blown trade war as the two sides prepare to impose tariffs on billions of dollars' worth of each other's products.

In fact, China remains heavily reliant on technologies from the West.

Tech giant ZTE Corp.'s near-death experience after Washington barred it from buying U.S. components was a stark reminder that China's industry leaders cannot function without American technology. — AP

June 29, 2018

China's No. 2 leader, Premier Li Keqiang, has appealed to Korean business leaders to help "protect free trade" in Beijing's latest effort to recruit allies for its escalating dispute with Washington.

Li tells visiting CEOsthat Beijing was willing to "further open up" and promote economic globalization.

They were the latest targets of a Chinese charm offensive that also has been aimed at securing European support against U.S. President Donald Trump's threats of tariff hikes in the dispute over trade and technology.

Chinese relations with Seoul are strained after Beijing destroyed retailer Lotte's business in China last year in retaliation for its sale of land to install an anti-missile system. — AP

June 29, 2018

China has eased limits on foreign ownership in auto manufacturing, insurance and other fields but didn't directly address complaints that are fueling conflict with Washington over trade and technology.

The investment changes had been sought by Washington, Germany and other trading partners. They complain Beijing blocks access to much of its state-dominated economy while Chinese companies operate freely in other countries.

China's announcement followed President Donald Trump's threat to restrict Chinese investment in the United States. — AP

June 27, 2018

President Donald Trump is suggesting his administration may back away from previously announced plans to impose limits on Chinese investment in American technology companies and high-tech exports to China, instead choosing to call upon Congress to act. — AP

June 21, 2018

China accuses the United States of using bullying tactics and blackmail in threatening to impose tariffs on hundreds of billions of dollars of Chinese imports, ramping up criticism that the measures levied in the name of balancing trade would harm both countries' companies and the world economy.

Commerce Ministry spokesman Gao Feng says the U.S. was damaging the global trading order and that its methods would harm its own business interests as well as those of trading partners. — AP

June 20, 2018

One in five foreign companies in China feels compelled to hand over technology for market access, a business group says, highlighting a key irritant in an escalating U.S.-Chinese trade dispute.

The European Union Chamber of Commerce in China's report follows President Donald Trump's order for tariffs on additional Chinese goods in response to complaints Beijing steals or pressures companies to hand over technology.

Out of 532 European companies that responded to a survey, 19 percent "felt compelled to transfer technology in exchange for market access" despite Chinese assurances that it isn't required, the chamber says. — AP

June 19, 2018

Global stock markets fell Tuesday after President Donald Trump threatened to put tariffs on another $200 billion in imports from China, and the Chinese government said it would retaliate, The Associated Press.

The Dow Jones industrial average lost 370 points, or 1.5 percent. The Hang Seng index in Hong Kong lost 2.8 percent. Major stock indexes in Asia and Europe also took sharp losses. Trump's new proposal calls for a 10 percent tariff on $200 billion in goods, and Beijing said it would respond with "comprehensive measures." It doesn't import enough goods from the U.S. to match the scale of Trump's proposal but could adopt other methods.

June 19, 2018

 President Donald Trump directs the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports as the two nations moved closer to a potential trade war.

The tariffs, which Trump wants set at a 10 percent rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries. Trump recently ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual property theft. The tariffs were quickly matched by China on U.S. exports, a move that drew the president's ire. — AP

June 19, 2018

China's government denounces President Donald Trump's threat of new tariffs on $200 billion of Chinese goods as blackmail and warned it would respond with "strong countermeasures."

The Commerce Ministry warns Beijing is ready to "defend the interests of the Chinese people and enterprises." — AP

June 16, 2018

US farmers find themselves in the crosshairs of a trade war with China and others launched by President Donald Trump, who was elected with the support of many in rural America.

"For American farmers, this isn't theoretical anymore, it's downright scary," the Farmers for Free Trade lobbying group says of the prospects for escalating tariffs. 

"It's no longer a negotiating tactic, it's a tax on their livelihoods."

China is the largest buyer of soy beans, buying $12 billion in 2017, about 30 percent of the US harvest. — AFP

June 16, 2018

China has fired back in a spiraling trade dispute with President Donald Trump by raising import duties on a $34 billion list of American goods including soybeans, electric cars and whiskey.

The government says it was responding in "equal scale" to Trump's tariff hike on Chinese goods in a conflict over Beijing's trade surplus and technology policy that companies worry could quickly escalate and chill global economic growth.

The Commerce Ministry says "the Chinese side doesn't want to fight a trade war, but facing the shortsightedness of the U.S. side, China has to fight back strongly."

The ministry says it's also scrapping deals to narrow Beijing's multibillion-dollar trade surplus with the U.S. by purchasing more American farm goods, natural gas and other products.

The Ministry of Finance says Beijing will impose an additional 25 percent tariff starting July 6 on 545 products from the U.S. including soybeans, electric cars, orange juice, whiskey, salmon and cigars. — AP

June 16, 2018

China plans to impose 25 percent tariffs on roughly $50 billion of U.S. goods in retaliation for the Trump administration's announcement Friday that it would impose duties of the same amount on $50 billion of Chinese goods, according to a report from the official news agency Xinhua.

The tariffs will come in two steps, beginning with duties on 545 U.S. products worth $34 billion that will be focused on farm goods, cars and seafood, Xinhua said.

A second round of tariffs, to be imposed on an unspecified date, on 114 items worth $16 billion will mostly hit chemicals, medical equipment and energy products.

Trump has threatened to hit China with duties on another $50 billion of goods if it retaliates. China "has noticed the U.S. statement" and "reserves its rights to take corresponding measures," a government official said, according to Xinhua. — AP

June 15, 2018

China vows to "immediately" retaliate to US tariffs as Washington moved closer to imposing duties that could trigger a trade war.

"If the US side adopts unilateral protectionist measures and damages China's interests, we will immediately react and take necessary measures to firmly safeguard our legitimate rights and interests," says foreign ministry spokesman Geng Shuang during a regular news briefing.

US President Donald Trump is due to unveil later Friday a final list of Chinese imports that would face punishing tariffs, though the administration has not yet publicly said when the measures will be imposed. — AFP

June 15, 2018

President Donald Trump approves a plan to impose punishing tariffs on tens of billions of dollars of Chinese goods, a move that could put his trade policies on a collision course with his push to rid the Korean Peninsula of nuclear weapons.

Trump has long vowed to fulfill his campaign pledge to clamp down on what he considers unfair Chinese trading practices. But his calls for billions in tariffs could complicate his efforts to maintain China's support in his negotiations with North Korea. — AP

June 14, 2018

China's government says some Chinese exporters are rushing to fill orders due to concern about possible changes in trade risks.

The White House is preparing a list of Chinese goods targeted for a tariff hike, but the Commerce Ministry spokesman who made the comment Thursday didn't mention Washington and said those exporters are "not the mainstream."

The threatened U.S. tariff hikes are in response to complaints Beijing steals or pressures foreign companies to hand over technology.

Commerce Ministry spokesman Gao Feng said at a regular briefing, "a few companies have increased the number of 'short orders' to avoid risks. However, this is not the mainstream." — AP

June 7, 2018

The United States has reached a deal with Chinese telecommunications giant ZTE Corp. that includes a $1-billion fine, according to US Commerce Secretary Wilbur Ross, the Associated Press reports.

The fine comes on top of the roughly $1 billion ZTE has already paid for selling equipment to North Korea and Iran in violation of US sanctions.

Ross, speaking on CNBC on Thursday, said that ZTE also must put $400 million in escrow, which will be forfeited if there are any violations of the agreement.

Ross also said that a compliance team picked by the US will be embedded at ZTE and that the Chinese company must change its board and executive team in 30 days.

May 29, 2018

US President Donald Trump's hard-line views on trade, a staple of his message long before he entered politics, are beginning to collide with the cold realities of global geopolitics, The Associated Press reports.

Trade talks on China and the North American Free Trade Agreement have hit stumbling blocks, posing a challenge for a president who vowed to make trade deals more equitable for the United States during his 2016 campaign and who famously tweeted that trade wars are "easy to win."

May 21, 2018

The United States and China are pulling back from the brink of a trade war after the world's two biggest economies reported progress in talks aimed at bringing down America's massive trade deficit with Beijing, the Associated Press reports.

"We are putting the trade war on hold," Treasury Secretary Steven Mnuchin said Sunday.

May 8, 2018

China calls for US trade talks to be conducted on an equal footing, as Beijing's top economic official is due in Washington next week for more discussions on a dispute that could trigger tariffs on billions of dollars of goods this month.

The visit by Vice Premier Liu He -- considered President Xi Jinping's right-hand man on economic issues -- comes after he led talks in Beijing last week with a high-level US delegation that made little headway in resolving the standoff.

The meetings follow a series of tit-for-tat threats of tariffs on billions of dollars of goods sparked earlier this year by US President Donald Trump, who accuses China of using unfair practices to gain an advantage over US exporters costing American jobs. — AFP

May 8, 2018

China's exports rebounded last month from a brief downturn while its politically sensitive trade surplus with the United States expanded, according to official data released Tuesday.

Customs data show that exports jumped 21.5 percent from a year earlier in April, bouncing back from a contraction the previous month thanks to resurgent global demand.

Imports expanded 12.9 percent year-on-year in dollar terms, leaving the country's politically sensitive monthly trade surplus with the rest of the world at $28.8 billion, a turnaround from the previous month's $5 billion deficit.

China's trade surplus with the U.S. swelled to $22.2 billion, up from $15.4 the previous month, as its exports to the U.S. grew at double digit rates.

The latest figures come as China and the United States spar over Beijing's perennial trade surplus. — AP

May 5, 2018

President Donald Trump is tweeting the U.S. trade delegation is on its way back from China.

Trump says "we will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with U.S. trade wins!"

The Trump administration wants China to reduce the trade deficit with the U.S. by $200 billion by the end of 2020. A U.S. official confirmed the authenticity of a document making that and other requests presented to China ahead of trade talks that ended in Beijing Friday.

The four-page list also included demands that China immediately stop providing subsidies to industries listed in a key industrial plan. The list also includes a demand that China end some of its policies related to technology transfers, a key source of tension underlying the dispute. — AP

April 12, 2018

The prospect of a trade war poses "downside risks" to the US economy, which otherwise is poised to grow at a solid pace, the Federal Reserve says.

While the Fed says the steep tariffs on steel and aluminum imports that President Donald Trump imposed last month will not on their own have a significant effect, the possibility of "retaliatory trade actions by other countries" can be harmful.

April 10, 2018

China President Xi Jinping promised Tuesday to cut China's auto tariffs and improve intellectual property protection in possible concessions aimed at defusing a worsening dispute with Washington over trade and technology that investors worry could set back the global economic recovery, the Associated Press reports

April 6, 2018

President Donald Trump instructed the U.S. trade representative to consider slapping an additional $100 billion in tariffs on Chinese goods Thursday in a dramatic escalation of the trade dispute between the two countries.

Trump's surprise move came a day after Beijing announced plans to tax $50 billion in American products, including soybeans and small aircraft, in response to a U.S. move earlier this week to slap tariffs on $50 billion in Chinese imports.

And it intensified what was already shaping up to be the biggest trade battle since World War II. Global financial markets had fallen sharply as the world's two biggest economies squared off over Beijing's aggressive trade tactics. But they had calmed down Wednesday and Thursday on hopes the U.S. and China would find a diplomatic solution.

April 2, 2018

Forecasters say the impact of Monday's move should be limited, but investors worry the global recovery might be set back if other governments respond by raising import barriers, the Associated Press reports.

The tariffs "signal a most unwelcome development, which is that countries are becoming protectionist," says economist Taimur Baig of DBS Group. But in commercial terms, they are "not very substantial" compared with China's $150 billion in annual imports of U.S. goods, he says in an AP report.

Monday's tariff increase will hit American farm states, many of which voted for Trump in 2016.

April 2, 2018

China has raised import duties on a $3-billion list of U.S. pork, fruit and other products Monday in an escalating tariff dispute with President Donald Trump that companies worry might depress global commerce, the Associated Press reports.

The Finance Ministry said it was responding to a U.S. tariff hike on steel and aluminum that took effect March 23.

US President Donald Trump says North American neighbors Canada and Mexico will get no relief from his new tariffs on steel and aluminum imports unless a "new and fair" free trade agreement is signed.

The Trump administration says the tariffs are necessary to preserve the American industries—and that doing so is a national security imperative. But Trump's latest tweets suggest he's also using the upcoming tariffs as leverage in ongoing talks to revise the North American Free Trade Agreement. The latest round of a nearly year-long renegotiation effort is concluding this week in Mexico City. — Associated Press

Philstar
Facebook
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with