China rebuilt itself with money drained out of US: Trump
World | September 19, 2018 7:18 ISTChina has been taking out USD 500 billion a year from the US, Trump said.
China has been taking out USD 500 billion a year from the US, Trump said.
Globally, sentiments took a hit after US President Donald Trump Monday announced imposition of new tariffs on an additional USD 200 billion worth of imports from China, escalating the trade war with the Asian giant.
President Trump on Tuesday slapped 10 per cent tariffs on USD 200 billion worth of Chinese imports and the duties will rise to whopping 25 per cent at the end of the year, escalating the trade war with the world's second largest economy.
The new additional tariff structure would be effective September 24. China has had many opportunities to fully address US concerns, Trump said.
Trump after coming to power has taken steps to address the issue of massive balance of trade with China and to the alleged Chinese theft of intellectual property.
The 30-share Sensex stayed in the negative zone for the whole day and ended at 37,165.16, showing a loss of 356.46 points, or 0.95 per cent.
A final decision on the tariff hike is however not expected before September.
Trump said that he has reached an agreement with the EU to work together toward a policy of "zero" tariffs and trade barriers.
Referring to the ongoing trade war between super powers US, China, Jaitley said that the situation is causing an economic imbalance in the world.
"Companies in both countries will suffer losses. There is no winner in a trade war,” said assistant minister of commerce Li Chenggang.
The company has assembly plants in Australia, Brazil, India and Thailand as well as in the US. It said it would raise investment in its international plants, though it did not say which ones.
The move was in retaliation to the duty hike by the US on certain steel and aluminium products which had tariff implication of USD 241 million on India. The duty hike by India would have an equivalent tariff implications for the US.
Trump said that if China responds to this fresh round of tariffs, then he will move to counter “by pursuing additional tariffs on another $200 billion of goods.”
The Chinese government has decided to impose additional duties of 25 per cent on 659 items of US products worth about USD 50 billion
A formal announcement is expected to be made by the US Trade Representatives today with a notification in the Federal Register in the coming weeks. The move is likely to attract retaliatory action by China.
In an extraordinary set of tweets aboard Air Force One, on its way to Singapore for next week’s summit with North Korea’s Kim Jong Un, Trump lashed out just as Canada released the G7′s official communique.
"Though India may not get much of a direct impact, the collateral damage could be in the form of adverse impact on the overall sentiment."
The US Trade Representative (USTR) argued that at least half a dozen Indian programmes provide financial benefits to Indian exporters, which allow them to sell their goods more cheaply to the detriment of American workers and manufacturers.
Chinese President Xi Jinping is pressing his case for free trade, arguing that economic globalization has powered worldwide growth and improved the lives of millions of people. In an opening address to World Economic Forum
The Associated Chambers of Commerce of India (ASSOCHAM) on Sunday said that India may suffer collateral damage to its economy if it finds itself in the crossfire in the escalating trade war triggered by US
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