Indian envoy hold talks with top Chinese think-tank

10 March, 2018, 01:03 | Author: Chad Mckenzie
  • US trade gap rises to $56.6 billion highest since 2008

A senior official at China's Ministry of Commerce Wang Hejun said China has urged United States to respect the multilateral trade system and revoke the policy as soon as possible.

Leaders from China's metals industries said they have called on the Chinese government to take retaliatory measures. Trump slapped 25 percent tariffs on steel imports and 10 percent for aluminium on Thursday.

Indian foreign ministry spokesman Raveesh Kumar's comments came a day after Chinese foreign minister Wang Yi in Beijing said that India and China should shed suspicion and manage differences by meeting halfway.

Tuesday's resignation of Trump's top economic adviser Gary Cohn-who had held talks with Liu during his visit-also throws cold water on the negotiations. Officials in China and European nations, whose industries would be hurt by the USA move, are warning this may not be the case.

"Global demand remains robust and the economies of the U.S. and Europe are expanding, that's the biggest boost for Chinese exports", Xia Le, the chief Asia economist at Banco Bilbao Vizcaya Argentaria in Hong Kong, told Bloomberg.

United States special counsel probes Seychelles meeting with Russian
Trump says there was no collusion between Moscow and his campaign and calls the investigation a witch hunt. Mueller is investigating Russia's role and whether the Trump campaign colluded with Moscow.

After tweeting that he had asked China to come up with plans to reduce the U.S. trade deficit, Trump brought up the separate but even more important issue of intellectual property theft.

United States imports from China of steel and aluminum make up a small proportion of its total imports from the world's second-largest economy, but the tariffs might be the first foray in the brewing USA trade war with Beijing.

The Commerce Department said Wednesday that the trade deficit rose to $56.6 billion in January, up 5 percent from $53.9 billion in December and the highest since October 2008's $60.2 billion trade gap.

Over time, however, any additional punitive US measures and retaliations by China or its other major trading partners would reduce global trade flows, disrupt worldwide supply chains and drag on global growth.

The administration has signaled that Canada and Mexico will be spared from the measures while they renegotiate NAFTA, the agreement that opens trade among the three countries.

Ichiro Suzuki likely to return to Seattle Mariners
Having traded away most of their MLB-ready prospects, the Mariners farm system does not have an obvious candidate for a promotion. Ichiro, 44, is understood to be finalizing a contract with the Mariners, with whom he previously played for almost 12 years.

China's global trade surplus widened to US$33.7 billion from January's US$20.3 billion.

The US trade deficit swelled in January to its highest level in almost a decade as oil prices rose and the world's biggest economy sold fewer aircraft, government data showed Wednesday.

Beijing's steady accumulation of multibillion-dollar trade surpluses with the United States has prompted demands for import controls.

The White House has said Mexico, Canada and other countries may be spared from the planned tariffs under national security "carve-outs", a move that could soften the blow amid threats of retaliation by trading partners and dire economic warnings from U.S. lawmakers and business groups.

His plans to impose tariffs on steel and aluminum shipments will be felt mostly by US allies such as Canada, South Korea and Germany.

Snow showers likely this afternoon
We'll witness the gradual transition from scattered light rain to sporadic snow showers between that period and about 9:00 P.M. Roads may be slick first thing in the morning, especially secondary roads, but they should all turn wet quickly after sunrise.

In February, the surplus with the United States stood at $21 billion, official data from China's General Administration of Customs showed, more than double the $10.4 billion reported during the same period past year.

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