Footing the bill: Nike and Adidas demand end to 'catastrophic' trade war

Footing the bill: Nike and Adidas demand end to 'catastrophic' trade war

As tensions between the USA and China escalated this month and each country increased tariffs on the other's imported goods, hopes that a resolution might be in sight waned, with Wall Street on Thursday echoing losses that came in Asian stock markets and the Dow falling more than 400 points in afternoon trade.

World shares fell sharply on Thursday as concerns grew that the China-U.S. trade conflict was fast turning into a technology cold war. "For talks to be meaningful, however, there should be sincerity on either side", Foreign Ministry spokesperson Lu kang said at a press briefing, when asked about China's stance on the possibility of further trade talks.

"Regarding the relevant United States measures, China has lodged solemn representations", Commerce Ministry spokesman Gao Feng said at a weekly briefing in Beijing. That move came in response to the US increasing tariffs from 10 percent to 25 percent on $200 billion in Chinese goods May 10, reported CNBC.

Firms manufacturing in China were the hardest hit, with more than 80% reporting adverse affects from both U.S. and Chinese tariffs. While to the north, Canada on July 1 imposed tariffs on $12.6 billion worth of USA goods, including steel, aluminum, coffee, ketchup and bourbon whiskey in retaliation for United States tariffs on Canadian steel and aluminum.

The aid package is the second bailout for farmers after the Trump administration promised US$12 billion in emergency measures last July.

Chinese President Xi Jinping has said this week that his country must prepare for a long trade war with the U.S., citing the Mao Zedong-led communists' long struggle for victory in the Chinese Civil War against the Kuomintang.

Foreign Ministry spokesman Lu Kang said China hopes to restart the talks that broke down earlier this month after the US hiked tariffs on $250 billion in Chinese imports, but only if the conditions are deemed fair.

Group heads to Minnesota State Capitol to protest abortion bans
With the confirmations of justices Neil Gorsuch and Brett Kavanaugh , a 5-4 conservative majority now tilts the bench. She added that under Trump's administration, women are being treated as "second class citizens".

UEFA supremo Ceferin: We'll punish Man City if needed
Guardiola's men also scored a record 169 goals in 61 games this season, beating their own previous best of 156. Ilkay Gundogan is willing to re-open talks over a new contract with Manchester City .

New cloud partnership between Microsoft and Sony was negotiated behind PlayStation's back
Sony has revealed one of the killer features of its next-generation game console, the PS5, and is outlining some of its future plans regarding the PlayStation brand.

China has hinted it could also leverage its role as the main global supplier of rare earths used in smartphones, lightweight magnets, batteries and other components to slap back. "Our door is still open", China's ambassador to the US Cui Tiankai said on Fox News.

He said Washington has "seriously affected the development and cooperation of global science and technology, and has also harmed the vital interests of relevant enterprises and countries".

China is seeking support from Russian Federation and from its Central Asian neighbours in its escalating tariff fight with the USA, while also stepping up protests against moves to penalize its technology sector.

Part of the aid package could include direct payments to USA farmers of $2 per bushel for soybeans, Bloomberg reported this week.

On Thursday, China blamed Washington for wrecking the talks and insisted the US must alter its "wrong practices" before negotiations can resume.

"The $16 billion in funds will help keep our cherished farms thriving and make clear that no country has veto on America's economic and national security", Trump said.

His comments came as the American Chambers of Commerce (AmCham) in China and Shanghai released a survey of its members that found that slightly more than 40% had relocated, or were considering moving production facilities, outside of China because of tariffs.

Related Articles

  • ARM No Longer In Business With Huawei Either

    ARM No Longer In Business With Huawei Either

    Huawei has reportedly stockpiled enough components to keep it going for somewhere between three months to a year. A spokesman for ARM declined to offer any additional clarity about the current status of its Huawei contracts.
    GOP rival Justin Amash has been a loser 'for a long time'

    GOP rival Justin Amash has been a loser 'for a long time'

    But most notably, the fifth-term lawmaker drew a primary challenger for his Grand Rapids-area seat in the 2020 elections. Romney, who was sharply critical of Trump during the 2016 presidential campaign, stopped far short of saying the same.
    May offers MPs chance to vote on second referendum

    May offers MPs chance to vote on second referendum

    The ninth point in the "new" deal is: "There will be a vote for MPs on whether the deal should be subject to a referendum". She warned MPs that if they voted against it for a fourth time, they would be voting against Brexit .
  • Iran's supreme leader criticizes country's president and foreign minister over nuclear deal

    Iran's supreme leader criticizes country's president and foreign minister over nuclear deal

    Trump said on Monday that Iran would be met with " great force " if it attempted anything against US interests in the Middle East. Saudi Arabia "does not want a war, is not looking for it and will do everything to prevent it", he said.
    Democrat impeachment talk gains as Trump blocks lawyer testimony

    Democrat impeachment talk gains as Trump blocks lawyer testimony

    Trump effectively said to the visiting Democrats that he wanted to do infrastructure, 'but you're focused on investigating. In his ruling from the bench, Ramos said he would not halt enforcement of the subpoena.
    Rockin' Official Trailer for Tarantino's 'Once Upon a Time in Hollywood'

    Rockin' Official Trailer for Tarantino's 'Once Upon a Time in Hollywood'

    The most anticipated screening of the fest in recent memory, the film from Columbia Pictures hits theaters in the US on July 26. A very look at the trailer of the movie will definitely give us a glimpse of Hippie Hollywood of those times.
  • Official count gives President Widodo victory in Indonesian election

    Official count gives President Widodo victory in Indonesian election

    Subianto, a 67-year-old retired general, has targeted the commission by accusing it of allowing a string of election violations. He said Indonesians should be grateful and relieved that there were no riots or violence during the election announcement.
    NY  moves to expose Trump taxes

    NY moves to expose Trump taxes

    The proposed changes to state law were made amid a battle going on in Washington over Trump's federal returns. New York Republicans have denounced the legislation as a politically motivated attack on privacy.
    Man charged with throwing a milkshake at Farage

    Man charged with throwing a milkshake at Farage

    Of his milkshake, he said ruefully: "I was quite looking forward to it, but I think it went on a better objective ". "Have fun. He continued, "It's a right of protest against people like him".
  • Julian Assange: US files 17 new charges against Wikileaks co-founder

    Julian Assange: US files 17 new charges against Wikileaks co-founder

    It has not and never has been the department's policy to target them for reporting. " Julian Assange is no journalist". Assange lived under asylum in the Ecuadoran embassy in London until last month.

    Google admits it stored some G Suite passwords in plaintext for years

    The company insists that the passwords remained in its secure encrypted infrastructure and were never improperly accessed. Google has said that the problem has been fixed and there was no evidence of misuse of the affected passwords.
    Trump says he will not work with Dems until investigations halt

    Trump says he will not work with Dems until investigations halt

    But in comments to reporters immediately following the meeting, Pelosi lambasted Trump for participating in a "cover-up". Mr Nadler said the committee would vote to hold Mr McGahn in contempt, and take the issue to court.