Trump move on tariffs sparks trade debate, concerns some local businesses

US set to impose up to $79 billion in new tariffs on Chinese imports

Under the terms of the memorandum, Trump will target the Chinese imports only after a consultation period, a measure that will give industry lobbyists and legislators a chance to water down a proposed target list which runs to 1,300 products.

The Dow Jones Industrial Average plunged more than 700 points, while Tokyo closed 4.5 percent lower, Hong Kong fell 2.45 percent and Shanghai sank more than three percent.

However, the move risks retaliation by Beijing and a damaging trade war between the world's two largest economies. The White House said the tariffs on good should have little impact on consumers.

One thing to understand about President Donald Trump's proposed new tariffs on China is that they are, in the first instance, a tax on US producers and consumers. But America's longstanding complaints about Chinese economic practices continued to simmer, and it became more and more apparent that the USA investigation into China technology policies was going to end in trade sanctions.

"No matter who takes the post of any kind, the significance of China-U.S. relations needs no further explanation, and it will never change", Hua said at a regularly scheduled news briefing.

The decision to exclude some of the United States' closest trading partners from the import tariffs gave some space to the USA allies as they sought to negotiate permanent exemptions.

Some economists say higher USA tariffs will lead to higher costs and ultimately hurt United States consumers, while restrictions on Chinese investments could take away jobs in America.

The administration argues that years of negotiations with China have failed to produce results.

China threatened retaliation, and Wall Street cringed, recording one of the biggest drops of Trump's presidency.

CJI Dipak Misra impeachment bid gathers pace
Another NCP parliamentarian DP Tripathi said, "I have signed it and others are also signing it and the process is going on". Senior advocate Prashant Bhushan met with West Bengal chief minister Mamata Banerjee regarding the impeachment motion.

But there was good news for European exporters, after the Trump administration confirmed that EU steel and aluminium will be exempted from new U.S. tariffs announced recently.

The United States launched today a challenge at the World Trade Organization against China over intellectual property breaches, a statement said. The threat mirrors the USA duty hike of 15 percent on aluminum. China and the USA had benefitted by globalisation, Blackrock's Larry Fink said at the forum. "If I were in the government, I would probably hit soybeans first, then hit autos and airplanes", said the respected Lou Jiwei, now chairman of the National Council for Social Security Fund (NCSSF).

In a major escalation of the president's "America First" trade policy, the Trump administration is preparing to impose stiff tariffs on Chinese imports.

And if China won't budge, that means the worries about an escalation into a full-blown trade war won't go away either.

CHINESE INVESTMENTS White House officials told a briefing ahead of the trade announcement that the administration was eyeing tariffs on $50 billion in Chinese goods.

-China trade war ranked as the most-read topic Friday.

In a sometimes tense exchange, Lighthizer batted away criticism from Senators about possible collateral damage to USA industries and consumers as a result of higher import prices, and in the event China retaliates against United States agriculture. But "it's inevitable that Chinese companies develop and sell products similar to those of American companies through contract electronics manufacturers", a senior official at a Japanese manufacturer said.

China's foreign ministry spokeswoman, Hua Chunying, indicated those goods could be on the hit list when she said during a press conference in Beijing that "China's market receives the largest number of USA planes and soybeans and the second largest number of U.S. cars and cotton".

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