Commercial War: Trump punitive tariffs against China in force – Beijing counter-attack

The French Container Shipping Company Retires from Iranian Business

Saturday, July 07, 2018, 18:07: The Third Largest Container Company of the world, the French Company CMA-CGM, is retiring from the company in Iran. CEO Rodolphe Saadé on Saturday explained US sanctions against companies investing in Iran. "Because of the Trump administration," his company puts an end to Iranian business, Saadé said at a business forum. in Aix-en-Provence. In a joint agreement protocol in 2016, CMA-CGM agreed to work with the public shipping company Republic of Iran Shipping Lines.

US President Donald Trump resigned from the international nuclear deal with Iran in May, despite warnings from his European allies. At the same time, he reinstated the financial and commercial sanctions suspended in January 2016 as part of the agreement. The head of the French energy giant Total, Patrick Pouyanné, meanwhile said in an interview with radio station RTL on the sidelines of the economic forum, the US government does not give his group any exception punitive measures. There is no choice but to withdraw from business with Iran.

Total started the development of the Iranian gas field of South Pars 11 in July 2017, considered one of the largest in the world. Since then, however, the company has invested $ 47 million ($ 40 million) in the $ 4.8 billion project that promotes natural gas for consumption in Iran. According to Pouyanné, this loss is "not much", according to Pouyanné, for a group of companies active in 130 countries that invest 15 billion dollars a year.

Trump drew his opponent to an impasse

China filed a new complaint before the WTO against US tariffs

6:00 pm: Following the entry into force by the United States punitive tariffs on Chinese products of one billion dollars, Beijing sued the World Trade Organization (WTO). This was reported Friday by the Chinese Xinhua official news agency, citing the Ministry of Commerce.

US customs duties of 25% on Chinese goods worth $ 34 billion (29 billion euros) came into effect at midnight on the East Coast of the United States (06:00 CEST). Beijing imposed retaliatory tariffs to the same extent only a few hours later.

The People's Republic had criticized US tariffs as the beginning of the "greatest trade war of economic history". Meanwhile, Chinese leader Li Keqiang called on Germany to jointly defend multilateralism. In a turbulent world, China and Germany should become "models of mutually beneficial cooperation," Li wrote in a contribution to the "Frankfurter Allgemeine Zeitung". The People's Republic supports free trade and has "always adhered to the principles of the World Trade Organization".

Prime Minister Li is expected to meet in Berlin on Monday. With its call for multilateralism, it clearly stood out from the United States, which led under the presidency of President Donald Trump a nationalist course "America First". The federal government is also pursuing a multilateral trade and foreign policy.

China immediately introduces tariffs on imports from the United States

10:18: In response to US punitive tariffs on Chinese imports United States imports. After tariff increases in the United States, Chinese punitive rights "immediately came into effect," Foreign Ministry spokesman said Friday before the press.

Dispute between the United States and China leaves Dax cold

09.27: On Friday, punitive US tariffs on Chinese imports and retaliation announced by Beijing will not impress much. In the first minutes of trading, he gained 0.22% to 12,491.94 points.

"Counterproductive": The US Chamber of Commerce in China criticizes Trump for punitive functions

08:21: US companies in China have punitive tariffs Criticized by US President Donald Trump on Chinese imports as a "contraceptive". "There are no winners in a trade war," said William Zarit, president of the American Chamber of Commerce (AmCham) in China, Friday after the US $ 34 billion came into effect US special rights on imports from China. Although the 900 member companies of the Chamber of Commerce operating in China suffered unfair competition in the People's Republic, they also realized that tensions between China and the United States were increasing. "Have a negative impact on their activities in China ". Both governments should return to the negotiating table. Instead of letting the situation get worse, they should talk to each other – for the purpose of fair and mutually equal treatment of companies.

06:40: After the new punitive US tariffs on Chinese imports, the Chinese government has the necessary counter-attack "proclaimed." The United States launched "the biggest trade war in the world. Economic history, "said Friday the spokesman of the Chinese Ministry of Commerce.

Punitive US tariffs against China came into effect

6:12 pm: The United States has imposed punitive duties on imports of goods valued at $ 34 billion in the growing trade dispute with China Customs entered into force at midnight (US Eastern Time, 6:00 am CEST ), as confirmed by the US Trade Representative's Office Robert Lighthizer

China has announced retaliation between the world's two largest economies.For its part, Beijing should react immediately to the tariffs sp on US imports. China can not be provoked, said the Ministry of Commerce. Steps have been announced on soy beans and pork from the United States

US President Donald Trump has threatened Chinese leaders to impose trade restrictions on Chinese products valued at $ 200 billion in case rights of retaliation. Michael Hüther, director of the German Economic Institute (IW Köln), fears the consequences of the trade war between the United States and China

5.10 am: ] on the German economy. "If two of Germany's most important trading partners enter a trade war, it certainly will not pass without a trace of our economy," said Hüther in an interview with the newspapers of the German editorial network (RND). high degree of export, "added Mr Hüther. "Unlike the United States, Germany has benefited greatly from China's economic growth, and the impact of US trade sanctions on China's growth will also have an impact on German exports." in China, "continues the economist. "German growth depends in particular on the economic development of emerging markets."

Vengeance against Trump tariffs: EU plans its own tariffs on steel products [19353033] 19:33: L & # 39; EU wants protective tariffs on market distortions react to steel products. Recent statistics on imports have shown that more foreign steel products are being shipped to the EU because of US special duties of 25%, said Thursday a spokeswoman for EU Trade Commissioner Cecila Malmström

]. offers. It is therefore planned to impose additional customs duties on the EU imports now entering the EU. Clearance of traditional import volumes would not change

According to the spokesperson, the provisional safeguard measure will be formally adopted later this month. There was broad agreement from the member states, he said. Permanent guarantees could be adopted after the final closing of the ongoing market investigation. The latter will last at least until the end of the year

Already in June, the EU imposed retaliatory tariffs on American products such as whiskey, jeans and motorcycle . They are also a reaction to the introduction of US special taxes on steel and aluminum products that Europeans consider to be incompatible with the rules of the World Trade Organization (WTO). According to the EU, they were not presented by the United States to protect national security, since they were led by Washington, but to exclude the US market from foreign competition.

The United States and China in commercial war

Clock: The United States and China remain on a course of confrontation in the trade dispute. In retaliation for the entry into force of the US $ 34 billion special US tariff cuts on imports from China this Friday, Beijing will adopt countermeasures of a similar scale. indicated Customs. The escalation between the two largest economies is being watched with concern as the global economy could be affected. It also threatens Europeans to get caught in the middle.

"The United States provoked this trade war," said Gao Feng, a spokesman for the Ministry of Commerce in Beijing. His country would not bow to "threats and blackmail". "China will be forced to retaliate." The country will defend its fundamental interests. China's central bank and securities regulators have already drawn up contingency plans to counter the incalculable consequences of the commercial conflict on the stock and money markets

US tariffs are due to come into effect at midnight from Washington). After this first round, another escalation threatens, like US President Donald Trump in mid-July, a 25% special fee to decide other Chinese goods worth $ 16 billion that could enter into force at the beginning of August. He justified the rates with technology theft.

In response to China's retaliation, Trump threatens, but also with tariffs in the order of ten percent on other Chinese imports worth $ 200 billion . Overall, half of all exports from China to the United States would be affected. Experts warn that in the event of a large-scale trade war, economic growth in the United States, China and the world is declining.

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