Tag Archives: tariffs

TikTok Chief Executive Officer Kevin Mayer has left short video app firm just three months since joining – and days after TikTok sued the administration of U.S. President Donald Trump over an executive order banning transactions with it in the country. He will be replaced by U.S. General Manager Vanessa …

US President Donald Trump on Monday defied warnings and escalated the trade confrontation with China, hitting the country with tariffs starting next week on another $200 billion (Dh734.5 billion) in imports and threatening to target even more if Beijing retaliates. Trump said China had refused to change the unfair practices …

President Vladimir Putin appeared to take another thinly veiled swipe at Trump’s economic policies on Wednesday, a day after Russia and China vowed to stand together to fight protectionism. “The world and global economy are coming up against new forms of protectionism today with different kinds of barriers which are …

Oil is expected to remain volatile this quarter, and the next, as different factors pull prices in opposite directions, analysts say. On the supply side, sanctions on Iranian crude exports, and deeper production losses in Venezuela, are expected to push prices upwards but increased output from Organisation of the Petroleum …

Philippine President Rodrigo Duterte on Saturday blamed US President Donald Trump after inflation hit a nine-year high in the Philippines, hurting the image of the populist leader. It was an unexpected claim from the fiery Duterte, a one-time fierce critic of the United States but who has since embraced Trump …

Apple Inc, the world’s most valuable company, said proposed US tariffs on $200 billion (Dh734.6 billion) worth of products imported from China will raise prices for some of its popular consumer goods such as the Apple Watch and AirPods headphones. The Mac mini desktop computer, Apple Pencil stylus accessory for …

China’s trade surplus with the U.S. hit another record monthly high in August as the world’s second-largest economy faced the threat of more tariffs from the Trump administration. China’s trade surplus with the U.S. widened to $31.05 billion last month from $28.09 billion in July, while its total trade surplus …

President Donald Trump on Thursday reportedly rejected as “not good enough” a European Union proposal scrapping tariffs on automobiles, a move which threatens to amplify a simmering trans-Atlantic trade dispute. Just hours earlier, the EU Trade Commissioner Cecilia Malmstroem had said the bloc was “willing to bring down… our car …

A new round of U.S. tariffs on $16 billion worth of Chinese imports kicked in on Thursday, prompting Beijing to retaliate with its own levies on American goods worth the same amount. The latest trade escalation comes as officials from the world’s two largest economies meet for tariff negotiations in …

China will send a senior negotiator to the United States in late August to resume trade talks, its commerce ministry said on Thursday, the first public meeting on the dispute in weeks as the trade conflict intensifies. Beijing and Washington have slapped tariffs on tens of billions of dollars worth …

China’s proposed tariffs on US liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing US energy export prowess. China included LNG for the first time in its list of proposed …

China offered Britain talks on a post-Brexit free trade deal on Monday, reaching out to London as Beijing remains mired in an increasingly bitter trade war with Washington, even as a senior Chinese diplomat reiterated its door remained open for dialogue. China has been looking for allies in its fight …

Oil prices are likely to trend lower this week due to the rise in trade tensions as well as the ramping of oil production by major oil producers like Saudi Arabia and Russia, experts said. Saudi Arabia, along with UAE, Kuwait and Russia, are increasing production close to one million …

Brazil, Russia, India, China and South Africa want a rules-based multilateral trade system as embodied by the World Trade Organisation to be central to global commerce as the Brics block’s biggest member faces billions of dollars of additional tariffs from the US. “We recognise that the multilateral trading system is …

President Trump announced Wednesday that he has secured major trade concessions from European Union officials as part of an effort to head off a trade war between the U.S. and the E.U. After talks at the White House with E.U. officials, Trump announced in a joint Rose Garden appearance that …

Finance ministers and central bankers from the world’s largest economies meeting in Argentina said heightened trade and geopolitical tensions risk derailing global growth and called for greater dialogue, according to a draft communique. The weekend talks in Buenos Aires come amid an escalation in rhetoric in the trade conflict between …

Saudi Aramco is winning thanks to US President Donald Trump’s trade war with China. Sales of liquefied petroleum gas by the state-run producer to China — one of its biggest Asian customers — this year have already reached 90 per cent of all shipments in 2017, according to data from …

The European Union’s trade commissioner said on Thursday she hopes an EU mission to Washington will ease a transatlantic trade dispute but the bloc is preparing a list of US imports to hit if the United States imposes tariffs on EU cars. Trade Commissioner Cecilia Malmstrom will travel to Washington …

China’s economy expanded at a slower pace in the second quarter as Beijing’s efforts to contain debt hurt activity, while June factory output growth weakened to a two-year low in a worrying sign for investment and exporters as a trade war with the United States intensified. The world’s second-largest economy …

Less than a week into President Donald Trump’s trade war with China, global automakers have shown there are ways to bypass the battle — and scoring a win for Beijing in the process. Tesla Inc. and BMW AG are among the biggest potential losers from Beijing’s retaliatory tariffs on car …

President Trump defiantly stood by his tariffs on Sunday as Canada hit back hard, Mexico elected a new leader who seems prepared to confront him, and the European Union issued a scathing condemnation of his policy as “in effect, a tax on the American people.” Instead of backing down, Trump …

The Pentagon kicked off the world’s largest naval war games last week, the biennial, month-long Rim of the Pacific exercises, known as RIMPAC, bringing together 46 ships and submarines, 200 aircraft and 25,000 troops from 25 nations. Missing from that contingent is China, which was disinvited from RIMPAC over its …

Pressure on world shares from a US-driven trade confrontation mounted on Thursday, as fast-charging oil prices and the latest swoon by China’s currency cranked up the stress in emerging markets. Wall Street looked set for a subdued start after Europe’s the yuan dropped to two-year and six-month lows respectively in …

Big Oil is losing faith in President Donald Trump’s pledges to build the US into a self-reliant energy superpower. Top executives from Exxon Mobil Corp, Chevron Corp and Total SA all took shots at Trump’s trade plans at the World Gas Conference in Washington, expressing concern that US tariffs are …

Opec and allies including Russia will boost oil production starting next month, offering relief to consumers after Saudi Arabia secured a last-minute deal to overcome Iran’s veto threat. “We have an agreement” for a “nominal” production increase of 1 million barrels a day, Saudi Energy Minister Khalid Al Falih told …

More than $3 billion worth of U.S. goods — from bourbon and corn to Harley-Davidson motorcycles — are now under a 25 percent tariff in the European Union, in retaliation for the Trump administration’s tariffs that hit the EU, Mexico and Canada this month. “The trade that we believe in …

China’s threat to impose duties on US oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion (Dh3.67 billion) per month. In an escalating spat over the United States’ trade deficit with most of its major trading partners, …

President Donald Trump inched closer to an all-out trade war by unveiling plans Monday to impose 10 per cent tariffs on an additional $200 billion (Dh735 billion) worth of Chinese goods if Beijing doesn’t bend to US demands. With the world’s two largest economies on the brink of a full-fledged …

US stocks fell and bonds surged as President Donald Trump moved the US closer to a trade war with China, while investors weighed diverging monetary policies from the Federal Reserve and European Central Bank. The S&P 500 Index dropped to session lows, erasing its gains for the week, after the …

President Trump is enacting a 25 percent tariff on $50 billion of Chinese goods “that contain industrially significant technologies,” after months of exchanging threats amid concerns over a potential trade war. U.S. Customs and Border Protection will begin to collect tariffs on the first $34 billion worth of Chinese imports …

President Trump’s heated comments are unprecedented and unhelpful, Dalton McGuinty, the former premier of Ontario has said. Speaking to Gulf News on the statements that President Trump made following the G7 summit and its fallout, McGuinty said Canadians stood firmly behind their Prime Minister Trudeau. “Canadians are united behind Prime …

US President Donald Trump has fired off a string of angry tweets criticising America’s closest allies hours after leaving a divisive G7 summit in Canada. Mr Trump said the US paid “close to the entire cost of Nato” to help protect countries that “rip us off on trade”. “Fair trade …

America’s biggest allies and trade partners are promising to fight back against US tariffs that threaten to spark a global trade war. The European Union, Canada and Mexico said Thursday that they will respond to new US tariffs on steel and aluminum with punitive measures targeting American products worth billions …

The Trump administration has told Congress that it’s reached a deal allowing Chinese telecommunications giant ZTE Corp. to stay in business on Friday. A resolution of the ZTE case could clear the way for the United States to make progress in its high-stakes trade talks with China. The White House …

The US Commerce Department said Wednesday it launched an inquiry that could allow the Trump administration to impose tariffs on auto imports over national security concerns. Commerce Secretary Wilbur Ross announced he initiated a so-called Section 232 investigation on auto trade — which would provide the legal basis to impose …

US key allies Japan and the EU notified the World Trade Organisation Friday of a wave of retaliatory measures against US tariffs on steel and aluminium, raising the prospects of a trade war. Japan informed the WTO it had the right to impose tariffs on US goods worth 50 billion …

The new US ambassador to the World Trade Organisation told the WTO’s membership on Tuesday that something had gone “terribly wrong” with judges at the world body and that China’s arguments showed Beijing was living in a fantasy. Addressing the WTO’s General Council for the first time, Dennis Shea said …

A high-powered U.S. delegation arrived in Beijing on Thursday for talks with Chinese officials on defusing tensions that are propelling the world’s two largest economies toward a trade war. Treasury Secretary Steven Mnuchin is leading the group, which includes Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer. Liu …

The U.S. government will take another 30 days to decide whether to impose tariffs on imports of steel and aluminum from the European Union, Canada, and Mexico, extending a period of uncertainty for businesses in those regions. The delay helps the U.S. avoid a potential trade war with allies as …

US consumers may be about to directly feel the effects of the trade fight started by US President Trump with China and other countries this year when a new list of Chinese imports to be taxed is announced in coming days. After imposing import tariffs on solar panels and washing …

China has never surrendered to external pressure and it will win any trade war with the United States, the nation’s state media stressed in a series of editorials and columns in the hours after the world’s two top economies targeted each other with steep tariffs. While China’a Ambassador to the …

China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, escalating a dispute between the world’s biggest economies in response to U.S. duties on imports of aluminum and steel. The tariffs, which take effect on Monday, were …

Al Ghurair Iron and Steel, a joint venture between Nippon Steel Sumitomo Metal Corporation of Japan and UAE’s Al Ghurair Group, expects steel exports to the US will be hit due to the introduction of tariffs on imported steel and aluminium by the US government, the chief executive officer of …

The World Trade Organization chief warned on Friday that creating barriers to international trade would “jeopardise the global economy,” after Washington slapped steep tariffs on Chinese imports, heightening fears of a trade war. “Disrupting trade flows will jeopardise the global economy at a time when economic recovery, though fragile, has …