Trump announces new retaliatory tariffs on China

Stock futures edge higher before Powell speech

Trump's remarks came following China announcing that it plans to impose $75 billion of tariffs on U.S. goods, including agricultural products and small aircraft as well as resume tariffs on United States autos. "On the other hand, for China tariffs (on the U.S.), the products in which third countries benefit most from China import substitution are mostly in agricultural and other commodities such as copper, soybeans, gold, aircraft, grains and cotton".

Trump said he will be responding to China "this afternoon". Vendors including Dell, HP, Intel, Apple, and Sony have told the White House that consumer electronics production is heavily dependent on Chinese manufacturing.

"The Chinese side hopes that the USA will continue to follow the consensus of the Osaka meeting, return to the correct track of consultation and resolve differences, and work hard with China to end the goal of ending economic and trade frictions", The Chinese State Council said on Friday. China previously halted those auto tariffs back in April as part of a trade war truce.

The latest salvo from China comes after the United States unveiled tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on September 1 and December 15.

"Fitting trade uncertainty into this framework is a new challenge", said Powell. In the spirit of achieving Fair Trade, we must Balance this very....

"While we share the president's frustration, we believe that continued, constructive engagement is the right way forward", Myron Brilliant, the business group's head of global affairs, said in a statement. Fentanyl kills 100,000 Americans a year.

So, Catherine, I hardly know where to begin, but let me start by asking you about the effect of these tariffs announced by China in the morning, and then, at the end of the day, the president, President Trump, announcing higher tariffs on China.

China also said it plans to resume its 25% duties on American automobiles and 5% tariffs on auto parts on December 15.

Soybeans, crude oil and other energy goods face 5% tariffs.

"Sleepy Joe said, 'Oh, China is wonderful.' Well, China is wonderful for China".

Federal Reserve Chair Jerome Powell warned in a speech Friday that trade tensions were exacerbating the global slowdown and the central bank does not have a "rulebook" for dealing with the fallout.

An alarm bell went off in the US Treasury bond market last week when 10-year bond yields briefly fell below the yields offered on a two-year bond - the inverse of what normally happens and seen as a sign of looming recession.

However China's commerce ministry spokesman Gao Feng said Thursday he had no information on the next round of meetings, while noting the two sides remain in contact.

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