China bemoans U.S. ‘bullying’ of Huawei

Nike along with Adidas and PUMA said the new tariffs could be ‘catastrophic’ to the shoe industry. — Reuters pic

Next round of US tariffs a month away; Mnuchin

The United States is at least a month away from enacting its proposed tariffs on $300bn worth of Chinese imports as it studies the impact on consumers, US Treasury Secretary Steven Mnuchin said on Wednesday.

No further trade talks between top Chinese and US negotiators have been scheduled since the last round ended in a stalemate on May 10, the same day US President Donald Trump sharply increased tariffs on $200 billion worth of Chinese goods and took steps to levy duties on all remaining Chinese imports.

"There won't be any decision probably for another 30 to 45 days", Mnuchin said in a hearing before the US House of Representatives Committee on Financial Services.

"China is going to pay for these this 16 billion dollars through tariffs coming in a transfer coming in, and we are doing again through the (Civilian Conservation Corps) program which was authorized as we used previous year", Perdue said on Fox Business on Thursday morning.

The acrimony between the two countries with the world's largest economies intensified last week when Washington put Chinese telecom equipment company Huawei Technologies on a blacklist that curbs Huawei's access to US-made components.

However, US firms said in a survey released on Wednesday they were facing retaliation in China over the trade war.

He reiterated the security risk the Trump Administration says is posed by Huawei's technology and said he expects other worldwide companies to elect not to use their products.

Groups that represent farmers like the American Farm Bureau and National Farmers' Union said that while they appreciate the assistance for farmers, it's a short-term solution and they would rather have a long-term trade deal with China.

The trade war between the United States and China has been an incredibly damaging one for both countries, but needless to say, it is the latter which has had a tough time during this prolonged crisis.

Roughly one third of surveyed American companies in China will cancel or delay investments in the country due to the ongoing trade standoff with the US, according to a May report from the American Chambers of Commerce in China and Shanghai.

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".

The EU imposed import duties of 25% on a $2.8 billion range of imports from the United States in retaliation for U.S. tariffs on European steel and aluminum. Mobile said they were holding off on the launch of Huawei smartphones, including some that can be used on next generation mobile networks, amid uncertainty about the devices from the world's No. 2 smartphone maker.

It also said two-fifths of respondents were considering relocating or had already relocated manufacturing facilities outside of China. Most recently, China imposed duties ranging from 5 percent to 25 percent on $60 billion in US goods on June 1. They can also be absorbed by lower USA and Chinese profit margins, as corporations shoulder some or all of the increased costs, or by a stronger US dollar, which would increase the greenback's buying power against other global currencies yet also make USA goods more expensive to overseas customers.

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