Donald Trump's White House this week escalated its trade war, adding tariffs of 10 percent on another $200 billion on imported Chinese goods effective Sept. 24. That penalty will rise to 25 percent beginning Jan. 1. China retaliated on Tuesday as promised, following through with its own tariffs on $60 billion in U.S. goods from aircraft to liquified natural gas. That means the U.S. will start work on Mr. Trump's previous threats to impose tariffs on all of the remaining imported goods from China, the U.S.'s biggest trading partner last year. That would mean another $267 billion of Chinese imports would be subject to U.S. tariffs. Here's the problem for China: The U.S. imports far more Chinese goods than China imports from the U.S. That means China can't directly impose retaliatory tariffs equal to Mr. Trump's promise to hit the remaining $267 billion of Chinese imports because the U.S. simply doesn't export enough goods to China. That led Commerce Secretary Wilbur Ross … [Read more...] about China still has “bullets” to fight Trump’s trade war
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Another rail franchise in Britain has fallen into the hands of a foreign state operator with the Italians getting a slice of the action for the first time. The move triggered outrage from rail union leaders and campaigners as it was revealed that now 20 out of 28 privatised rail franchises - some 70% - are partially or wholly-owned by foreign states or their railways. And the £70m deal by National Express to sell its c2c franchise, which runs from London to Essex, to Italy’s Trenitalia, renewed backing for the Mirror’s campaign to take our railways back into public ownership. It also signals National Express’s exit from the UK rail market after once holding the largest number of rail franchises, including ScotRail, Midland Mainline and Central Trains. National Express suffered a major setback in 2009 when it handed the keys back on the East Coast Mainline service as it could no longer pay the premium promised to the government. However, run as a publicly-owned … [Read more...] about Fury as another British rail franchise is snapped up by a foreign state operator
The founder and CEO of TikTok owner ByteDance will focus on adding users of the popular video app in countries outside of its strongest markets, according to an internal staff note seen by Reuters, as it faces political pressure in the United States. The note from Zhang Yiming setting out company goals for November and December comes after lawmakers in the US recently voiced concerns about collection of user data and whether China censors content seen by US users.“Continue to diversify TikTok’s growth,” said the note, which was written in both English and Mandarin Chinese. “Increase investment in weaker markets,” Zhang added. The video app is especially popular with US teenagers and young adults, drawing scrutiny at a time of rising tensions between Washington and Beijing.Zhang did not mention the pressure in the US but urged the firm to enhance its capabilities in “handling global public affairs” and … [Read more...] about ByteDance CEO urges TikTok diversification as US pressure mounts
Democratic presidential candidate Joe Biden has said that none of his family members will hold a position in the White House or have any conflicts of interest if he is elected in 2020.In a thinly veiled attack against Donald Trump, who brought in his daughter Ivanka Trump and her husband Jared Kushner to work as White House advisers in his administration, Biden said they will be no ethical conflicts with regards to his family's involvement or business dealings during his presidency.Two more of the president's children, Eric and Donald Trump Jr., have also continued doing business deals internationally despite assurance from Trump that they would cease. Biden made the remarks following confirmation that his son, Hunter Biden will step down as a board member of Chinese private equity investment fund BHR Partners and will cut all other foreign business ties should his father get elected."No one in my family will have an office in the White House, will sit in meetings as if they are a … [Read more...] about Joe Biden Says ‘Lying’ President Not His Son Should Be the Focus—Appears to Take a Swipe at Ivanka Trump and Jared Kushner
Mister Yonov Frederick Agah, Deputy General Director of the World Trade Organisation, who took part in the forum shared his insights into African industries and markets and their relations with outside global players. Sputnik: Great Britain and other nations, including the USA and France, are beginning to return to African countries because this is a place where relatively cheap labour and inexpensive natural resources remain. How is the expanding influence of China, the USA, and Europe affecting industries in Africa? Yonov Frederick Agah: I think we have to understand two things. Trade is about exchange between countries, and it’s expected that all countries should benefit from that exchange. Unfortunately, countries are not equally endowed; so, maybe because of resource endowment, because of capacity, because of location, sometimes because of policy misalignment countries don’t benefit as they should from trade. If you look back at the colonial times – I … [Read more...] about Commercial Wars and Energy Wars: a Zero-Sum War?