Central banker: we can't undo trade war damage

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

"If the USA implements tariffs, they will actually be adding tariffs on companies from all countries, including Chinese and US companies", Gao said.

It now runs a large trade deficit with China, its biggest trading partner.

Both sides have threatened to impose similarly sized tariffs on 6 July but because of the 12-hour time difference, the Chinese tariffs on United States imports ranging from soybean to stainless steel pipes will take effect earlier. But after three rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump made a decision to go ahead with the tariffs.

Xi's government has expressed confidence China can hold out against USA pressure, but companies and investors are uneasy.

"It's a dark day tomorrow for global trade", predicted Joerg Wuttke, former president of the European Union Chamber of Commerce in China. U.S. tariffs on steel and aluminum imports have provoked retaliatory measures against billions of dollars of American exports. Beijing said it has prepared reciprocal levies against American products, which will be introduced on the same day.

The US measures are expected to take effect first, shortly after midnight ET on Friday.

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After saving from the AC Milan forward, he squatted to the side of the penalty area, frog-like in his green uniform. The second half carried on in much the same vein as the first, with Colombia struggling with England's physicality.


Washington and Beijing are making global headlines with threats over the prospect of a trade war, but they're also hurling indirect criticisms at each other on a more subtle front: Official travel warnings cautioning their respective citizens about the dangers associated with traveling from China to the US - or vice-versa.

China said Wednesday that it would not fire the first shot in its continuing trade battle with the United States.

Then, in a game of tit-for-tat, the United States plans to impose tariffs of 25 percent on $34 billion of goods from China's aerospace and information-technology sectors - as well as auto parts and medical instruments.

China will continue to assess the impact of the trade dispute and will help firms cope with possible shocks, Gao said.

Who can take the most pain? The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments.

In the latest sign that the risk of penalties is hitting trade, a vessel carrying USA coal and heading for China was diverted on Wednesday to Singapore. Later in the day, traders will get the minutes from last month's Federal Reserve meeting when it raised US rates for a second time this year.

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Finance Minister Lim Guan Eng told Reuters this month that UMNO was not the only political party to have received 1MDB funds. Several UMNO lawmakers have quit the party since the election, and it has been abandoned by most of its coalition partners.


An outright trade war with the United States could hit China's export machine, with recent data pointing to fatigue as credit expansion slowed and domestic demand looked to be softening.

But reaching a deal that's palatable to both sides will be tough.

Travel and Leisure magazine's report on the alert, meanwhile, noted that China has been warning its citizens about gun violence in the us for years.

Beijing has made the semiconductor sector a key priority under its "Made in China 2025" strategy, which has shifted up a gear after a USA ban on sales to Chinese phone maker ZTE Corp underscored China's lack of domestic chips.

"It's still hard for me to believe the Trump administration could develop and negotiate an overarching package with China that genuinely sticks", Kennedy said.

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