Voice of America
23 Aug 2019, 23:35 GMT+10
White House correspondent Steve Herman and State Department correspondent Nike Ching contributed to this report
China will raise tariffs on $75 billion of U.S. goods and resume 25% tariffs on American autos to retaliate against U.S. President Donald Trump's planned September 1 duty increase.
U.S. Treasury yields fell Friday after China's latest announcement, marking an escalation in the trade war between the world's leading economies.
Trump lashed out Friday against China on Twitter, and said he "will be responding to China's tariffs this afternoon."
"Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won't let that happen! We don't need China and, frankly, would be far better off without them," Trump tweeted.
Federal Reserve Chairman Jerome Powell is due to give a speech in Wyoming that many will watch to see if he indicates whether further U.S. interest rate cuts are likely.
Trump also criticized Powell on Twitter Friday.
"We have a very strong dollar and a very weak Fed. I will work "brilliantly" with both, and the U.S. will do great," Trump tweeted. "My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?"
China's Ministry of Commerce said in a statement that it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the U.S., including agricultural products, crude oil, small aircraft and cars.
Chinese tariffs on some U.S. products would take effect on Sept. 1 and others on Dec. 15.
A Trump administration official says the U.S. and China are still planning to hold a round of face-to-face trade talks next month.
White House economic adviser Larry Kudlow said discussions this week between deputy-level negotiators were constructive.
In response to a question Thursday from VOA, Kudlow said there are plans for the Chinese team "to come over here in September."
China and the U.S. have been engaged in a tit-for-tat tariffs battle that has affected the world's markets.
Analysts fear a U.S. trade war with China could lead the U.S. down the road to a recession.
Get a daily dose of Zimbabwe Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Zimbabwe Star.
More InformationBRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...
CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...
DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Dr Mohan Yadav attended the 'Madhya Pradesh Business Investment Forum Program'...
Harare [Zimbabwe], July 14 (ANI): Zimbabwe left-arm seamer Richard Ngarava became the top wicket taker for his national team in the...
Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Dr Mohan Yadav held wideranging interactions with industry experts for bringing...
Harare [Zimbabwe], July 14 (ANI): Known for his pace and crafty bowling, South Africa's Lungi Ngidi levelled legendary tearaway Dale...
Harare [Zimbabwe], July 14 (ANI): A fantastic three-wicket spell by all-rounder George Linde and a fiery knock from Dewald Brevis helped...
New Delhi [India], July 14 (ANI): Prime Minister Narendra Modi on Monday condoled the demise of former President of Nigeria, Muhammadu...