. Earth Science News .
TRADE WARS
US industries plead for end to US metals tariffs
by Staff Writers
Washington (AFP) Jan 23, 2019

Beijing says China, US are 'mutually indispensable'
Davos, Switzerland (AFP) Jan 23, 2019 - China and the United States cannot do without one another, one of Beijing's most senior officials said Wednesday, as the world's two biggest economies struggle to end a damaging trade war.

"The Chinese and US economies are mutually indispensable, so their relations must be mutually beneficial and win-win," Chinese Vice President Wang Qishan told an audience at the World Economic Forum in Davos.

"This is the reality: neither side can do without the other side," said Wang, who plays a top role in resolving the US-China trade battle.

The annual conference in the Alpine ski resort was originally expected to see the two sides meet, but the White House cancelled the US delegation's trip due to the government shutdown in Washington.

Economic experts assembled in Davos are also worried about an economic slowdown in China, but Wang -- a close ally of President Xi Jinping - said the economy was growing at a healthy pace.

"The number is 6.6 percent. I think this is a pretty significant number. Not low at all," Wang told the audience, referring to the growth rate for 2018, the lowest in 28 years.

The IMF on Monday warned that the US-China trade confrontation was feeding global uncertainty and threatening to drag down world growth.

Dozens of US industry groups sent a letter to the Trump administration on Wednesday pleading for an end the economic pain caused by steep US tariffs on steel and aluminum.

In addition to increased costs for any company importing metal products or components, many other industries are suffering from the retaliation imposed by countries like China and Mexico.

"The continued application of metal tariffs means ongoing economic hardship for US companies that depend on imported steel and aluminum," said the letter, signed by four dozen industry groups.

And while they applauded the newly-agreed US-Mexico-Canada Agreement, they warned that for "many farmers, ranchers and manufacturers, the damage from the reciprocal trade actions in the steel dispute far outweighs any benefit that may accrue to them from the USMCA."

China fired back at the United States with tariffs on key US exports after President Donald Trump imposed the 25 percent tariffs on steel and 10 percent on aluminum on March 2018.

Mexico and Canada retaliated after their initial exemption expired and the metals tariffs began to bite in June of last year.

Despite the agreement on a new free trade deal, Trump has not made clear whether the steel and aluminum duties would be removed as part of the USMCA.

"We urge you to take all necessary steps to resolve this matter so that zero-tariff North American trade can resume, and we can turn our attention to working with you to gain prompt Congressional approval of the USMCA," the letter stated.

The letter was signed by groups representing a large swath of the economy, including the Motor & Equipment Manufacturers Association, the National Association of Egg Farmers and the National Restaurant Association.

Rufus Yerxa, head of the 300-company National Foreign Trade Council, told AFP the letter was the first step in a campaign to push for an end to the tariffs as Congress considers approval of the USMCA which is "going to need vigorous support."

He said Trump was "picking winners and losers to only favor one industry," while the damage done far outweighed the benefits to the steel industry.

And he warned that for smaller companies or those reliant on exports "this might be a matter of life or death."

Jim Monroe at the National Pork Producers Council cited a study showing Mexican retaliation was costing US pork producers $1.5 billion annually, while the impact of China's actions is $1 billion.

US doing 'very well' in China trade talks: Trump
Washington (AFP) Jan 23, 2019 - US President Donald Trump said Wednesday that Washington is doing "very well" in trade talks with China and that Beijing is keen to strike a deal ending their trade war.

China "wants to make a deal," he said at the White House. "We're doing very well in the negotiations."

Data showing China's economy grew at its weakest pace in three decades have fuelled fears it is heading for a rocky patch, exacerbated by the pressure from US tariffs.

Trump argues that China has skewed the trading rules for decades and must agree to substantial reductions in import barriers, while boosting protection for US intellectual property.

However, the tit-for-tat tariffs between the world's two main economic powers have also hurt US economic confidence and markets are waiting anxiously for a deal.

On Wednesday, Chinese Vice President Wang Qishan told an audience at the World Economic Forum in Davos that "the Chinese and US economies are mutually indispensable, so their relations must be mutually beneficial and win-win."


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
White House denies reports of canceled trade meeting
Washington (AFP) Jan 23, 2019
The White House said high-level trade talks with Beijing were proceeding uninterrupted, quickly rebutting media reports that progress toward resolving their trade war had faltered. Chinese Vice Premier Liu He is to meet his US counterparts in Washington next week as the two sides work to resolve their trade disagreements by March 1, when a 90-day truce is due to expire, allowing US import duties on Chinese goods to increase sharply. Washington and Beijing imposed tit-for-tat tariffs on more than ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
US extends troop deployment at Mexico border

Tech to the rescue: New products aim to improve disaster relief

Global natural disasters wreak $160 bn damage in 2018: Munich Re

Saudi teen's asylum case being judged at lightning speed

TRADE WARS
New technology uses lasers to transmit audible messages to specific people

New 3D nanoprinting strategy opens door to revolution in medicine, robotics

Mechanical engineers develop process to 3D print piezoelectric materials

Engineers detail bird feather properties that could lead to better adhesives

TRADE WARS
Climate change clouds Australia's Pacific charm offensive

Desalination produces more toxic waste than clean water

Australian PM embarks on landmark Pacific trip

Million dead fish cause environmental stink in Australia

TRADE WARS
Greenland ice melting four times faster than in 2003, study finds

New study reveals local drivers of amplified Arctic warming

The pace at which the world's permafrost soils are warming

Scientist see mounting ice loss in Antarctica

TRADE WARS
Ecological benefits of part-night lighting revealed

Brazil agriculture minister defends pro-business stance on indigenous lands

Human diet causing 'catastrophic' damage to planet: study

60 percent of coffee varieties face 'extinction risk'

TRADE WARS
Strong 6.1-magnitude quake hits off Indonesia

Two dead from heart attacks as strong quake jolts Chile

Waiting for the complete rupture in Nepal

Volcano erupts on small Japan island: agency

TRADE WARS
Russia, China push UN to stay out of DR Congo poll dispute

US conducts series of strikes in Somalia

C. Africa army head came to Russia for training: minister

Boko Haram threatens civilians in NE Nigeria: army

TRADE WARS
Animal bones in Jordan suggest early dogs helped humans hunt

AI-powered genomic analysis reveals unknown human ancestor

Understanding our early human ancestors: Australopithecus sediba

Scientists confirm pair of skeletons are from same early hominin species









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.