US, China Impose Retaliatory Tariffs
The US Government has imposed new tariffs on certain Chinese products worth $125 billion.
This is part of the Trump administration’s decision to impose a 15 percent tariff on the remaining $300 billion worth of Chinese imports by the end of this year.
The Chinese products subject to new U.S. tariff include footwear, smart watches, nappies, food, flat-panel televisions, smart speakers, Bluetooth headphones and clothing.
In retaliation, China imposed measures targeting $75 billion worth of U.S. goods, including 5 percent duty on crude oil imported from the United States.
Despite the escalation in a tit-for-tat trade war between the two economic giants, President Donald Trump said that there is no change in trade talks with China, scheduled for later this month.
“That hasn’t changed. They haven’t changed and we haven’t. We’ll see what happens,” Trump said in a press conference Sunday.
“But we can’t allow China to rip us off anymore as a country. We can’t allow China to take $500 billion a year out of our country”, he told reporters.
Although Trump claims that the punitive measures are intended to pressure China into changing its policies hazardous to the US economy, the cost of the additional tariffs on Chinese imports are passed on to U.S. consumers.
MG Hector (petrol variant) test drive and review
The MG Hector has got prominent road presence, a spacious and practical cabin, multiple powertrain options and a lengthy features list.
The Hector is the first offering by MG (short for Morris Garages) in India, and as far as game plans go, it seems to be perfect . It’s got prominent road presence, a spacious and practical cabin, multiple powertrain options and a lengthy features list.
Step into the Hector’s cabin and what grabs your attention is the sense of space. This might not be the widest interior dimensionally, but it has an airy feel. Then, there is the massive portrait-oriented tablet in the centre console. Everything from infotainment to navigation and even the HVAC settings are all housed in this 10.4-inch vibrant touchscreen. The touchscreen, however, isn’t the slickest. There is a good amount of lag, the touch response is delayed. It also tends to freeze if you rush it and that really spoils the experience.
Stock futures slip as trade tensions weigh
US stock index futures fell on Tuesday, as Washington’s new round of tariffs on some Chinese goods kicked in and after a report that officials from both sides were struggling to decide on the schedule for a meeting this month.
Shares of trade-sensitive industrial bellwethers Caterpillar and Boeing fell 1.5 percent each in premarket trading, while those of Apple fell one percent.
A monthly survey on manufacturing activity by the Institute for Supply Management, due at 10 a.m. ET, is expected to shed some light on the impact of the trade war on the U.S. industrial sector.
The S&P 500 index fell 1.8 percent in August, its biggest monthly drop since May, after escalating US-China trade tensions and the inversion of a key part of the US yield curve, seen as a recessionary signal, drove investors toward safe-haven assets.
The benchmark index, however, ended the week up nearly 3 percent as trade tensions were dialed down following signals that Beijing and Washington would meet in September for talks.
Bloomberg, however, reported on Monday that the two sides were yet to agree on a date for the planned meeting.
The Trump administration on Sunday began collecting 15 percent tariffs on more than $125 billion in Chinese imports, while China began imposing new duties on US crude.
Along with the manufacturing data, investors will also keep a close watch on the monthly jobs report due Friday for clues on the health of the U.S. economy.
Sudan floods kill at least 78 people
Hundreds of villages in 6 federal states across Sudan have been evacuated.
At least 78 people have died in floods in Sudan, two months of heavy rain has forced hundreds of thousands of people to abandon their homes.
Nearly every state has been affected.
Al Jazeera’s Mohammed Vall reports from one of the worst affected areas.
West Virginia Senator Joe Manchin Announces He Won’t Run For Governor
Sen. Joe Manchin (D-W.Va.) will not run for governor of West Virginia, a spokesperson announced Tuesday.
Manchin previously held the governorship from 2005 to 2010.
In a written statement, Manchin said he can better wield his influence from the Senate than from the governor’s mansion.
“The Senate, as envisioned by our Founders, is the greatest deliberative body in the world,” he said. “And, when it is at its best, Senators can transform the lives of people across America for the better.”
He said continuing in his role as senator will allow him to position West Virginia for success “for the rest of the century.”
The senator, a known centrist who has earned the ire of progressive Democrats by siding with Republicans in confirming conservative Cabinet officials and Supreme Court justices during the Trump administration, had recently suggested he might be interested in returning to his role as governor.
“I have people back home that want me to come back and run for governor,” Manchin told The Hill in June.
He added that he has not been happy since arriving in the Senate in 2010, and said he wants to “make sure whatever time I have left in public service is productive.”
In addition to the gubernatorial race, West Virginia is scheduled to hold an election in 2020 for the seat of the state’s Republican senator, Shelley Moore Capito.
This is a developing story. Please check back for updates.