MSN - AP World http://syn2.thecanadianpress.com:8080/mrss/feed/fcf7391a2f354311807f0501c16bde6a MSN - AP World Copyright © 2010-2018 The Canadian Press. All rights reserved. http://www.rssboard.org/rss-specification Mon, 21 Oct 2019 23:38:31 +0000 Turmoil as tariffs rift grows between US, China http://syn2.thecanadianpress.com:8080/mrss/feed/fcf7391a2f354311807f0501c16bde6a/8b13aed9a19e4535ace00909e1fc0214 Donald Trump orders American companies to seek alternatives to operating in China, hours after Beijing announced new trade sanctions. Analyst Amanda DeBusk says the situation is "very serious," but China's tariff retaliation is not surprising. (Aug. 23) 8b13aed9a19e4535ace00909e1fc0214 Fri, 23 Aug 2019 21:02:35 +0000 RESTRICTION SUMMARY: AP CLIENTS ONLYSHOTLIST:ASSOCIATED PRESS - AP CLIENTS ONLYARCHIVE: Baltimore, Maryland - 7 May 20121. Wide of container cargo ship underneath bridge2. Container lifted off truck bed and lifted on to shipASSOCIATED PRESS - AP CLIENTS ONLYWashington - 23 August 2019  3. SOUNDBITE (English) Amanda DeBusk, Chair, Global International Trade Department, Dechert Law firm: ++SOUNDBITE PARTIALLY OVERLAID++"It's very serious because especially, with the economy starting to show warning signs of a recession. The trade tensions exacerbate that. The tariffs exacerbate that. So one of the things too that we're all looking at is will there be a stepping back from the edge of the cliff? In the past there has been a lot of brinkmanship. There have been tariffs imposed but before there really catastrophic tariffs, the U.S. and China have worked things out so that the two sides back away from the edge of the cliff. So they have until September 1 to make that happen. "ASSOCIATED PRESS - AP CLIENTS ONLYARCHIVE:  Seattle - 21 May 20194. Various of Seattle's port, ship unloading containersASSOCIATED PRESS - AP CLIENTS ONLYWashington - 23 August 20195. Graphic with Chinese President Xi Jinping and US President Donald TrumpASSOCIATED PRESS - AP CLIENTS ONLYBeijing - 15 March 20196. Various of flags and exteriors of Great Hall of the PeopleASSOCIATED PRESS - AP CLIENTS ONLYWashington - 23 August 2019  7. SOUNDBITE (English) Amanda DeBusk, Chair, Global International Trade Department, Dechert Law firm:  ++SOUNDBITE PARTIALLY OVERLAID++"The Chinese are completely reliable in retaliating and so whenever the United States imposes tariffs China imposes tariffs, so this wasn't an unexpected move."TWITTER/@RealDonaldTrumpInternet - 23 August 20198. Wide, U.S. President Donald Trump's twitter page9. Pan, Trump's tweets against ChinaASSOCIATED PRESS - AP CLIENTS ONLYWashington - 23 August 2019  10. SOUNDBITE (English) Amanda DeBusk, Chair, Global International Trade Department, Dechert Law firm: ++SOUNDBITE PARTIALLY OVERLAID++"He (Donald Trump) really is extremely unhappy with the inability to negotiate with the Chinese to reach a big trade deal, which is what his objective has been. And so his warning to the Chinese is that he's going to make it so that U.S. companies find it difficult to engage with China. He's given a message saying he wants for U.S. companies to find other countries to do business in.  They should disentangle their engagement with the Chinese. "NYSE HANDOUT - AP CLIENTS ONLYNew York - 23 August 201911. Shot of NYSE's Big Board ASSOCIATED PRESS - AP CLIENTS ONLYWashington - 23 August 2019  12. SOUNDBITE (English) Amanda DeBusk, Chair, Global International Trade Department, Dechert Law firm: ++SOUNDBITE PARTIALLY OVERLAID++"The business community is really whipsawed. They feel day to day that they don't know what's happening here. The landscape is changing all the time. It's really quicksand."ASSOCIATED PRESS - AP CLIENTS ONLYARCHIVE: Redford Township, Michigan - 4 December 201813. Various of employees at work in the collaborative robots area of Ford's Advanced Manufacturing CenterASSOCIATED PRESS - AP CLIENTS ONLYWashington - 23 August 2019  214. SOUNDBITE (English) Amanda DeBusk, Chair, Global International Trade Department, Dechert Law firm: ++SOUNDBITE PARTIALLY OVERLAID++"The areas that would be most impacted would be certainly in the automotive industry. That's one of the areas where the Chinese are punching the hardest with tariffs that would be up to 25 percent on U.S. automobiles that go into China. There would also be tariffs on automotive parts. The agriculture sector continues to be a focus of the Chinese. And one of the new areas that's been added to this is crude oil. That one is very interesting. Crude oil is something that the Chinese desperately need and they have been importing crude oil from the United States. And so the fact that they're willing to impose tariffs on products that they want very much is meant to signal the U.S. very strongly about the seriousness of purpose with which they are approaching these discussions." ASSOCIATED PRESS - AP CLIENTS ONLYARCHIVE: Baltimore, Maryland -  7 May 201215. Various, containers lifted off truck beds and lifted on to shipSTORYLINE: President Donald Trump declared Friday that he had "hereby ordered" American companies "to immediately start looking" for alternatives to operating in China, hours after Beijing announced new trade sanctions on U.S. products.But as markets in the U.S., Asia and Europe tumbled, the White House offered no further details or explanation of Trump's intentions."It's very serious because especially, with the economy starting to show warning signs of a recession, " said Amanda DeBusk, the Chair of law firm Dechert's Global International Trade Department."In the past there has been a lot of brinkmanship," DeBusk said. "There have been tariffs imposed but before there really catastrophic tariffs, the U.S. and China have worked things out so that the two sides back away from the edge of the cliff.," adding that both sides have a deadline of the beginning of September to figure it out. The rising tensions between the world's two biggest economies unnerved investors already on edge about the deteriorating world economy. Assessing Trump's reaction to the Chinese tariff announcement, DeBusk said the tweets showed the president was "extremely unhappy with the inability to negotiate with the Chinese to reach a big trade deal.""His warning to the Chinese is that he's going to make it so that U.S. companies find it difficult to engage with China. "By early afternoon Friday, the Dow Jones industrial average has dropped more than 550 points.The U.S. has said it plans to impose 10% tariffs on $300 billion of Chinese goods in two steps, on Sept. 1 and Dec. 15.China responded Friday with new tariffs of 5% and 10% on $75 billion of U.S. products in retaliation, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.Like Trump's, the Chinese tariffs will be imposed in two batches - first on Sept. 1 and then on Dec. 15.China will also go ahead with previously postponed import duties on U.S.-made autos and auto parts, the Finance Ministry announced.The White House did not immediately respond to questions about what authority the president believes he has to order private companies to change their business practices. And it remained unclear hours after his tweets exactly what he had in mind.Trump was meeting Friday with his trade advisers, according to two people with knowledge of the situation. They were discussing various potential options, including the possibility of imposing a 25% tariff on all Chinese exports to America, one of the people said. They spoke to AP on condition of anonymity because they were not authorized to disclose details of closed-door meetings.The United States has been locked in a trade war with China for 13 months, rattling financial markets, disrupting international trade and weakening prospects for worldwide economic growth.Washington accuses China of using predatory tactics - including outright theft of U.S. trade secrets - in an aggressive drive to turn itself into a world leader in cutting-edge technologies such as artificial intelligence and electric cars.China's announced tariff hikes - and Trump's response - is the latest sign that both countries are digging in.Trump is leaving Washington Friday evening, traveling to France Friday to meet with leaders of the world's industrialized democracies.Among a laundry list of challenges, new turmoil in US-China trade war is threatening to eclipse the annual Group of 7 summit.===========================================================Clients are reminded: (i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service (iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory. Donald Trump orders American companies to seek alternatives to operating in China, hours after Beijing announced new trade sanctions. Analyst Amanda DeBusk says the situation is "very serious," but China's tariff retaliation is not surprising. (Aug. 23) Turmoil as tariffs rift grows between US, China