European Union retaliatory tariffs on United States products to come into effect on Friday

Jun 23, 2018, 03:00
European Union retaliatory tariffs on United States products to come into effect on Friday

Gou however said that was normal practice in other parts of the world, and stressed that Foxconn's biggest challenge now was not labor but U.S.

Earlier this month, Mr. Grenell told Breitbart London he was "working with the different German industry associations to identify the small and medium-size companies that want to open up a new market in the United States" in the context of cutting reliance on trade with Iran.

The European Commission in Brussels gave final approval for a 25 per cent duty on 2.8 billion euros (US$3.2 billion) of EU imports of a range of USA products including Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey.

China's rising economic and technological prowess is at the heart of a dispute with the US that, while waged through retaliatory trade tariffs, is also aimed at prying open the Asian nation to USA businesses and restricting the use of government aid to advance strategically important industries.

"What they are fighting is not a trade war, it's a tech war".

Gou argued that Foxconn should be governed by US regulations since, as the world's largest electronics contract manufacturer, a large swath of its customers from Apple to Amazon are American. For that reason, even many Republicans have opposed the idea of a trade war with China. "A tech war is also a manufacturing war", Gou said. Officials in China said their country's tariffs would be "qualitative and quantitative".

"The U.S. has the upper hand over China in technology, defense and worldwide influence, and therefore the country will continue to have a strategic initiative over Beijing for the foreseeable future", it said. "In other words, China should focus on its domestic affairs".

"As long as China can effectively utilize its successful policies and experiences accumulated since the reform and opening up, and avoid subversive mistakes, the country will see robust momentum for development", the Global Times said.

In Shanghai, stocks hit a fresh two-year low before rising slightly on Friday morning, while shares in Hong Kong also declined.

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