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China slaps tariffs on $50 billion of U.S. goods as trade dispute escalates

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Beijing’s announcement triggered heavy selling in global financial markets, with U.S. stock futures sliding 1.5 percent and U.S. soybean futures plunging nearly 5 percent and on track for their biggest fall since July 2016. The dollar briefly extended early losses, while China’s yuan skidded in offshore trade.

Hours earlier, the U.S. government had unveiled a detailed breakdown of some 1,300 Chinese industrial, transport and medical goods that could be subject to 25 percent duties, ranging from light-emitting diodes to machine parts.

The U.S. move is aimed at forcing Beijing to address what Washington says is deeply entrenched theft of U.S. intellectual property and forced technology transfer from U.S. companies to Chinese competitors, charges Chinese officials deny.

Foreign ministry spokesman Geng Shuang said China had shown sincerity in wanting to resolve the dispute through negotiations.

“But the best opportunities for resolving the issues through dialogue and negotiations have been repeatedly missed by the U.S. side,” he told a regular briefing on Wednesday.

 American fruit for sale at a supermarket in Beijing, China, on Monday. Wu Hong / EPA

The tariff list from the office of U.S. Trade Representative Robert Lighthizer followed China’s imposition of tariffs Monday on a $3 billion list of U.S. goods including pork, apples and steel pipe in response a higher American import duties on steel and aluminum.

China ran a $375 billion goods trade surplus with the United States in 2017, a figure that Trump has demanded be cut by $100 billion.

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Starmer wins huge victory as Labour leadership rules changed to avoid Corbynite takeover

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SIR KEIR STARMER has won a fight with the Labour-Left to change the party’s leadership rules to make it harder to for another Corbynite to be elected.

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Brexit Remoaning crushed as Shapps says UK exit has HELPED sort HGV driver shortage

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BREXIT doom-mongering from Remonaers has been blown apart after Grant Shapps claimed the UK’s departure from the European Union has helped the country push faster to sort the HGV driver shortage crisis.

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'It's our destiny!' Adonis outlines 'step by step plan' to reverse Brexit and rejoin EU

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LORD ADONIS outlined his “step by step” plan for take Britain back into the EU as he addressed Labour members in Brighton.

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