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China’s final list announced on Wednesday differs from an earlier draft it published in June, which included crude oil. The number of categories of goods subject to tariffs rose to 333 from 114 in the June draft, although the total value is unchanged. The U.S. action that prompted the Chinese retaliation was the latest by President Donald Trump to put pressure on China to negotiate trade concessions, after Washington imposed tariffs on $34 billion in goods last month. China has vowed to retaliate with equivalent tariffs against any U.S. action.
“This is a very unreasonable practice,” the Chinese commerce ministry said of the U.S, action on Wednesday as it rolled out China’s counter-tariffs, To compensate for the gap on its tariff list caused by the exclusion of crude oil, China added fish meal, wood waste, paper and paper waste, metal scraps, and various types of bicycles and cars, among other products, Last week, modern knot sterling silver cufflinks China proposed additional tariffs on another $60 billion of U.S, goods after Trump raised planned tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent..
So far, China has now either imposed or proposed tariffs on $110 billion of U.S. goods, representing the vast majority of its annual imports of American products. Big-ticket U.S. items that are still not on any list are crude oil and large aircraft. A spokeswoman for the U.S. Trade Representative’s office could not immediately be reached for comment on China’s retaliation announcement or whether this would trigger Trump’s next round of threatened tariffs on $200 billion worth of Chinese goods.
USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end Sept, 5, It would take a few more weeks to revise the list and make programming changes at U.S, Customs and Border Protection to begin collecting the duties, Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said he modern knot sterling silver cufflinks expected that there would be little to stop further escalation of the U.S.-China tariff war as both sides dig into entrenched positions..
“My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections. That’s soon enough to be used by Trump as a rallying argument, but late enough so that adverse effects will not occur before January 2019. Of course, China will retaliate, probably dollar for dollar,” Hufbauer said. China, however, would run out of U.S. imports to levy, as it bought only $130 billion worth of American goods last year. It would likely have to impose penalties on U.S. companies doing business in China to make up the difference.
NEW YORK (Reuters) - A video of 95-year-old Sumner Redstone, the patriarch of the family that owns the voting majority of CBS Corp (CBS.N), can be reviewed in the U.S, broadcast and media company’s legal battle against the family, a modern knot sterling silver cufflinks Delaware judge ruled on Wednesday, Redstone, however, will not be required to give testimony, the judge decided, National Amusements Inc, the Redstone family’s holding company, and CBS are in the midst of a high-stakes legal dispute over control of the company and its potential merger with Viacom Inc (VIAB.O), also majority-owned by NAI, Shari Redstone, the daughter of Sumner, has pushed to combine Viacom with CBS..
The health and mental faculties of Sumner Redstone, the founder and chairman emeritus of Viacom, and the majority owner of NAI, are a flashpoint for dispute in the battle for control. “We are very pleased with the court’s ruling today, which will now allow us to conduct appropriate discovery from National Amusements on the issue of who controls NAI,” CBS said in a statement, adding that the video of Redstone would be kept confidential. National Amusements declined to comment. CBS had pushed to have the tape, which could end up as evidence in the trial, included for review, while NAI has previously said that the recording broke California law because Redstone did not know he was being filmed.
The contents of the video have not been made public, A source with knowledge of the situation said the video was taken by a CBS board member, is several minutes long and shows Sumner Redstone’s physical and mental state, National Amusements must produce certain documents requested by CBS, according to court filings, CBS said it will also be able to secure National Amusements’ documents relating to the 2016 ousting of five Viacom directors, including then-CEO Philippe Dauman, The CBS board had modern knot sterling silver cufflinks approved a dividend earlier this year that would dilute the Redstone family’s majority voting rights in the company, in an attempt to prevent the merger with Viacom..