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The higher tariff rate, if implemented, would apply to a list of goods valued at $200 billion identified by the USTR last month as a response to China’s retaliatory tariffs on an initial round of U.S. tariffs on $34 billion worth of Chinese electronic components, machinery, autos and industrial goods. Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all U.S. imports from China. The USTR said it will extend a public comment period for the $200 billion list to Sept. 5 from Aug. 30 due to the possible tariff rate rise. The list, unveiled on July 10, hits American consumers harder than previous rounds, with targeted goods ranging from Chinese tilapia fish and dog food to furniture, lighting products, printed circuit boards and building materials.
China said on Wednesday that silver fleur di lis cufflinks “blackmail” would not work and that it would hit back if the United States takes further steps hindering trade, including applying the higher tariff rate, “U.S, pressure and blackmail won’t have an effect, If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights,” Chinese Foreign Ministry spokesman Geng Shuang told a regular news briefing, Investors fear an escalating trade war between Washington and Beijing could hit global economic growth, and prominent U.S, business groups, while weary of what they see as China’s mercantilist trade practices, have condemned Trump’s aggressive tariffs..
Trump also got more pushback on his tariff plans from the U.S. Congress on Wednesday as a bipartisan group of senators, led by Republican Rob Portman of Ohio, launched new legislation that would scale back the president’s power to impose tariffs for national security reasons under a Cold War-era trade law. The proposal would require a more robust justification from the Department of Defense for “Section 232” tariffs such as those imposed on steel and aluminum imports and those now under consideration for autos. It would also give Congress more oversight of the process.
BEIJING (Reuters) - Chinese internet search giant Baidu (BIDU.O) beat expectations for quarterly profit and revenue on the back of strong growth in its core online advertisement business, easing the pressure of funding a major expansion into new technology areas, Consecutive quarters of strong profits also show Baidu silver fleur di lis cufflinks has learnt to navigate regulatory potholes in China after previous missteps even as competitors suffer temporary bans and fines for failing to censor content, Baidu said online advertising revenue rose by 25 percent to 21.1 billion yuan ($3.10 billion) in the second quarter ended June 30, partly driven by growth attributed to its growing newsfeed product, an app similar to Facebook Inc’s (FB.O) feed, Total revenue rose by nearly a quarter to 26.0 billion yuan, topping estimates of a 22.4 percent rise..
Net income rose 45 percent to 6.4 billion yuan, or 18.14 yuan per American depositary share, compared to an estimated 13.4 percent rise by 18 analysts, according to Thomson Reuters I/B/E/S. Several competing video platforms and feeds have been impacted by censorship restrictions in recent months, including Bilibili Inc (BILI.O), which saw its stock drop almost 4 percent since last week after announcing its app would be temporarily removed from app stores by authorities. “We are able to maintain a high standard and a close dialogue with regulators,” Robin Li, Baidu’s chief executive, said on a call with analysts on Wednesday, referring to the company’s news feed. “We’ve seen changes or fluctuations from time to time and we are able to cope with that going forward.”.
Baidu has more than doubled its profits in several recent quarters, That followed a rough period in 2016 when a Chinese government crackdown on suspect medical silver fleur di lis cufflinks ads gutted Baidu’s search ad business, The firm has since sold off its food delivery business and folded its group buying site Nuomi and other units, It is spending heavily to boost its artificial intelligence (AI) and auto businesses, Baidu announced a 10 billion yuan autonomous driving fund last year and has launched new projects including AI chips, smart speakers and ad features, It has also opened a series of new AI labs in China and the United States..
Its most promising bets in AI and autonomous driving, though, are still at nascent stages meaning margin growth will be constrained for some time, analysts say. “The company continues to pursue new engines with AI and newsfeed for long term growth. As a result, we believe the margin will not see any expansion in the foreseeable future,” TH Data analyst Tian Hou said in a research note ahead of the earnings. Spending on personnel has risen sharply since Baidu’s shift to AI, and research and development costs - mainly attributed to personnel - have doubled to 4 billion yuan in the latest quarter from 2 billion yuan in the first quarter of 2016.
Investors were rattled recently when the head of Baidu’s AI drive, Lu Qi, stepped down as chief operating officer in May, sending the company’s stock down 9.5 percent, The company said it expects third-quarter revenue of 27.37 billion-28.77 billion yuan, representing an increase of 23-30 percent year-over-year, higher than an estimated 18.9 percent rise by 18 analysts, according to Thomson Reuters I/B/E/S, silver fleur di lis cufflinks U.S.-listed shares of Baidu, which reported results after market hours, were up 1.7 percent in after-hours trading, After surging nearly 43 percent last year, they are up just 5.5 percent so far this year..