US raises tariffs on Chinese goods worth $200bn
The US on Friday has more than doubled tariffs on $200 billion worth of Chinese products from 10 per cent to 25 per cent, in a sharp escalation of their damaging trade war, the Chinese government has confirmed.
 
"The US has raised the tariff on $200 billion of Chinese exports to the US from 10 per cent to 25 per cent," China's Commerce Ministry said on its website.
 
"It is hoped that the US and the Chinese side will work together... to resolve existing problems through cooperation and consultation."
 
Meanwhile, a Chinese delegation who is currently in Washington for the 11th round of high-level economic and trade consultations with American officials, said that Beijing "deeply regrets" that the US has increased the additional tariffs, Xinhua news agency reported.
 
China will have to take necessary countermeasures, the delegation, led by Vice Premier Liu He, said.
 
With this round of talks still ongoing, Beijing hopes that the US can meet China halfway, and that the two sides will make joint efforts to resolve existing problems through cooperation and consultation, it added.
 
Chinese stock markets were little changed after the tariffs came into force, with the Hang Seng index trading up 0.6 per cent and the Shanghai Composite 1.5 per cent higher.
 
The tariffs come after US President Donald Trump on Sunday threatened to raise tariffs on $200 billion of Chinese goods. 
 
The American and Chinese negotiators met on Thursday evening but failed to produce an agreement to forestall the higher levies and to end a tit-for-tat trade war.
 
However, the White House said talks would continue on Friday, said The New York Times.
 
"This evening, Ambassador (Robert E.) Lightizer and Secretary (Steve) Mnuchin met with President Trump to discuss the ongoing trade negotiations with China. The Ambassador and Secretary then had a working dinner with Vice Premier Liu He, and agreed to continue discussions," it added.
 
The 10 per cent duties on $200 billion worth of Chinese products - including fish, handbags, clothing and footwear - were due to rise at the start of the year, but it was delayed as negotiations advanced since agreeing on a truce last December.
 
Before the trade talks began on Thursday evening, Trump earlier in the day said that he had received a "beautiful letter" from Chinese counterpart Xi Jinping and that they would probably speak by phone.
 
Both sides have already imposed tariffs on billions of dollars worth of one another's goods, the BBC reported.
 
Last year, the US slapped duties on $250 billion worth of Chinese goods and China levelled duties on $110 billion of US products.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 
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    Political advertising on Facebook creating 'inequalities'
    As more and more political parties advertise on Facebook to reach out to maximum number of voters, the practice is creating new types of inequalities for campaigners and, in turn, posing new set of challenges for the regulators, warn researchers.
     
    Traditional campaigning regulations are based on the theory that spending by each political party leads to a similar result.
     
    For example, if political parties spent the same amount on leaflets, the literature would reach a similar number of people.
     
    However, this cannot apply to Facebook advertising where the impact is dependent on the audience the advertiser wants to reach, argues Katharine Dommett from the University of Sheffield and Sam Power from the University of Exeter.
     
    "This means different spend will have different results. Adverts in a marginal constituency will be more expensive, as will adverts that are directed at an audience that is in high demand from advertisers," the researchers said in a paper published in the journal Political Quarterly.
     
    For example, in India, even before elections were announced, in February itself, Facebook had run over 51,000 political ads in India worth more than Rs 10 crore and Google declared 800 ads bought for Rs 3.6 crore.
     
    "As digital political campaigning grows, it is now increasingly difficult for existing regulators to capture the true extent of what is happening online, let alone whether these practices violate democratic norms," suggested Dommett.
     
    The unreliability of existing data on the use of Facebook needs to be acknowledged by regulators if campaigning spending is to be effectively interpreted and understood.
     
    The findings showed that regulation must also take into account how Facebook algorithms mean the same advertising spend has different results.
     
    "Although Facebook has introduced some new transparency measures, nobody can fully monitor both how it is being used by political parties and the inequalities of access they can face," said Power.
     
    It is also not Facebook's role to regulate elections.
     
    "We need to recognise these limitations to think about whether and how existing reporting requirements need to change," Power added.
     
    Regulators around the world need to think about how to monitor and respond to spending principles that are creating inequalities in the electoral market place.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Saudi Fugitives Accused of Serious Crimes Get Help to Flee While US Officials Look the Other Way
    The FBI, Department of Homeland Security and other agencies have known for years that Saudi diplomats were helping Saudi fugitives. But Washington avoided even raising the problem out of concern that it might hurt Saudi cooperation in the fight against terrorism.
     
    The government of Saudi Arabia has repeatedly helped Saudi citizens evade prosecutors and the police in the United States and flee back to their homeland after being accused of serious crimes here, current and former U.S. officials said.
     
    The FBI, the Department of Homeland Security and other agencies have been aware of the Saudi actions for at least a decade, officials said. But successive American administrations have avoided confronting the government in Riyadh out of concern that doing so might jeopardize U.S. interests, particularly Saudi cooperation in the fight against Islamist terrorism, current and former officials said.
     
    “It’s not that the issue of Saudi fugitives from the U.S. wasn’t important,” said retired FBI agent Jeffrey Danik, who served as the agency’s assistant legal attache in Riyadh from 2010 to 2012. “It’s that the security relationship was so much more important. On counterterrorism, on protecting the U.S. and its partners, on opposing Iran, the Saudis were invaluable allies.”
     
    American officials said Saudi diplomats, intelligence officers and other operatives have assisted in the illegal flight of Saudi fugitives, most of them university students, after they were charged with crimes including rape and manslaughter. The Saudis have bailed the suspects out of jail, hired lawyers to defend them, arranged their travel home and covered their forfeited bonds, the officials said.
     
    A spokesman for the Saudi Embassy in Washington, Fahad Nazer, said that only “a small fraction” of Saudi students in the United States have gotten into legal trouble, and that Saudi officials have “strictly adhered to all U.S. laws” in helping them. “The notion that the Saudi government actively helps citizens evade justice after they have been implicated in legal wrongdoing in the U.S. is simply not true,” he said. He did not respond to questions about how a series of Saudi students had managed to return home while facing criminal charges in the United States.
     
    The Trump administration has deflected calls for an accounting of the Saudi government’s role in the flight of fugitives, asserting that there is little the United States can do because it has no extradition treaty with the kingdom. This week, the State Department said for the first time that it has raised the issue with senior Saudi officials, but it would not specify when or how. Continue Reading...
     
    This story was co-published with The Oregonian/OregonLive.
     
     
     
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    COMMENTS

    Anil Kumar

    4 months ago

    An honest feedback. This article doesn't have any relevance to financial crimes / issues that you normally focus on. Why carry?

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