US has started biggest trade war in history: China
Beijing, July 6 : China on Friday accused the US of starting "the biggest trade war in economic history" as American tariffs took effect on Chinese goods worth $34 billion.
"China is forced to strike back to safeguard core national interests and the interests of its people," the country's Commerce Ministry said in a statement after the tariffs kicked in.
President Donald Trump's administration's 25 per cent tariffs are targeting Chinese products such as industrial machinery, medical devices and auto parts.
The Commerce Ministry statement did not however, provide details on its retaliation.
Beijing said previously it would fire back against an equal value of US exports, including SUVs, meat and seafood.
Even before Friday, the trade dispute between the world's top two economies had rattled markets and prompted warnings from companies of damage to their bottom lines and higher prices for consumers.
The US is also set to impose 25 per cent tariffs on another $16 billion in Chinese exports later in the year and China has vowed to retaliate against US goods worth a similar amount.
But Trump has said his administration will respond to retaliation from Beijing with much bigger waves of tariffs, raising the prospect of worsening tit-for-tat reprisals, CNN reported.
On Thursday, he suggested the possibility of tariffs on almost $500 billion more of Chinese goods.
"Thirty-four, and then you have another 16 in two weeks and then, as you know, we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. OK?" Trump told reporters aboard the Air Force One.
"So we have 50 plus 200 plus almost 300."
Trump and his advisers argue the tariffs are necessary to pressure China into abandoning unfair practices such as stealing intellectual property and forcing American companies to hand over valuable technology.
Beijing denies it's in the wrong and says it's ready to fight a trade war until the end.
The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union.
American tariffs on steel and aluminium imports have provoked retaliatory measures against billions of dollars of American exports.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
BJP to retain Assam, win Bengal; NDA to emerge strong in TN, Kerala, Pondy: Pradhan
Bengaluru (PTI): Union Minister Dharmendra Pradhan on Thursday said the BJP would retain power in Assam, while expressing confidence that there would be a change of government in West Bengal, citing people’s continued faith in PM Narendra Modi and the party.
Asserting that NDA is likely to return to power in the union territory of Puducherry, he expressed confidence that the BJP-led alliance would emerge strongly in Kerala and Tamil Nadu.
The counting of votes for all five Assemblies—West Bengal, Tamil Nadu, Puducherry, Kerala, and Assam—will take place on May 4.
Polls were conducted in a single phase in Assam, Kerala, Puducherry, and Tamil Nadu, while West Bengal saw two phases of polling on April 23 and 29.
On April 9, Assam, Kerala, and Puducherry went to the polls, while Tamil Nadu voted on April 23.
“Beyond exit polls, all of us who worked in the election campaign this time in the five states (four states and one union territory) are confident that the BJP will retain power in Assam and that, for the first time in a long period, West Bengal is heading for a major change,” Pradhan said.
Speaking to reporters, the union education minister said there is significant anti-incumbency against the TMC government in West Bengal due to alleged misgovernance, appeasement politics, and corruption.
“The people of West Bengal are reposing their faith in the leadership of Prime Minister Narendra Modi, the policies of the BJP and the leadership of the state BJP. I am confident there will be a change of government in West Bengal,” he added.
Pradhan said that, in all probability, the NDA (All India N R Congress–BJP alliance) will retain power in Puducherry.
“In Kerala and Tamil Nadu, I think we are all confident that our alliance will emerge strongly,” he added.
Several exit polls on Wednesday predicted a thumping victory for the BJP in Assam and a clear edge for the party over the ruling TMC in West Bengal, while projecting a return of the DMK government in Tamil Nadu and a comeback by the Congress-led UDF in Kerala after 10 years.
However, some pollsters predicted a big win for the TMC in West Bengal and a hung House in Tamil Nadu, with actor-turned-politician Vijay’s TVK emerging as a spoiler for the DMK. Almost all forecasts indicated a return to power for the AINRC-led NDA government in Puducherry.
