Trade war: China hits back at US with new tariffs
Beijing, Aug 8 : China on Wednesday announced that it will slap additional 25 per cent tariff on $16 billion worth of US products in retaliation to Washington's latest round of duties, escalating the trade battle between the two countries.
The 25 per cent tariffs will come into effect on August 23 and target 333 US products including coal, bicycles, trucks, vehicle engines and chemicals, the Customs Tariff Commission of the State Council said.
The move came after US President Donald Trump on Tuesday announced similar tariffs on China, affecting imports such as electronic parts, plastics, chemicals, batteries and railway cars.
In a statement, the Chinese Commerce Ministry said that the US once again put domestic law above international law by imposing "very unreasonable" new tariffs on Chinese goods. Beijing will implement the tariff measure with the US simultaneously, the ministry said.
The tariffs mark the latest round in a protracted trade battle between Trump and China, with tens of billions of dollars in tariffs against Beijing already in effect.
China has hit back with retaliatory tariffs, many of which targeted agricultural industries in states in the midwest that overwhelming went for Trump in 2016.
The Department of Agriculture earlier announced a $12 billion aid plan to help farmers affected by Chinese tariffs, despite criticism from lawmakers in both parties.
Trump also imposed steep tariffs on imported steel and aluminum from Canada, Mexico and the EU. Businesses in the US complained that the tariffs were forcing them to raise prices and eliminate jobs.
Earlier, Trump asserted that the measures were "working big time", and again vowed to imposed tariffs against countries that doesn't want to "make or build" products in the US.
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Udupi: 48-year-old man loses Rs 46.92 lakh in online share market investment fraud
Udupi: In yet another digital scam, a 48-year-old man from Karnataka was duped into losing a staggering Rs 46.92 lakh in an online fraud disguised as a share market investment scheme.
The victim, identified as Avinash from Kundapur, lodged a complaint after realising he had been duped by fraudsters. He was added to a WhatsApp group named "Surendra VIP Free Bull Stock Sharing Group-X98" on September 17 and the group claimed to offer lucrative opportunities for earning profits through stock market investments, as reported by Deccan Herald on Monday. Trusting the group's promises, Avinash followed their advice and opened a ‘Zerodha D-mat account’ to start his investment journey.
Initially, Avinash invested Rs 10,000 as per the group's instructions. However, the scammers soon directed him to another demat account, "EMCEE – Invest Group Inc," and encouraged him to invest larger amounts. Believing in the potential for returns, Avinash transferred a total of Rs 46.92 lakh from his bank account to various accounts provided by unknown individuals.
The transactions were made via Google Pay and online banking in phased payments.
Avinash mentioned in the complaint that despite the significant sums invested, he never received any returns or profits, and the fraudsters failed to refund the amount, leading to massive financial loss.
After realising he had been scammed, Avinash filed a complaint to the CEN station in Udupi.
A case has been registered under Sections 66 (C), 66 (D) of IT Act and section 318 (4) of BNS act.
