China to raise tariffs on $60 billion in US goods, vows to ‘never surrender’

first_imgChina announced Monday that it would raise taxes on $60 billion in American goods beginning June 1st.On the official Ministry of Finance website, China published a list of U.S. goods that would be hit by tariffs which include more than 5,000 items with taxes of 5% to 25% covering a wide range of U.S. goods including agricultural products but also chemicals, metals, and fabrics.The post also said they’d would “never surrender” to outside pressure in connection to the escalation between the United States and China that threatens to the global economy.China’s new tariff action was expected after trade talks in Washington, D.C. broke off Friday, resulting in the Trump administration raising  taxes on $200 billion of imported Chinese goods from 10% to 25%.Despite China’s latest move, President Trump has remained adamant about his decision to raise tariffs on Chinese goods and warned via Twitter Monday that “China would hurt very badly if they don’t make a deal.” Thus far, Trump has issued 25% tariffs on a total of $250 billion of Chinese goods.He first took action in June after his administration said that China had been engaged in intellectual property theft and policies that coerce U.S. firms to hand over technologies to gain access to Chinese markets for many years.He threatened that his next step would be to impose 25% tariffs on all of the remaining Chinese merchandise that enters the U.S. which would be about $300 billion worth of goods including many consumer products, and high-profile imports such as Apple iPhones, which are reportedly not subject to import taxes.According to reports, the new Chinese tariffs would hit 5,140 American-made items with taxes from 5% and 25%, and nearly half of them at 25%.The list includes nuts, legumes, honey, meat, and wine and well as chemicals, cosmetics, tires, timber, fabrics, gems, steel, and other metals.last_img read more

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ShangriLa opens more doors down under

first_imgSource = e-Travel Blackboard: N.J The Hong-Kong based hotel company has announced its expansion in Australia after acquiring and assuming management of a hotel currently owned by the Holiday Inn Brisbane. Commencing 7 August this year the 191 Traders Hotel, Brisbane will be the first owned by the Shangri-La Hotels and Resorts and follows on from the company’s full acquisition of the 563-room Shangri-La Hotel in Sydney. Located above the Brisbane Transit Centre and next to Roma Street Parklands, the company said the purchase marked its “financial commitment and long term vision” for Australia.“As the third most populous city in the country, Brisbane is a strategic feeder destination to other major Australian cities for the Shangri-La group,” the hotel Group said.  “After China and the United States, the Australian continent represents the third largest market for Shangri-La and forms a key substantial membership base within the worldwide network of 2.1 million members of the company’s prolific loyalty programme, Golden Circle.”According to the Group, the hotel will also benefit business and leisure travellers with seven meetings room as well as MJ’s Restaurant and Bar providing all day dining.last_img read more

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