Share This

Sunday 8 July 2018

China hits back after US imposes tariffs worth $34bn

https://youtu.be/5p5sA5i6XYs


US tariffs on $34bn (£25.7bn) of Chinese goods have come into effect, signalling the start of a trade war between the world's two largest economies.

The 25% levy came into effect at midnight Washington time.

China has retaliated by imposing a similar 25% tariff on 545 US products, also worth a total of $34bn.

Beijing accused the US of starting the "largest trade war in economic history".

"After the US activated its tariff measures against China, China's measures against the US took effect immediately," said Lu Kang, a foreign ministry spokesman.

Two companies in Shanghai told the BBC that customs authorities were delaying clearance processes for US imports on Friday.

The American tariffs are the result of President Donald Trump's bid to protect US jobs and stop "unfair transfers of American technology and intellectual property to China".

The White House said it would consult on tariffs on another $16bn of products, which Mr Trump has suggested could come into effect later this month.




The imposition of the tariffs had little impact on Asian stock markets. The Shanghai Composite closed 0.5% higher, but ended the week 3.5% lower - its seventh consecutive week of losses.

Tokyo closed 1.1% higher, but Hong Kong fell 0.5% in late trading.

Hikaru Sato at Daiwa Securities said markets had already factored in the impact of the first round of tariffs.

list of products

Mr Trump has already imposed tariffs on imported washing machines and solar panels, and started charging levies on the imports of steel and aluminium from the European Union, Mexico and Canada.

He has also threatened a 10% levy on an additional $200bn of Chinese goods if Beijng "refuses to change its practices".

The president upped the stakes on Thursday, saying the amount of goods subject to tariffs could rise to more than $500bn.

"You have another 16 [billion dollars] in two weeks, and then, as you know, we have $200bn in abeyance and then after the $200bn, we have $300bn in abeyance. OK? So we have 50 plus 200 plus almost 300," he said.

The US tariffs imposed so far would affect the equivalent of 0.6% of global trade and account for 0.1% of global GDP, according to Morgan Stanley in a research note issued before Mr Trump's comments on Thursday.

Analysts are also concerned about the impact on others in the supply chain and about an escalation of tensions between the US and China in general.


Timeline


US-China trade war

16 February, 2018
US Commerce Department recommends a 24% tariff on all steel imports and 7.7% on aluminium. It's seen as a policy directed at China, which is the world's largest maker of steel.


22 March, 2018
China says it will impose tariffs on US goods worth $3bn. 


22 March, 2018
President Trump announces a plan to impose further tariffs on Chinese imports worth $60bn but grants temporary exemptions from aluminium and steel tariffs to the EU, South Korea and other countries.


2 April, 2018
China imposes 25% tariffs on 128 US products including wine and pork.


3 April, 2018
The US Government proposes new additional tariffs on Chinese imports worth $50bn. These include: televisions, medical equipment, aircraft parts and batteries.


4 April, 2018
China proposes tariffs on US goods worth $50bn.


5 April, 2018
President Trump announces he's considering additional tariffs on Chinese products worth $100bn.


15 June, 2018
President Donald Trump announces new tariffs on goods worth $34bn will come into force on 6 July 2018. He also proposes a new list of tariffs for imported goods worth $16bn.


15 June, 2018
China says it will respond to these new US impositions with it's own new tariffs on agricultural products and manufactured goods.





Wednesday 4 July 2018

Najib arrested, charged and pleaded not guilty

https://youtu.be/CkmYbnVaO_s


Former premier Najib Abdul Razak was arrested at his residence in Jalan Duta, Kuala Lumpur, this afternoon, according to MACC chief commissioner Mohd Shukri Abdull.

The arrest was carried out in relation to the commission's investigation into the SRC International issue.

Speculation is also rife that the former premier could be charged tomorrow.

Shukri Abdul told the media that the arrest took place at 3pm and the former premier has been taken to the commission's headquarters in Putrajaya for further questioning.

Previously, MACC had recorded Najib's statement twice with regard to the SRC International issue.

Last Friday, Malaysiakini had reported that there is a strong likelihood the former premier would be arrested this week.

Malaysiakini logo
[More to follow]

LIVE: Najib arrives in court





https://youtu.be/IFZhcT6t1Pw

Penang undersea tunnel developer CZC 'duped into paying RM22mil' at gun point?


GEORGE TOWN: The developer of the Penang undersea tunnel project claims it was duped into paying two individuals RM22mil to stop graft investigations.

Consortium Zenith Construction Sdn Bhd (CZC) senior executive director Datuk Zarul Ahmad Mohd Zulkifli (pic) said they were told that action would be taken against them if they did not pay.

“They (the duo) claimed to be the powers that be. Eventually, we found out it was not true. We were conned,” he said.

He said the company had previously followed all the rules.

“But at that particular period of time, we didn’t know what was the rule of law. It’s not bribery but the act was akin to putting a gun to my head,” he said.

Zarul Ahmad said he could not disclose the details because the case was still being investigated by the Malaysian Anti-Corruption Commission (MACC).

“I believe soon they will come out with something pertaining to those issues,” he said.

Zarul Ahmad said things were different now after the outcome of GE14 on May 9.

“On May 10, I opened my window and I took a nice breath of fresh air and it was wonderful.

“Last time, I couldn’t answer certain things but now, I can because there is freedom of speech. I know I won’t get into trouble for making statements that I want to make,” he said at a hotel here yesterday.

In March, a 37-year-old Datuk Seri was picked up by MACC for allegedly receiving RM19mil from CZC to “help settle” investigations into the controversial RM6.3bil mega project comprising an undersea tunnel and three highways.

Former chief minister Lim Guan Eng said the state government was shocked at the news that CZC allegedly paid RM19mil to an unnamed businessman and RM3mil to an MP.

Zarul Ahmad said they had provided an explanation about the incident which was accepted by the Penang government two weeks ago.

CZC, the special purpose vehicle of the Penang project, had come under the spotlight after its two senior directors were picked up to assist in MACC investigations over alleged corruption claims.

MCA deputy president Datuk Seri Dr Wee Ka Siong had raised numerous concerns about the project, including why the special pur­pose vehicle did not meet the RM381mil minimum paid-up capital requirement during the tender process.

Zarul Ahmad said they were adopting the just-in-time (JiT) philosophy, meaning the paid-up capital would only be increased when necessary.

He said 90% of the financing was done through the banks and they did not want to incur interests for nothing.

“That is the only way to reduce our cost and maximise returns.

“Why should we increase our paid-up capital to RM300mil or 400mil when we are only using a certain amount,” he said.

By Tan Sin Chow and Saran Yeoh The Star 


Related story:

'It was like someone putting a gun to our heads' | Free Malaysia Today

 

Works to begin on paired roadCompany offers third bridge with LRT as an alternative

Works to begin on paired road

 

MACC arrests Najib at his home 

Former PM Najib arrested at his residence 

MACC arrests Najib | Malaysia




Related posts:

More worms open up from Penang Undersea Tunnel project as Datuk Seri photos hots up

Penang govt shocked at payment of RM22m to Datuk Seri to cover-up alleged corruption in undersea tunnel project.

Tough questions on Penang turnel project; Engineering Consultant arrested in probe

Penang Transport Master Plan (PTMP) - Tunnel project rocked, Directors arrested in graft probe

Opening up a can of worms from Penang Undersea Tunnel project to Ayer Hitam ...

Penang Forum calls to review Penang mega projects


Penang undersea tunnel project scrutinized by the Malaysian Anti Corruption Commission (MACC) 

Who is sabotaging Penang undersea tunnel project?

PTMP: Losses making fashion company in Penang Undersea Tunnel Projec