The world’s two largest economies are locked in a bitter trade dispute, with U.S. President Donald Trump taking issue with his country’s massive trade deficit against China.
For January-September, China’s trade surplus with the United States was $225.79 billion, compared with about $196.01 billion in the same period last year, Reuters calculations showed.
China’s stock markets tumbled on Monday, as investors were unnerved by the central bank’s decision to slash the amount of cash that the country’s lenders must hold as reserves, in a bid to help spur economic growth.
The People’s Bank of China (PBOC) announced measures on Sunday to cut the reserve requirement ratio (RRR) — or the amount of cash that most commercial banks need to set aside at the central bank.
Walmart, the biggest U.S. retailer, warned the Trump administration the newest round of tariffs on imported Chinese goods could prompt it to raise prices on products from shampoo to bicycles to food.
“This round of tariffs could impact a significant number of common consumer items that are not easily replaceable,” Sarah F. Thorn, a senior director for global government affairs at Walmart, wrote in a Sept. 6 letter to the U.S. Trade Representative. “The immediate impact will be to raise prices on consumers and tax American business and manufacturers. “
Amazon is investigating claims that its employees accepted bribes in exchange for leaking confidential sales data.
Independent sellers were also allowed to delete negative reviews and restore banned accounts for payments of between $80 (£61; €69) and $2,000, according to allegations in the Wall Street Journal.
The Journal said the practice was particularly “pronounced in China”.
- China is preparing to retaliate in the escalating trade war with tariffs on about $60 billion worth of U.S. goods.
- The import taxes would range in rates from 5 percent to 25 percent, the Chinese government said.
- “Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties,” China’s statement said.
(CNN)Hundreds of thousands of vaccines provided for Chinese children have been found to be faulty, inciting widespread fury and prompting the country’s President, Xi Jinping, to describe the incident as “vile and shocking.”China’s Food and Drug Administration (CFDA) has launched an investigation into vaccine manufacturer Changchun Changsheng Biotechnology, revoking its license for human rabies vaccines and beginning a recall of all unused vaccines produced by the company.
The president’s green light came after a meeting Thursday with top economic officials, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer.
The move represents a serious escalation of trade tensions between the world’s two largest economies — just as Trump has also picked fights with allies Canada, Mexico and the European Union over steel and aluminum.
Amazon Echo speakers and Kindle e-readers are produced by Chinese laborers who work long hours for low pay without proper safety training, finds a new report by China Labor Watch, a U.S.-based humanitarian group.
China Labor Watch launched a nine-month investigation into the Hengyang Foxconn factory, which produces some of Amazon’s most sought after products. Amongst a number of labor violations, the group discovered that laborers were required to work at least 100 hours of overtime per month– Chinese law caps overtime at 36 hours per month.