China crushes American sorghum crop imports with 179% tariff

Most Asian stock markets trade higher following China’s GDP reports

China crushes American sorghum crop imports with 179% tariff

China's economic growth held steady in the quarter ending in March amid a worsening trade dispute with U.S. President Donald Trump, buoyed by growth in e-commerce and factory output. "Basically, U.S. sorghum won't be able to come in".

Of those polled, 72 percent said they thought Beijing should allow the yuan to depreciate, making their goods more competitive. "We can do it by working overtime".

Tesla was not immediately available to comment yesterday.

The U.S. ban prohibits sales of ZTE parts to U.S. companies for seven years.

Trump says higher duties on $50 billion of Chinese goods are meant to punish Beijing for stealing or pressuring foreign companies to hand over foreign technology.

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Chinese officials said the new measure was the result of a months-long investigation that concluded US sorghum was being dumped on the Chinese market.

Trump left time to negotiate. "I don't think anyone in the West is going to leave it to China to set new ones", the Brussels-based diplomat said. The U.S. has long demanded better access to the Chinese market.

Knock-on effects could greatly increase the impact, Moody's Investors Service researchers said in a report.

The US Trade Representative, a government agency, is preparing a formal complaint, which argues that China is unfairly restricting its technology companies, according to The Wall Street Journal.

The move is likely to stoke fears of a trade war between the United States and China. But Americans are especially important to exporters because they buy electronics and other high-value goods, including many targeted by Trump's tariffs.

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China is imposing a 179 percent tariff on USA sorghum, worth about $1 billion of imports to China a year.

Similar stockpiling has been taking place for heat-conducting materials made by firms including Dow Corning of the United States and Japan's Shi-Etsu, he said.

U.S. ECONOMY: The International Monetary Fund upgraded its economic outlook for the United States in 2018, forecasting growth of 2.9 percent this year, up from the 2.7 percent it had forecast in January and from last year's 2.3 percent expansion.

The deposit on sorghum comes after Beijing had already threatened a tariff on the grain along with USA soybeans. A few hours later, the Wenzhou city government's foreign affairs office called AP to ask about its interviews.

Some of the western diplomats involved in the meetings with Fu Ziying, who is also a vice-commerce minister, have viewed the approaches as a sign of how anxious Beijing is getting about the expanding conflict with Washington, the sources said. Sales of sedans, SUVs and minivans past year totaled 24.8 million units. China responded with its own list of US goods for retaliation. The company also said it will sell its tools and test division to Emerson for $810 million. A spokesman for Germany's Volkswagen said: "We will carefully analyse whether this opens up new opportunities for Volkswagen and its brands".

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