JUST IN: Around 5 million British households are set for lower energy bills this winter after parliament approved a law on gas and electricity tariff price caps, energy regulator Ofgem said on Thursday #AceFinanceDesk reports

#AFNews – 19/07/18: Ofgem is now required to cap prices on Standard Variable Tariffs offered by the six dominant energy providers for households using gas and electricity which studies have shown were far higher than other tariffs on offer: “The cap will tackle the amount consumers have been overpaying … which the Competition and Markets Authority (CMA) found to be an average of 1.4 billion pounds a year……………….Some consumers could save up to 350 pounds a year on gas and electricity bills by switching suppliers,” Ofgem said #AceFinanceDesk reports

CNA.LLondon Stock Exchange

CNA.L

The British government has previous slammed the energy suppliers for offering “rip-off” prices.

The six suppliers controlling around 80 percent of the market are Centrica’s (CNA.L) British Gas, SSE (SSE.L), E.ON (EONGn.DE), EDF Energy (EDF.PA), Innogy’s (IGY.DE) Npower and Iberdrola’s (IBE.MC) Scottish Power.

They have all raised their Standard Variable Tariff prices this year ahead of the price cap.

Reporting by Sabina Zawadzki; editing by Jason Neely for Reuters: Top News: Published July.19:2018 https://ift.tt/2zUba4C

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

(SEOUL, S.K.) JUST IN: Samsung said on Monday its opening the ‘ Worlds Largest Mobile Phone Factory ‘ in India according to a report #AceFinanceDesk reports

#AceFinanceReport – July.09: Samsung said on Monday that it is opening what it said is the world’s biggest mobile phone manufacturing facility as the South Korean giant seeks to expand production in the world’s fastest growing mobile phone market from a report #AceFinanceDesk reports

The new Samsung factory will have the capacity of 120 million smartphones per year, and make everything from low-end smartphones that cost under $100 to its flagship S9 model, according to the company: Earlier this year, China’s Xiaomi displaced Samsung from the No. 1 smartphone spot in the country, breaking its long-held dominance. Indians favor low-end smartphones priced at $250 or less, given the low average annual income of its people, according to Bloomberg Intelligence……………………That’s one reason why Apple has struggled to gain market share in India, with most iPhone models priced beyond $500, according to a Bloomberg Intelligence report earlier this month:

World’s Largest Mobile Phone Factory Set To Open in India
Published on July 09, 2018 at 07:20AM: Source: BM

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

(BEIJING, China.) JUST IN: ITS THE BIGGEST TRADE WAR IN HISTORY: After Trump administration 25% affect 800-Chinese products that include industrial machinery, medical devices and auto parts that began just after midnight on Thursday Chinese Foreign Ministry has said #AceFinanceDesk reports

#AceNewsReport – July.06: The Trump administration’s 25% tariffs affect more than 800 Chinese products worth $34 billion such as industrial machinery, medical devices and auto parts: They kicked in just after midnight ET, which is noon in Beijing: China’s tariffs on US goods came into effect immediately afterward, a spokesman for the Chinese Foreign Ministry said Friday #AceNewsDesk reports

Can the US win a trade war with China?

Trump and his advisers argue the tariffs are necessary to pressure China into abandoning unfair practices such as stealing intellectual property and forcing American companies to hand over valuable technology: Beijing insists it’s the injured party……………………..”China is forced to strike back to safeguard core national interests and the interests of its people,” the Commerce Ministry said in a statement on Friday. It accused the United States of “typical trade bullying.” ……………..The government said previously it would hit more than 500 US export items — including cars and major agricultural goods such as soybeans and meat — worth the same as the Chinese products targeted by the United States……………..Even before Friday, the trade dispute between the world’s top two economies had rattled markets and prompted warnings from companies of damage to their bottom lines and higher prices for consumers.

American companies doing business in China are particularly worried: “Increased tensions in the US-China economic relationship will negatively impact … operations in China,” William Zarit, chairman of the American Chamber of Commerce in China, said in a statement Friday:

Trump threatens another $500 billion

The big question is how far the hostilities between Washington and Beijing will go…………………………The United States is also set to impose 25% tariffs on another $16 billion in Chinese exports later in the summer, and China has vowed to retaliate against US goods worth a similar amount……………….Economists say that if the back-and-forth stops there, the overall impact on both economies will be minimal even though some industries will suffer.

Daimler warns US-China trade war will hit its profits

This is what a trade war looks like

But Trump has said his administration will respond to retaliation from Beijing with much bigger waves of tariffs, raising the prospect of worsening tit-for-tat reprisals. On Thursday, he suggested the possibility of tariffs on almost $500 billion more of Chinese goods………………………He described the potential escalation to reporters aboard Air Force One: “Thirty-four, and then you have another 16 in two weeks and then, as you know, we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. OK?” Trump said. “So we have 50 plus 200 plus almost 300.” ………………That amount is higher than an earlier threat from Trump to target as much as $450 billion of Chinese exports. It’s also bigger than the $506 billion of goods that the United States imported from China last year……………………”We urge the two governments to come back to the negotiation table with the aim of having productive discussions based on achieving results — focused on fairness and reciprocal treatment — instead of escalating the current situation,” said Zarit of the American Chamber of Commerce.

china shipping containers qingdaoShipping containers at a port in Qingdao, China’s eastern Shandong province, on April 13.

Trade clash is coming at a bad time for China’s economy: Underpinning the dispute is Trump’s angerat America’s $376 billion deficit in goods trade with China……………..Despitethree rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump decided to go ahead with the tariffs………………The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union. US tariffs on steel and aluminum imports have provoked retaliatory measures against billions of dollars of American exports. Trump has added to the tension by threatening new tariffs on cars.

Angela Merkel: US auto tariffs could start trade war

auto imports californiaBrand new cars sit in a lot at the Auto Warehousing Company near the Port of Richmond on May 24 in Richmond, California.

For the time being, analysts say it’s hard to see Washington or Beijing backing down in the dispute………………..”By threatening unilateral action without having any allies and not reducing domestic discord on trade, the Trump administration has invited China to stand tough,” said Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies……………..”The Trump administration also believes that at least starting a trade war is in its interests; the US economy is strong enough to endure a crimp in trade, the president’s domestic political standing is as strong as ever amongst Republicans, and pushing China hard on trade may help restore US credibility on other issues,” he added.

Reaching a deal will be tough

The two giant economies appear ready to see which side can endure the most pain. The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments……………….Kennedy say he thinks the Trump administration’s enthusiasm for the conflict “will erode as the economic pain and political fallout from a trade war begin to take hold. At that point, the US will be more interested in negotiations, and the Chinese side will also want to come to the table.” ……………..But reaching a deal that’s palatable to both sides will be tough. For example, the US government wants China to rein in government subsidies for policies like “Made in China 2025,” which seeks to pump hundreds of billions of dollars into industries such as robotics, electric cars and computer chips with the aim of becoming a global leader.

China is killing my business. Now tariffs are too.

Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy……………….”It’s still hard for me to believe the Trump administration could develop and negotiate an overarching package with China that genuinely sticks,” Kennedy said. “And so I’d expect the two sides to pursue some sort of face-saving deal that looks good on paper but is not enduring.”

(WASHINGTON) The proposed “United States Fair and Reciprocal Trade Act” would give the Donal d Trump unilateral power to renegotiate with individual countries or apply tariffs, bypassing international WTO rules for collective negotiation according Axios who published the leaked draft but this is just the beg inning of renegotiating trade agreements #AceFinanceDesk reports

#AceFinanceReport – July.03: The Trump administration has drafted legislation that would allow the U.S. to ditch World Trade Organization rules and give President Donald Trump tighter control over U.S. trade policy, according to Axios, which published the leaked draft: The proposed “United States Fair and Reciprocal Trade Act” would give the president unilateral power to renegotiate with individual countries or apply tariffs, bypassing international WTO rules for collective negotiation #AceFinanceDesk reports

The leaked draft emerged a few days after Axios reported that Trump has repeatedly told White House officials that he wants to withdraw the U.S. from the WTO. “The WTO is designed by the rest of the world to screw the United States,” Axios’s source quoted Trump as saying: The proposed legislation is far from a done deal, according to other media reports and the White House itself. A CNN source said the draft is just the “beginning of a conversation” on trade. Axios reported that “most officials involved in the bill’s drafting … think the bill is unrealistic or unworkable.”

White House spokeswoman Lindsay Walters told Axios that Trump has asked for ideas on how to address “the unfair imbalance of tariffs that put the U.S. at a disadvantage.” She said the main people involved haven’t yet met to review the draft legislation.

“The only way this would be news is if this were actual legislation that the administration was preparing to rollout, but it’s not,” Walters told the publication.

White House press secretary Sarah Huckabee Sanders said it’s “not accurate that the U.S. is leaving the WTO,” telling reporters at a press briefing that Trump “would like to see an overall more fair trading system.”

The rhetoric surrounding Trump’s trade war has escalated recently, with American businesses, including motorcycle manufacturer Harley-Davidson, shifting some production overseas due to retaliatory tariffs by the European Union. General Motors recently told Trump’s Commerce Department that the president’s threatened tariffs on imported cars and parts could backfire with “less investment, fewer jobs and lower wages” for its American workers.

This article has been updated to include comments from Sarah Huckabee Sanders.

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

(TORONTO, Canada.) In response to US tariffs on steel and aluminum, they start retaliatory tariffs on $13B in US goods, on Sunday including maple syrup, coffee beans, strawberry jam and toffee other US imports will be taxed at the border by 10% as Trudeau asks citizens to boycott US goods #AceFinanceDesk reports

#AceFinanceReport – July.02: Canada Imposes Counter-Tariffs On A Long List Of U.S. Goods as the tariffs went into effect Sunday and are in retaliation for President Trump’s tariffs on Canadian steel and aluminum. Noel King talks to Christophe Bondy, a former trade negotiator for Canada NPR.org reports

Canada began imposing tariffs Sunday on $12.6 billion in U.S. goods as retaliation for the Trump administration’s new taxes on steel and aluminum imported to the United States.Some U.S. products, mostly steel and iron, face 25% tariffs, the same penalty the United States slapped on imported steel at the end of May: Other U.S. imports, from ketchup to pizza to dishwasher detergent, will face a 10% tariff at the Canadian border, the same as America’s tax on imported aluminum.

Trump had enraged Canada and other U.S. allies by declaring imported steel and aluminum a threat to America’s national security and therefore a legitimate target for U.S. tariffs: Canada is the United States’ second-biggest trading partner in goods, just behind China………………………Speaking Sunday in Leamington, Ontario, Prime Minister Justin Trudeau thanked Canadians for standing united against President Donald Trump’s sanctions…………………….He urged Canadians to “make their choices accordingly” in considering whether to buy American products………………..The selection of Leamington, known as Canada’s tomato capital, was no accident……………The town is home to a food-processing plant that supplies tomato paste and other products to French’s, a major competitor of Kraft Heinz……………..Heinz left Canada and sold its Leamington plant in 2014, after 105 years of Canadian operations.The new Canadian tariffs, which took effect at 12:01 a.m. Sunday, are hitting a long list of U.S. consumer goods, including ketchup and other Kraft Heinz products……………………As part of his combative America First approach, Trump has repeatedly attacked the trade policies of the United States’ northern neighbor, citing Canada’s triple-digit tariffs on dairy products, which account for only about 0.1% of U.S.-Canada trade.………………………The United States, in fact, last year enjoyed a $2.8 billion overall trade surplus with Canada.Trump has also tried to pressure Canada and Mexico into agreeing to rewrite the 24-year-old North American Free Trade Agreement (NAFTA) to shift more auto production and investment to the United States………………But that effort has stalled, and Trump said Sunday that he didn’t expect a deal that he could support until after the U.S. midterm elections in November

In response to US tariffs on steel and aluminum, Canada slaps retaliatory tariffs on $13B in US goods, including maple syrup, coffee beans, strawberry jam and toffee https://cnnmon.ie/2tHn1xy pic.twitter.com/qR8gNh0SEM

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring