(WASHINGTON) In latest the US unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs, in the the latest escalation in the trade war between the two countries which will take effect from Aug.23: As the markets Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece #AceFinanceDesk reports

#AceFinanceReport – Aug.08: Editor says but the markets reacted positively Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece. Tesla soars 11% after Elon Musk says he wants to take the company private. https://cnnmon.ie/2ARtM5G to the news: The Trump administration on Tuesday unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs: The move marks the latest escalation of a trade war between the world’s two largest economies………………….The tariffs on 279 products, including motorcycles, speedometers and antennas, will take effect August 23 #AceFinanceDesk reports

It is the second time the US has slapped tariffs on Chinese goods, despite persistent warnings by American businesses it will raise the price of goods for consumers: The Trump administrationhas accused China of unfair trade practices and President Donald Trump has long vowed to bring down the United States’ trade deficit in goods with Beijing.

In July, the administration imposed 25% tariffs on $34 billion in Chinese imports. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

So far, financial markets have shrugged off the first round of trade duties

Talks between Washington and Beijing are at an impasse in the ongoing trade spat, with both sides continuing to threaten new tariffs. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is “my thing.”

Trump directed the Office of Trade Representativeearlier this month to considerimposing a 25% tariff on an additional $200 billion worth of Chinese goods, including fruit and vegetables, handbags, and refrigerators.

China has threatened to retaliate on any additional US tariffs tit-for-tat

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts.

“In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in a statement last Friday.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries: https://cnn.it/2M6fkLA pic.twitter.com/oBzvZoV5rI

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MARKETS: Trade War: U.S. Stocks opened flat Friday morning after US unemployment fell to 3.9% in July, the American economy added 157,000 jobs and China announced plans to impose tariffs on $60 billion worth of US imports listing 5,207 products with duties as high as 25% if Trump applies his to $200-billion of Chinese goods #AceFinanceDesk reports

#AceFinanceReport – Aug.03: China has announced plans to put up tariffs on products worth $60-billion Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods #AceFinanceDesk reports

In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in its statement on Friday:

China listed 5,207 US products that it would target in an effort to “safeguard its own legitimate interests.” ………………….Products in line for tariffs include meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts…………….Sarah Sanders, the White House press secretary, said in a statement that “instead of retaliating, China should address the longstanding concerns about its unfair trading practices.” …………………The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries #AceFinanceDesk reports

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against US tariffs………….These new tariffs would affect about 38% of all American exports to China, which are worth about $170 billion in total………………..Trade tensions between the United States and China have been on the rise since April 2017, when President Donald Trump directed the US Commerce Department to investigate whether imports of steel and aluminum from China and other countries threatened national security……………..The investigation resulted in tariffs on steel and aluminum products from China and many other countries in March. Beijing responded with equal measures.

Then, in July, the United States imposed tariffs on $34 billion of Chinese goods to pressure the country into abandoning what the Trump administration describes as unfair practices such as stealing intellectual property. Beijing again responded with penalties of an equal scale, targeting American products such as motorcycles and communications satellites……………………..The most recent threat from the Trump administration came this week, when it warned that it could impose steeper tariffs than originally planned on another batch of imports from China. The White House had previously asked the Office of the United States Trade Representative about the possibility of imposing a 10% tariff on $200 billion worth of Chinese goods. Under the new plan, tariffs of 25% would be applied.

Protectionist moves by the United States have drawn a response from other trading major partners. Canada, Mexico and the European Union have responded to US taxes on steel and aluminum with retaliatory tariffs.

– Kaitlan Collins contributed reporting.

CNNMoney (London) First published August 3, 2018: 9:03 AM ET

BREAKING: China has announced plans to put tariffs of up to 25% on US products worth $60 billion https://cnnmon.ie/2Koa692 pic.twitter.com/3T7YD1Tnsa – Watch live https://cnnmon.ie/2AB3MLL

#AceRelatedNews

The making of a global trade war

A brief history of the US-China trade war

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MARKETS: Apples market valuation surged past the $1 trillion point on Thursday, the first time in history a company has reached that level: But Apple’s Stocks app mistakenly labelled its creator as the world’ s first trillion-dollar company and was not added to the Stocks app: That meant that a small surge in Apple’ s shares showed the company as being worth $1 trillion when it was not #AceFinanceDesk reports

#AceFinanceReport – Aug.03: Editor says a great way to get people to buy tech shares but things are not what they seem in this world: On the face of it the announcement Apple shares surged 2.5 per cent in the afternoon but then fell back, taking the valuation back to $988bn: The share price closed at $207.39 meaning that the company finished the day’s trading worth more than $1tn. Apple’s shares are up 23 per cent so far this year: Of course markets have been waiting for the tech giant to break the trillion barrier in recent weeks, with anticipation increasing earlier this week when the company’s stock rose 3.3 per cent after its latest results were announced: The firm beat sales estimates despite iPhone sales dwindling, as it sold more expensive models during the third quarter to make up the difference #AceFinanceDesk reports

apple-one-trillion.jpg

Read moreThe other companies to reach major market valuation steps before Apple

Earlier on Thursday afternoon, Apple’s Stocks app mistakenly labelled its creator as the world’s first trillion-dollar company. It falsely claimed to have already broken past $1 trillion, because of a technical fault with the app built into the iPhone

The glitch occurred because Apple announced a substantial share buyback programme after reporting its third quarter figures, which meant that the total number of shares in issue went down, increasing the value the share price had to reach before it pushed the company over $1 trillion.

Apple unveils the iPhone X

However, the update was not added to the Stocks app. That meant that a small surge in Apple’s shares showed the company as being worth $1 trillion when it was not

When asked, Siri informed iPhone users that the company had passed the trillion dollar mark — though the error was fixed later in the day.

The achievement seemed unimaginable in September 1997 when Apple teetered on the edge of bankruptcy and founder Steve Jobs rejoined the company, having been driven out in the mid-1980s. If someone had dared to buy $10,000 worth of Apple stock at that point of desperation, the investment would now be worth about $2.6 million.

The Silicon Valley stalwart’s stock has surged more than 50,000 per cent since its 1980 initial public offering, dwarfing the S&P 500’s approximately 2,000-percent increase during the same time. Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries.

In becoming the first company to ever reach a market valuation of $1tn, Apple joins an exclusive list of companies that have made history in market valuations in the past.

That group includes the likes of Microsoft — which was the first to reach a market valuation of $500b — as well as IBM ($100b), General Motors ($10b), and US Steel ($1b).

Several other companies are close behind Apple in market valuation, and could very well become trillion dollar companies in the future.

That list of companies includes Microsoft itself, as well as Amazon, and the parent company of Google, Alphabet.

Source: Independent: https://t.co/IZPHE6zDL7 Published: August 02, 2018 at 08:00AM

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

(LONDON) PPI Claims: Costs Barclays their ‘ Profits ‘ Lender paid £1.4bn to settle with US department of justice over its involvement in mis-selling mortgage-backed securities in the run up to th e financial crisis in 2008 leading to a drop in the first half of 2017 of 29% (£2.34-billion) but will off course write-it-off as a bad debt against taxes #AceFinanceDesk reports

#AceFinanceReport – Aug.02: Editor says this looks bad for bank on one hand but they will write it off as a bad debt and recoup losses against taxes: Barclays has reported a 29 per cent drop in profits for the first six months of the year, blaming costs relating to legal issues in the US and PPI claims charges: The lender reported pre-tax profit of £1.66bn, down from £2.34bn in the first half of 2017: The bank said this was “principally related” to a £1.4bn settlement with the US department of justice, which was linked to the mis-selling of residential mortgage-backed securities in the run-up to the financial crisis………..Barclays said profits were also impacted by charges of £400m due to PPI #AceFinanceDesk reports

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Read moreBarclays sinks to loss thanks to $2bn US settlement and more PPI costs

However, stripping out litigation and other costs, pre-tax profits were up 20 per cent compared with last year.

Analysts hailed a strong set of results, with Naeem Aslam at Think Markets commenting that the bank’s “terrific earnings” had taken the pressure of chief executive Jes Staley.

“The most welcoming news for Barclays investors is in the company’s key metrics, the dramatic drop in the conduct charges,” he added.

“At last, the management has started to do what it is supposed to do and this has added a strong boost to the bottom line in the quarter.”

Mr Staley said: “The first half of 2018 has been characterised by strong financial performance and increased profitability. This is a business which is performing well, having addressed the challenges of the last decade.”

He highlighted the second quarter of the year as “the first quarter for some time with no significant litigation or conduct charges, restructuring costs, or other exceptional expenses which hit our profitability” and said it was a “positive sight”.

“This first half performance shows a bank beginning to demonstrate its true potential and value. The numbers we have posted strengthen our confidence that Barclays can deliver attractive and sustainable profits, and in our ability to return a greater proportion of those profits to shareholders over time,” Mr Staley added.

Source: Independent: https://t.co/wHG6i5cry0 – {Published: August 01, 2018 at 09:50PM

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