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Text:AAAPrint
Economy

Fresh wave of tariffs from both China and U.S. takes effect

1
2019-09-17 13:39:07CGTN Editor : Li Yan ECNS App Download
创业资讯   国务院发展研究中心市场经济研究所所长王微表示,1994年至2007年,全国共建设廉租住房、经济适用住房等保障性住房1000多万套。 武汉女人   在教育援藏方面,推动宜昌四中与加查县中学开展名校名师对口帮扶;在全区率先建设教育城域网,实施互联网+教育,推动优质教育资源共享;建立100万元“宜加基金”,资助贫困学生,组织学生到北京开展希望之旅,对接内地公益组织到加查县支教;组织援藏教师带头开展校本研修、教改科研和课题研究……这些举措不断提升了加强县的教育教学条件,增强了加查县的教育力量。 论坛资讯 在标注名单中没有、又确实在接受中、高等职业教育的贫困家庭学生的,也可接受单独申请,进行人工审核。 论坛资讯 大义 论坛资讯 大罗乡 创业 东河乡

A fresh wave of tariffs has been imposed on a portion of 300 billion U.S. dollars' worth of Chinese goods on Sunday. Meanwhile, China's first batch of retaliatory tariffs of either 10 or 5 percent on 75 billion U.S. dollars of U.S. goods also went into effect.

At noon, the U.S.' additional tariffs of 15 percent on a portion of 300 billion U.S. dollars of Chinese imports enter into force. The 15 percent tariffs – which is in addition to the 25 percent tariffs already in effect – essentially covers all of China's exports to the United States.

Negotiators from both countries plan to meet again early this month in the U.S. China's Ministry of Commerce said that the new round of U.S. tariffs will not lead to good conditions for trade talks. It expressed hopes the U.S. can return to normal bilateral trade, on the basis of fairness and mutual respect, rather than continuing conflict.

Trump's new tariffs hurt U.S. consumers

Trump's tariff strategies have hurt the confidence of U.S. consumers. A recent survey conducted by the University of Michigan shows the U.S. consumer confidence index had its biggest monthly decline since December 2012.

The index fell 8.6 to 89.8. Analysts say tariffs are the main reason as they have led to rising uncertainties and reduced expenditures.

Personal consumption expenditure accounts for about 70 percent of the U.S. economy. It is the main engine of U.S. economic growth and a key pillar of U.S. market confidence.

Signs of slowing on incomes and savings

In addition to tariffs, personal income growth in U.S. is also showing signs of slowing. Data from the U.S. Department of Commerce shows that personal income rose by 0.1 percent annually in July, which is the smallest increase since September last year and also a significant drop compared to 0.5 percent in June.

Personal savings fell from 1.32 trillion U.S. dollars in June to 1.27 trillion U.S. dollars, hitting the lowest level since November 2018.

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