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Beijing vowed to take "necessary countermeasures" after the United States imposed 25 percent duties on about $34 billion in Chinese machinery, electronics and high-tech equipment, including autos, computer hard drives and LEDs. Trump's attempt to use the steel and aluminum tariffs to pry concessions from the Mexicans and Canadians proved futile. China has also brought a suit against the US over the imposed tariffs in the World Trade Organisation on Friday.
  • How the higher unemployment rate is actually a good sign

    How the higher unemployment rate is actually a good sign

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    Last month, USA employers added an extra 213,000 jobs which was higher than the expected figure thus extending America's long-running growth line. Average hourly earnings are 2.7 percent higher than a year ago, a lackluster pace compared to past eras of healthy job growth when wages were rising at 3.5 percent or more a year.
  • Iran to Trump: Your tweets are driving up oil prices

    Iran to Trump: Your tweets are driving up oil prices

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    Iran also faces the backlash of sanctions on exports. United States producers will gain market shares, while OPEC will take advantage of the absence of Iranian oil to compensate for the excess production of some of its members. OPEC's bet didn't pay off and they lost the war. These cuts have been the greatest gift to shale. Venezuelan production has decreased day after day, reaching a 30 year low of only 1.5 million barrels per day.
  • China court bans Micron chip sales in patent case

    China court bans Micron chip sales in patent case

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    Last December, Micron filed a lawsuit against UMC in the Northern District Court of California of the USA, claiming that UMC violated intellectual property rights by copying its memory patents and trade secrets. Securities and Exchange Commission, including its registration statements and reports on Forms F-1, F-3, F-6 and 20-F and 6-K, in each case as amended.
  • Trump threatens China with more than $500bn in United States trade tariffs

    Trump threatens China with more than $500bn in United States trade tariffs

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    After that, the hostilities could intensify: Trump said the United States is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing does not yield to U.S. Retaliatory measures "took effect immediately", said a Chinese foreign ministry spokesman, Lu Kang. While less than 1% of the goods that will be subject to Trump's tariffs are consumer goods, Trump's list of products subject to new tariffs includes machinery that does everything from ...
  • Manufacturers Created 36K New Jobs in June, According to US Labor Dept.

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    In its report Friday, the government revised up its estimate of job growth in May and April by a combined 37,000. Job growth this year has been faster than in 2017 . "It's not your father's labor market anymore", said Diane Swonk, chief economist at Grant Thornton. Additionally, the Trump administration has drawn attention to the record-low of African American unemployment, even as it remained higher than the overall rate at 5.9%.
  • Trump delaying NAFTA deal until after United States midterm elections

    Trump delaying NAFTA deal until after United States midterm elections

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    Quebec's dairy producers association disagreed, telling The Associated Press in an email that American overproduction is the real cause of the U.S.'s problem with Canada's dairy tariffs. Trade Representative Robert Lighthizer. Trudeau has insisted the US president's complaints about Canada's trade barriers are the result of Canada's refusal to give in to Trump's demands to do away with the country's supply-management system, which is created to protect dairy, poultry and egg producers.
  • China's Yuan Reverses Course, Rises Against Dollar

    China's Yuan Reverses Course, Rises Against Dollar

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    Chinese currency and stock markets have been jittery ahead of July 6, when U.S. tariffs on $34 billion worth of Chinese goods kick in. The dollar retreated 0.4 percent against a basket of currencies .DXY and the easing tensions in Germany helped the euro to gain 0.2 percent against the greenback EUR=D3 .
  • Trump’s tweets have added $10 to oil prices, Iran’s OPEC boss says

    Trump’s tweets have added $10 to oil prices, Iran’s OPEC boss says

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    Earlier in the day, Iranian President Hassan Rouhani lashed out at American officials for threatening to stop Iran's oil exports, saying they would never be able to carry out such a threat. Over the short-run, Canada's production problems will go away and Libya's issue will probably be contained. Venezuelan production fell to 1.36 million bpd by June, compared to just under 2.5 million bpd at the start of previous year, amid a structural underinvestment in the country.
  • Saudi Agrees To US Demand To Pump More Oil

    Saudi Agrees To US Demand To Pump More Oil

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    Iran is looking at ways to keep exporting oil as well as other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November. Some 50 worldwide companies had announced their intention to leave the Iranian market, particularly in energy and financial sectors, as the United States moved to reimpose the sanctions against Iran, Hook said.
  • China Mobile faces USA ban over spying fears

    China Mobile faces USA ban over spying fears

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    In return, the U.S. said it would remove the ban - a negotiation that has been linked to wider trade tensions between the USA and China . Though hardly as threatening as the United States measures against telecom equipment maker ZTE - China Mobile generates virtually all of its revenue at home - the move comes as the US'/99 is set to impose tariffs on $34bn of Chinese goods on Friday, with China vowing to retaliate in kind.
  • China Presses Europe for Anti-US Alliance on Trade

    China Presses Europe for Anti-US Alliance on Trade

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    The warning, which Reuters described Tuesday as similar to a previous advisory posted by the embassy in January, contrasted sharply from the latest China-related travel alert issued by U.S. "We agree with nearly all the complaints the USA has against China, it's just we don't agree with how the United States is handling it", another diplomat said.
  • Nathan’s Hot Dog Eating Contest prize pool: What event winners earn

    Nathan’s Hot Dog Eating Contest prize pool: What event winners earn

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    Through the first quarter of the contest, Chestnut was finishing his 18th hot dog and bun, caught in a tight race with several other competitors, including 2015 champion Matt Stonie. In one of the most disgustingly incredible feats in sports, the 34-year-old Chestnut will be going for an unreal 11th title in 12 years at the annual Coney Island consumption competition.
  • Tariffs on European cars could cut USA production — BMW warns officials

    Tariffs on European cars could cut USA production — BMW warns officials

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    The European Commission said the USA investigation into auto imports "lacks legitimacy, factual basis and violates worldwide trade rules", according to CNN Money . "We should seek free and fair trade, but this is just not the way to do it". "The European Union a year ago made, if you look at a trade surplus, which I think is a very important thing, a hundred and fifty one billion dollars", emphasized Trump.
  • HNA group: China conglomerate boss Wang Jian dies in Provence

    HNA group: China conglomerate boss Wang Jian dies in Provence

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    Chinese tycoon Wang Jian has died in France in freakish circumstances while on a sight-seeing trip. Borrowing costs soared as its interim report showed the conglomerate paid the highest interest expense among non-financial companies in Asia, a trend that continued through 2017.
  • Report Claims Hyundai Is Considering A Bid To Buy Fiat Chrysler

    Report Claims Hyundai Is Considering A Bid To Buy Fiat Chrysler

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    One caveat with that, however, is that Hyundai CEO Mong-koo is 80 years old, so retirement is looming. That's not the only advantage for both parties. According to Asia Times , the plan for the purchase of FCA was initiated by the head of the company, Elliott Management, Paul singer, who has previously invested in Hyundai Motor Group in the order of $ 1 billion.