Dried Crayfish Export from Nigeria:Made Easy

Dried Crayfish Export from Nigeria:Made Easy

Dried Crayfish is one of the foodstuffs currently being exported from Nigeria to countries in Europe, America and Asian More »

How to export Ginger from Nigeria and Make Huge Profit

How to export Ginger from Nigeria and Make Huge Profit

The demand for Ginger in the international market has gone up significantly because the root is now being used as raw material in manufacturing process. More »

Make Millions of Naira through Cashew Export from Nigeria.

Make Millions of Naira through Cashew Export from Nigeria.

The export of cashew nuts and other agricultural commodities from Nigeria is fast becoming very lucrative these days; More »

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits More »

Start A Profitable Groundnut Oil Production Business in Nigeria

Start A Profitable Groundnut Oil Production Business in Nigeria

The high demand for groundnut oil nationwide and the short fall in supply due to the ban on the importation of the product by the federal government of Nigeria has thus make Groundnut oil production business very lucrative. More »

 

Trade War: China Imposes $60 Billion Tariff on US Goods

China announced that it will increase tariffs imposed on about $60 billion of US goods in retaliation for President Donald Trump’s latest escalation of the trade war.

The tariffs will take effect on June 1, according to a statement on the Ministry of Finance’s website on Monday. The charges will thereby be raised on most of the goods listed on a previous retaliation list effective last September.

The yearlong trade frictions between the world’s two biggest economies worsened last week when the Trump Administration announced an extra 25 per cent tariff on thousands of Chinese products worth about $200 billion. The US is set to release a plan to levy a 25 per cent additional tariff on all remaining imports from China later on Monday.

The ministry also said in another statement that importers and associations can apply for exemptions for goods on the tariff lists. Once approved, the goods will be excluded and won’t be subject to the punitive tariffs for one year. Companies can also get a rebate of already paid tariffs.

“China’s tariff move is in response to the US unilateralism and trade protectionism,” the ministry said in a separate statement on Monday. “China hopes that the US will return to the right track of bilateral trade talks, work together with China and meet each other halfway, to reach a win-win and mutually beneficial agreement on the basis of mutual respect.”

The announcement came less than two hours after Trump warned Beijing not to retaliate after China said it “will never surrender to external pressure.”

READ  Central Bank Of Nigeria to disburse Lower Currencies to Microfinance Banks

The trade war escalated on Friday after Trump hiked tariffs on $200 billion worth of Chinese goods, saying China had reneged on earlier commitments made during months of trade negotiations.

Beijing had vowed to respond to the latest US tariffs. “As for the details, please continue to pay attention. Copying a US expression — wait and see,” foreign ministry spokesman Geng Shuang told a daily news briefing on Monday.

US stocks sank after China retaliated with higher tariffs on a range of American goods. The S&P 500 headed for the biggest decline since January 3 and the Dow Jones Industrial Average slumped more than 500 points after China targeted some of the nation’s biggest exporters.

Leave a Reply

Your email address will not be published. Required fields are marked *