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US to slap 25% tariffs on another $16b in Chinese goods

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US to slap 25% tariffs on another $16b in Chinese goods

WASHINGTON: President Donald Trump’s administration announced Tuesday that 25 percent tariffs would be in place on $50 billion in Chinese goods starting August 23.
Washington had already imposed tariffs on $34 billion on July 6 but held off on a final $16 billion in goods as a result of concerns from US companies.
The office of US Trade Representative Robert Lighthizer said Tuesday there were 279 new goods to be targeted in the dispute over China’s policies, which American officials say promote the theft of American technology.

 

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Asia

China’s property market stabilizing on tough curbs

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BEIJING: China’s property market remains generally stable as the government continues stepping-up property curbs.
New home prices in four first-tier cities – Beijing, Shanghai, Shenzhen, and Guangzhou – rose  0.2 percent in July from a month ago, 0.4 percentage points lower than that in June, data from the National Bureau of Statistics (NBS) showed today.
New home prices in Shanghai fell while prices in Beijing, Guangzhou, and Shenzhen rose 0.2  percent, 0.6 percent, and 0.5 percent, respectively.
New home prices in 31 second-tier cities rose 1.1 percent in July, 0.1 percentage points lower than June.
On a yearly basis, first-tier cities reported a 0.2-percent increase in new home prices. Existing prices rose 0.5 percent, 0.4 percentage points higher than a year earlier.
NBS senior statistician Liu Jianwei said local governments continued to step up property regulation in July and strike a balance between demand and supply to promote the healthy development of the sector.
New home prices declined year-on-year in two of the 15 “hotspot” cities where speculative home purchases are monitored, with the most significant price drop of 0.1 percent last month,  with 11 cities posting growth and two staying flat.
During previous years, rocketing housing prices, especially in major cities, fueled concerns about asset bubbles. To curb speculation, the government rolled out various control measures,  including restrictions on purchases and increasing minimum down payments for mortgages.
Major cities announced 260 control measures during the first seven months this year, 80 percent more than the same period last year, according to the research center of the  Centaline Group.
Analysts expect more control measures to be announced as the central authority vowed to regulate the property market order and “firmly curb the rise in home prices” at a meeting of the Political Bureau of the Communist Party of China Central Committee last month.
The government will accelerate the establishment of a long-term mechanism to promote the stable and healthy development of the market, Cong Liang, spokesperson of the National Development and Reform Commission told a press conference on Wednesday.
The property market will continue adjusting amid the increasingly tightened regulation, said Liu Weimin, a researcher with the Development Research Center of the State Council.

 

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Arts & Literature

Book of Xi’s discourses on poverty alleviation published

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BEIJING: A book of extracts from the discourses on poverty alleviation by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has been published by the Central Party Literature Press.
The book, which was compiled by the Party history and literature research institution of the CPC Central Committee and the State Council Leading Group Office of Poverty Alleviation and Development, will be distributed across the country.

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Asia

Tokyo’s Nikkei index jumps more than 2.2%

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Tokyo stocks see limited gains

TOKYO: Tokyo’s benchmark Nikkei index surged more than 2.2 percent Tuesday, swiftly recovering from the previous day’s losses, with investors encouraged by an apparent hiatus in the Turkey lira crisis.
The benchmark Nikkei 225 index, which lost more than two percent on Monday, rose 2.28 percent or 498.65 points to close at 22,356.08, snapping a four-day losing streak.  The broader Topix index was up 1.63 percent or 27.45 points at 1,710.95.

 

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