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China says U.S. has not been sincere, talks only correct way to resolve trade issue

China’s foreign ministry said on Tuesday that talks on an equal footing are the only correct way to resolve trade issues with the United States, after U.S. President Donald Trump imposed 10 percent tariffs on about $200 billion worth of Chinese imports. The United States’ current unilateral trade actions cannot be accepted by China, and the United States has not been sincere, ministry spokesman Geng Shuang told a daily news briefing. Source: Reuters (Reporting by Christian Shepherd; Writing by Ben Blanchard; Editing by Kim Coghill)

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Britain’s lasting scars from the financial crisis

Ten years after the financial crash that hit Western countries 10 years ago, triggering recessions, many of the scars on Britain’s economy have yet to heal – despite more than eight years of growth, and employment levels that have regularly hit record highs. Below is a summary of how the world’s fifth-biggest economy, is still struggling to recover, a decade on from the collapse of Lehman Brothers. WAGES Wages in inflation-adjusted terms are no higher today than they were in 2005. While far fewer companies went bankrupt in the 2008/09 ...

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Goldman Sachs Doesn’t Share Wall Street Fears of 2020 Recession

Goldman Sachs Group Inc. economists are proving more relaxed than Wall Street rivals about the risks of a U.S. recession come 2020. While Bridgewater Associates Inc. and JPMorgan Chase & Co. are starting to fret that tighter fiscal and monetary policies will create problems for the world’s biggest economy in two years’ time, Goldman Sachs sees just a 36 percent chance of recession over the next three years. That risk is below the historical average. “There has been increasing investor interest in the chance of a recession in the U.S. ...

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Japan calls for early solution to U.S.-China trade war

Japanese policymakers on Tuesday called for an early solution to the escalating U.S.-China trade war and warned of the potential damage to global growth in the wake of President Donald Trump’s decision to slap new tariffs on China. Asian shares fell on Tuesday after Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, in a sharp escalation of the trade conflict between the world’s two biggest economies. “Tit-for-tat tariff retaliation benefits no country,” Japan’s Economy Minister Toshimitsu Motegi told reporters after a regular cabinet ...

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Trump Announces New Tariffs on Chinese Imports

President Trump said Monday he will impose new tariffs on about $200 billion in Chinese goods and threatened to add hundreds of billions more as part of his campaign to pressure Beijing to change its commercial practices, escalating trade tensions between the world’s two largest economies. The 10% tax on Chinese imports will take effect on Sept. 24 and will rise to 25% at the end of the year, according to administration officials. The tariffs will affect thousands of goods ranging from luggage to seafood, extending the impact of Mr. ...

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The next crisis could be triggered by the US-China trade war, interest rates: Sovereign wealth chief

Economic troubles in emerging markets and the ongoing trade war between the United States and China could potentially increase the risk of the next financial crisis, according to the chief executive officer at South Korea’s sovereign wealth fund. As the global economy continues to grow, the U.S. Federal Reserve and other central banks are looking to tighten their monetary policies, which could lead to a sudden “liquidity squeeze” in some emerging markets, Heenam Choi, CEO of the Korea Investment Corporation (KIC), told CNBC at the annual Singapore Summit. A so-called ...

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ECB should clarify pace of rate hikes when time comes – Coeure

The European Central Bank should clarify the pace at which it intends to raise interest rates when the time for further policy tightening comes, ECB board member Benoit Coeure said. Steering market expectations has been a key challenge for central banks across the world since the start of the financial crisis in 2008 as policymakers battled a lending freeze and fears of an unprecedented depression. After years of aggressive stimulus, the ECB has been preparing investors for the end of its 2.6 trillion-euro (2.31 trillion pounds) bond-buying programme in December ...

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China Has The Means To Fight A Trade War With The U.S.

Beijing has the means to fight the growing tariff burden imposed on its exports by Washington. That’s according to Renee Mu, a currency analyst for DailyFX. One of the means at their disposal is “damage control,” by cutting domestic export taxes. That means higher tax rebates for exporters. “Chinese export firms need to pay export taxes but can get a rebate once the products are sold overseas,” says Mu. Last week, Beijing announced that, effective September 15, it will increase export tax rebate rates on 397 products, including semiconductors, machinery ...

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There’s a good chance ‘sanity will prevail’ in US-China tariff battle, says UBS chairman

The tariff battle between the United States and China has not yet entered a stage where it’s a trade war, and it’s likely “sanity” will ultimately prevail, according to the chairman of Swiss investment bank UBS. Washington and Beijing are not likely to undo a lot of the positive benefits that each country experienced due to globalization, Axel Weber told CNBC on Saturday at the annual Singapore Summit. Still Weber said that the trade dispute is affecting relationship between the two countries beyond the trade of goods and is having ...

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U.S. and China Ramp Up Trade Threats

President Trump’s economic conflict with China is set to escalate this week, as the administration plans to unveil fresh tariffs on $200 billion in Chinese products entering the U.S. and Beijing debates new ways to retaliate against U.S. corporations doing business in China. The threats from both sides of the Pacific risk upending a fragile new diplomatic initiative — led by Treasury Secretary Steven Mnuchin and supported by top U.S. financial and business executives — to see if they can broker negotiations aimed at staving off a new round of ...

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‘A little bit of fear’ about trade war is holding back investment, says bank CEO

The global nature of financial markets is under a “fair amount” of pressure because regulation is now more national than before, according to the group chief of Standard Chartered. CEO Bill Winters said the natural response to the global financial crisis from a decade ago was for countries to withdraw into themselves as far as regulation was concerned. “So, the markets are still very global, corporations are very global, trade is still strong and growing, but the way the markets are regulated is more national than was the case before ...

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UK consumer spending grows at fastest pace since January – Visa

British consumer spending grew over the three months to August at the fastest pace since January, chiming with other signs the economy has picked up some steam in mid-2018, a survey from payments firm Visa showed on Monday. Inflation-adjusted consumer spending between June and August was 0.3 percent higher than in the three months before, up from growth of 0.2 percent in the May-July period, Visa said, based on its credit and debit card usage data. Visa’s report follows official figures last week that showed Britain’s economy grew at its ...

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Manufacturing Activity Expansion Slows

Business activity in New York’s manufacturing industry grew at a slower rate this month compared to August, as shipments and unfilled orders fell while inventories rose. The Empire State Manufacturing Survey’s general business conditions index fell to 19 in September, down from 25.6 last month. Economists polled by The Wall Street Journal were expecting a reading of 22. According to the survey results, 40 percent of those surveyed reported better conditions while 21 percent reported worse conditions. The shipments index declined the most from August, falling to 14.3 from 25.7. ...

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China Rebukes Local Officials Over Debt Pile

China’s Finance Ministry is upping the pressure on local governments that run up debt, reprimanding dozens of officials in one province that has seen its debt troubles spill into public protests. The ministry said oral or written warnings were issued to 32 officials across the southern province of Hunan, while another official, who was in charge of a government-financing company, was fired. The officials violated laws and regulations on government debt, the ministry said in a statement dated Friday, and their reprimands are part of an effort to defuse debt-related ...

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German economy to grow by around 2 percent this year – German economy minister

German Economy Minister Peter Altmaier said on Monday that German economy would grow by around 2 percent this year, plus or minus 0.1 percent. “We could just as well as have 3 percent growth,” he said, but added that companies were not investing enough to achieve higher growth rates because they lacked skilled workers to increase their output. Earlier this month, the Ifo economic institute raised its 2018 growth forecast for German GDP to 1.9 percent from 1.8 percent previously, citing a better-than-expected performance in the first half of the ...

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