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  • U.S. ‘Starting to Lose China,’ Says Global Times’ Hu Xijin

    U.S. ‘Starting to Lose China,’ Says Global Times’ Hu Xijin(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. China will follow through with retaliatory measures announced Friday and fight the trade war to the end, in the face of the U.S.’s failure to keep its promises, the state-run People’s Daily wrote in a Saturday editorial.Later, the influential Chinese journalist Hu Xijin said on Twitter that the U.S. is “starting to lose China.”On Friday, Beijing unveiled plans to impose additional tariffs on $75 billion of U.S. goods, including soybeans, automobiles and oil. The nation will “walk the talk” in implementing its third round of retaliatory measures, according to the newspaper.China has been forced into countermeasures by U.S. unilateralism and trade protectionism, the paper said, adding that Washington has been erratic in imposing tariffs on China and has shown “amnesia” in honoring its promises.Trade tensions between the two nations escalated on Friday after President Donald Trump said he’s raising tariffs on Chinese imports in response to the measures announced by Beijing. Anticipation of Trump’s actions, which were foreshadowed by a series of angry tweets, sent global stock markets reeling.Tariffs RisingExisting U.S. duties on $250 billion of Chinese imports will rise to 30% from 25% on Oct. 1, while a planned 10% tariff on a further $300 billion in Chinese goods will jump to 15%, starting with the first tranche on Sept. 1, Trump said in tweets Friday.China’s Ministry of Commerce issued a strongly-worded statement on Saturday saying the U.S. was involved in “unilateral and bullying trade protectionism” that puts the normal international trade order at risk.Trump, for his part, suggested in an overnight tweet that he was looking at the “Emergency Economic Powers Act of 1977” in ordering U.S. companies to quit China. “Case closed!” Trump concluded.That measure -- technically, the International Emergency Economic Powers Act -- gives U.S. presidents wide latitude to regulate international commerce at times of national emergencies. It’s unclear how Trump could use the law in the current situation to have U.S. companies bend to his will.Hu, editor-in-chief of the Global Times, a tabloid newspaper controlled by China’s ruling Communist Party, accurately predicted the timing of China’s retaliatory tariffs on Friday.On Saturday, he said China “has ‘lost’ the U.S. already,” citing high tariffs, the ban on telecoms company Huawei Technologies Co. Ltd., political hostility, and actions toward Hong Kong and Taiwan. “We’re facing a completely different United States. We have nothing more to lose, while the US is just starting to lose China,” Xu said.While the Global Times doesn’t necessarily reflect the view of Chinese leaders, Hu has said the paper voices opinions that official sources can’t.Hu earlier tweeted that if U.S. automakers heed Trump’s Friday call for “major American companies” to desert China, they would be giving up the market to Japanese and German brands. “Go back to the US, let each American family have 20 cars,” he tweeted, followed by a smiley face.U.S. importers and retailers decried the latest moves by Trump.“These escalating tariffs are the worst economic mistake since the Smoot-Hawley Tariff Act of 1930 -- a decision that catapulted our country into the Great Depression,” Gary Shapiro, president and CEO of the Consumer Technology Association, said in a statement.(Updates with China’s Commerce Ministry, CTA comment from seventh paragraph.)To contact Bloomberg News staff for this story: Evelyn Yu in Shanghai at yyu263@bloomberg.netTo contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Ros Krasny, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


    August 24, 2019 2:54 PM MDT
  • After a String of Nuclear Incidents, Russia Just Launched a Floating Nuclear Power Plant. Is It Safe?

    After a String of Nuclear Incidents, Russia Just Launched a Floating Nuclear Power Plant. Is It Safe?The Akademik Lomonosov is a floating nuclear power plant equipped with two reactors. After a string of recent nuclear incidents in Russia, this ship safe?


    August 23, 2019 2:57 PM MDT
  • Correction: Red Flag Laws story

    Correction: Red Flag Laws storyIn a story Aug. 24 about red flag laws, The Associated Press reported erroneously that an officer was fatally shot by a man while serving a warrant to take his guns away last year under Maryland's new law. After a white supremacist discussed plans on Facebook for a mass shooting at a synagogue, police in Washington used a new law to quickly seize his 12 firearms, long before he was convicted of any crime. With bipartisan support in many cases, 17 states and Washington D.C. have now passed "red flag laws" that allow the court-ordered removal of guns from people who are considered to be dangerous.


    August 25, 2019 9:46 AM MDT
  • Hong Kong protesters form human chain 30 years after 'Baltic Way'

    Hong Kong protesters form human chain 30 years after 'Baltic Way'Thousands of people held hands across Hong Kong late Friday in a dazzling, neon-framed recreation of a pro-democracy "Baltic Way" protest against Soviet rule three decades ago. The city's skyscraper-studded harbourfront as well as several busy shopping districts were lined with peaceful protesters, many wearing surgical masks to hide their identity and holding Hong Kong flags or mobile phones with lights shining. The human chain is the latest creative demonstration in nearly three months of rolling protests which have tipped Hong Kong into an unprecedented political crisis.


    August 23, 2019 6:23 PM MDT
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