Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

5 Oct 2021

U.S and China Trade Seeks Trade Talks, But With Tariffs

The Index Today

The US has announced to reform its China trade policy and will begin new talks with Beijing on Monday. U.S trade representative Katherin Tai has outlined the new policy which will focus on building on initial trade policy from the Trump Administration. However, the trade policy will continue to keep the present trade tariffs until further discussion.
Kathrine Tai said in a speech, “We will use the full range of tools we have and develop new tools as needed to defend American economic interests from harmful policies and practices.”
She further explained that the current tariffs were placed on around half of the exports to the U.S and no investigative measures will be taken to examine the Chinese trade practices. However, the U.S is expected to begin process for local companies to seek exemption from the tariffs. Many manufactures have put forward complaints about not having any choice but to opt for Chinese manufactured components.
The Biden administration has kept tariffs in place which have angered Chinese officials. Other steps were also taken including the sanctioning of officials over the repression of Muslim Ugyhurs in the nation.
Upon the initiation of trade discussions, Beijing is expected to ask for relaxation of tariffs as well as imposed sanctions. According to experts, the sanctions have far more detrimental effects as compared to tariffs.

©Photo: The New York Times

Clay pottery with table linens