US President Donald Trump on Sunday increased the pressure on China to reach a long-sought trade deal by announcing a huge increase of American tariffs on certain Chinese goods.
Mr Trump delayed the tariff surges earlier this year as talks with China appeared to be going positively.
His announcement casts into doubt expectations that China and the US were close to reaching a deal to end a months-long trade war that has slowed global growth and disrupted markets.
Mr Trump said that tariffs would increase to 25 per cent on a reported $200 billion (Dh734.64 billion) of goods on Friday and that more Chinese goods would face extra tariffs.
"The trade deal with China continues but too slowly, as they attempt to renegotiate. No," he tweeted.
The trade discussions are due to resume this week, with Chinese Vice Premier Liu He set to travel to Washington.
Hopes had risen in April after Treasury Secretary Steve Mnuchin said talks in Beijing were productive.
As recently as Friday, Mr Trump said talks with China were going well.
Last week, industry sources said they believed the talks were close to reaching a conclusion, Reuters reported.
Mr Mnuchin had said he hoped that the US negotiating team would soon be able to recommend a deal to Mr Trump or tell him that one could not be reached.
The administration has been insisting on a means to ensure that China follows through on any promises to buy more American goods.
Officials have said both sides are expected to introduce enforcement staff to police the agreement.
White House economic adviser Larry Kudlow told Fox News that the president's tweet was a warning to the Chinese.
"The president is, I think, issuing a warning here, that, you know, we bent over backwards earlier, we suspended the 25 per cent tariff to 10 and then we’ve left it there," Mr Kudlow said.
"That may not be forever if the talks don’t work out."
Financial markets reacted negatively. S&P 500 e-minis were down 54.75 points, or 1.86%, while Nasdaq 100 e-minis were down 168 points, or 2.14%, and Dow e-minis were down 484 points, or 1.83%.
"Raising tariffs means raising taxes on millions of American families and inviting further retaliation on American farmers," said Christin Fernandez, a spokeswoman for the Retail Industry Leaders Association.
UAE currency: the story behind the money in your pockets
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Heather, the Totality
Matthew Weiner,
Canongate
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Kibsons%20Cares
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match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
