Iran and US hit tankers in biggest wave of attacks on shipping since war began

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By Enas Alashray, Idrees Ali and Jana Choukeir Reuters Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, in the biggest wave of attacks on shipping by both sides since the start of the six-month-old war. The attacks sent the price of ‌oil surging, with benchmark Brent crude futures breaching $100 a barrel for the first time since July. At least one seafarer aboard a tanker was reported killed and another listed as missing. The ‌incidents follow a month of relative calm, during which the U.S. has sought to pressure Iran through economic means. Iran said it had fired ballistic missiles at a U.S. military base in Jordan. Jordan said it intercepted 18 missiles, with the remaining two ​falling harmlessly in unpopulated areas. A U.S. official said all American troops were accounted for. Iran’s Revolutionary Guard Corps said it would sharply escalate its response to any further attacks, and said I...
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China raises tariffs on US goods to 125% as trade war ramps up

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China announced countermeasures by raising tariffs on U.S. goods from 84% to 125% starting Saturday.

The U.S. and China have escalated a new trade war by raising tariffs even as U.S. President Donald Trump hit a pause on tariffs for other countries. China notably had said it would fight the American tariffs with its own countermeasures, calling Trump’s actions “economic bullying,” which led Trump to retaliate by continuously hiking up tariffs this week.

Trump’s universal tariffs on China total 145%. When Trump announced Wednesday that China faced 125% tariffs, he did not include a 20% tariff on China tied to its role in fentanyl production.

Trump’s actions led business executives to warn of a potential recession, and some of the top U.S. trading partners to retaliate with their own import taxes, before the pause. But Trump and China continued raising the tariffs in a tit for tat.

“The U.S. alternately raising abnormally high tariffs on China has become a numbers game, which has no practical economic significance, and will become a joke in the history of the world economy,” a Finance Ministry spokesman said in a statement announcing the new tariffs. “However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”

China’s Commerce Ministry said it was filing another lawsuit with the World Trade Organization against the U.S. tariffs.

Beijing last week suspended sorghum, poultry and bonemeal imports from some American companies, and put more export controls on rare earth minerals, critical for various technologies, and put a few dozen American companies on lists that would prevent Chinese companies from selling them dual-use goods.

Given the size of the two economies, experts fear global economic turmoil.

The head of the WTO, Ngozi Okonjo-Iweala, said earlier this week that the trade war between the U.S. and China could “could severely damage the global economic outlook.”

Source: Associated Press and agencies



from The Times Of Earth https://ift.tt/eC9lOYq

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