Shoe firms urge end to US-China trade war

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The footwear industry has come out against the latest list of proposed tariffs, asking in a letter to President Donald Trump for footwear to be taken off the list and calling the duties "catastrophic" for the industry.

Shares of Intel, Qualcomm and Broadcom dropped after the companoes also said they would also comply with the U.S. ban.

The EU imposed import duties of 25% on a $2.8 billion range of imports from the United States in retaliation for USA tariffs on European steel and aluminum.

Last week, the Trump administration added Huawei to its "entity list", which bans the company from acquiring technology from USA firms without government approval.

China has threatened to retaliate against USA sanctions without giving details.

The first round of tariffs in 2018 were on all imported washing machines and solar panels - not just those from China. Trump believed that his new tariffs on Chinese products would force China to the deal "because they're getting killed with the tariffs, China's getting totally killed". Over the past 10 years or so, China has developed strong markets in Europe, Australia, Africa, Middle East, and South America, and they will continue to build sales of goods in these regions, while the relationship with America deteriorates.

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Whatever the case might be, Sony's PlayStation team was "blindsided" by the announcement , according to Bloomberg and its sources.

A Canadian official, speaking on the condition of anonymity because he was not authorized to speak publicly on the matter, said Trump's tweet reinforces to Canada that "our retaliatory tariffs were key to resolving this".

As part of the agreement reached with Canada and Mexico, it provides for "aggressive monitoring and a mechanism to prevent surges in imports of steel and aluminum", the United States Trade Representative's office said Friday, however details on how this monitoring will take place were not provided.

Long considered a solid cornerstone in a relationship fraught with geopolitical frictions, the United States business community has in recent years advocated a harder line on what it sees as discriminatory Chinese trade policies. Not only has the trade war continued, it is likely to escalate even further. Tiankai said in a Tuesday interview with Fox News that Washington repeatedly "changed its mind overnight" and sunk deals that could have ended the two countries' trade war.

A recent escalation in the trade conflict - including tighter restrictions on Chinese telecoms giant Huawei - was creating fresh concerns for businesses in China, the group said.

Chinese foreign ministry spokesman Lu Kang, responding to a question on Trump's claim at a daily news briefing, said foreign investors were "still bullish" on China.