Here are the 106 US products China is hitting with tariffs

China announced additional tariffs on 106 U.S. products Wednesday, in a move likely to heighten global concerns of a tit-for-tat trade war between the world’s biggest economies.

The effective start date for the new charges will be revealed at a later time, though China’s Ministry of Commerce said the tariffs are designed to target up to $50 billion of U.S. products annually.

Below is the full list of products that is set to be subject to duties.
1. Yellow soybean
2. Black soybean
3. Corn
4. Cornflour
5. Uncombed cotton
6. Cotton linters
7. Sorghum
8. Brewing or distilling dregs and waste
9. Other durum wheat
10. Other wheat and mixed wheat
11. Whole and half head fresh and cold beef
12. Fresh and cold beef with bones
13. Fresh and cold boneless beef
14. Frozen beef with bones
15. Frozen boneless beef
16. Frozen boneless meat
17. Other frozen beef chops
18. Dried cranberries
19. Frozen orange juice
20. Non-frozen orange juice
21. Whiskies
22. Unstemmed flue-cured tobacco
23. Other unstemmed tobacco
24. Flue-cured tobacco partially or totally removed
25. Partially or totally deterred tobacco
26. Tobacco waste
27. Tobacco cigars
28. Tobacco cigarettes
29. Cigars and Cigarettes, tobacco substitutes
30. Hookah tobacco
31. Other tobacco for smoking
32. Reconstituted tobacco
33. Other tobacco and tobacco substitute products
34. 2.5L SUVs with a displacement of ≤ 3L

35. Other vehicles equipped with a ignited reciprocating piston internal combustion engine and a drive motor, except that the capacity of the cylinder (exhaust capacity) that can be charged by plugging in an external power source exceeds 2500ml, but does not exceed 3000ml SUV (4 wheel drive)

36. 1.5L Vehicles with discharge capacity ≤ 2L

37. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor. Except for the cylinder capacity (displacement) that can be charged by plugging in an external power supply exceeding 1000ml, but not exceeding 1500ml of cylinder capacity (displacement) off-road vehicle (4 wheel drive)

38. 1.5L Passenger cars with discharge capacity ≤ 2L, ≤ 9 seats

39. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor. Except for the cylinder capacity (displacement) that can be charged by plugging in an external power supply exceeding 1000ml, but not exceeding 1500ml of cylinder capacity (displacement) 9 passenger cars and below
40. 3L

41. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor, except that the capacity of the cylinder (displacement) that can be charged by plugging in an external power source exceeds 3000ml, but does not exceed 4000ml and 9 or less bus

42. Off-road vehicles with 2L

43. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor, except that the capacity of the cylinder (displacement) that can be charged by plugging in an external power source exceeds 2000ml, but not more than 2500ml of buggy (4 wheel drive)

44. 2L

45. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor. The capacity of the cylinder (exhaust capacity) that can be charged by plugging in an external power source exceeds 2000ml but does not exceed 2500 ml

46. 3L

47. Other vehicles that are equipped with an ignited reciprocating piston internal combustion engine and a drive motor, except that the capacity of the cylinder (exhaust capacity) that can be charged by plugging in an external power source exceeds 3000ml, but does not exceed 4000ml

48. 2.5L

49. Except for cylinder capacity (displacement) that can be charged by plugging in an external power source other than a vehicle that is equipped with a compression ignition type piston internal combustion engine (diesel or semi-diesel) and a drive motor, but does not exceed 3000 Ml SUV (4WD)

50. 2.5L

51. Other vehicles that are equipped with an ignited reciprocating piston internal combustion engine and a drive motor. The capacity of the cylinder (exhaust capacity) that can be charged by plugging in an external power supply exceeds 2500ml, but does not exceed 3000ml for small seats of 9 seats or less

52. Off-road vehicles with displacement > 4L

53. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor, capable of charging by plugging in an external power source except for cylinder capacity (displacement) more than 4000 ml SUV (4 wheel drive)

54. Other vehicles which are equipped with an ignited reciprocating piston internal combustion engine and a drive motor and can be charged by plugging in an external power source

55. Other vehicles that are equipped with a compression ignition type internal combustion engine (diesel or semi-diesel) and a drive motor, other than vehicles that can be charged by plugging in an external power source

56. Other vehicles that are equipped with an ignition reciprocating piston internal combustion engine and a drive motor and can be charged by plugging in an external power source

57. Other vehicles that are equipped with a compression-ignition reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source

58. Other vehicles that only drive the motor

59. Other vehicles

60. Other trucks with a gasoline type ≤ 5 tons

61. Transmissions and parts for motor vehicles not classified62. Liquefied Propane63. Primary Shaped Polycarbonate

64. Supported catalysts with noble metals and their compounds as actives

65. Diagnostic or experimental reagents attached to backings, except for goods of tariff lines 32.02,32.06

66. Chemical products and preparations for the chemical industry and related industries, not elsewhere specified

67. Products containing PFOS and its salts, perfluorooctanyl sulfonamide or perfluorooctane sulfonyl chloride in Note 3 of this Chapter

68. Items listed in Note 3 to this Chapter containing four, five, six, seven or octabromodiphenyl ethers

69. Contains 1,2,3,4,5,6-HCH (6,6,6) (ISO), including lindane (ISO, INN)

70. Primarily made of dimethyl (5-ethyl-2-methyl-2oxo-1,3,2-dioxaphosphorin-5-yl)methylphosphonate and double [(5-b Mixtures and products of 2-methyl-2-oxo-1,3,2-dioxaphosphorin-5-yl)methyl]methylphosphonate (FRC-1)

71. 38248600 Articles listed in Note 3 to this Chapter containing PeCB (ISO) or Hexachlorobenzene (ISO)

72. Containing aldrin (ISO), toxaphene (ISO), chlordane (ISO), chlordecone (ISO), DDT (ISO) [Diptrix (INN), 1,1,1-trichloro-2 ,2-Bis(4-chlorophenyl)ethane], Dieldrin (ISO, INN), Endosulfan (ISO), Endrin (ISO), Heptachlor (ISO) or Mirex (ISO) The goods listed in Note 3 of this chapter

73. Other carrier catalysts
74. Other polyesters
75. Reaction initiators, accelerators not elsewhere specified
76. Polyethylene with a primary shape specific gravity
77. Acrylonitrile
78. Lubricants (without petroleum or oil extracted from bituminous minerals)
79. Diagnostic or experimental formulation reagents, whether or not attached to backings, other than those of heading 32.02, 32.06

80. Lubricant additives for oils not containing petroleum or extracted from bituminous minerals

81. Primary Shaped Epoxy Resin
82. Polyethylene Terephthalate Plate Film Foil Strips
83. Other self-adhesive plastic plates, sheets, films and other materials
84. Other plastic non-foam plastic sheets
85. Other plastic products
86. Other primary vinyl polymers
87. Other ethylene-α-olefin copolymers, specific gravity less than 0.94
88. Other primary shapes of acrylic polymers
89. Other primary shapes of pure polyvinyl chloride
90. Polysiloxane in primary shape

91. Other primary polysulphides, polysulfones, and other tariff numbers as set forth in Note 3 to Chapter 39 are not listed. New Products

92. Plastic plates, sheets, films, foils and strips, not elsewhere specified
93. 1,2-Dichloroethane (ISO)
94. Halogenated butyl rubber sheets, sheets, strips
95. Other heterocyclic compounds
96. Adhesives based on other rubber or plastics
97. Polyamide-6,6 slices
98. Other primary-shaped polyethers
99. Primary Shaped, Unplasticized Cellulose Acetate
100. Aromatic polyamides and their copolymers
101. Semi-aromatic polyamides and their copolymers
102. Other polyamides of primary shape
103. Other vinyl polymer plates, sheets, strips
104. Non-ionic organic surfactants
105. Lubricants (containing oil or oil extracted from bituminous minerals and

106. Aircraft and other aircraft with an empty weight of more than 15,000kg but not exceeding 45,000kg


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author; CNBC, Justina Crabtree
Image Credit

970 x 90 Ico calendar-1

Facebook banner EDITED

Stocks stabilize after diving on China trade war fears

Stocks fell Wednesday after China announced new tariffs on 106 more U.S. products, increasing trade war worries.

The Dow was down more than 100 points, with Boeing and Caterpillar leading the index lower. The S&P 500 fell 0.3 percent, with industrials and tech as the worst-performing sectors. The Nasdaq was little changed.

At its session lows, the Dow fell more than 500 points, while the S&P 500 and Nasdaq sank by as much as 1.6 percent and 1.9 percent, respectively.

“I think the market is just concerned about this thing escalating right now,” James Paulsen, chief investment strategist at The Leuthold Group, told CNBC’s “Squawk Box.” “It’s not so bad if we have a few tariffs on a few products, but if it escalates worldwide, … then you’re really threatening the recovery globally.”

China’s Ministry of Commerce said the tariffs are designed to target up to $50 billion in U.S. products annually and would hit goods like soybeans and cars.

The move comes less than a day after President Donald Trump issued a list of Chinese imports that the U.S. administration aims to target as part of a crackdown on what the president sees as unfair trade practices.

Automakers were down, with Ford and General Motors slipping. Boeing also pulled back, falling more than 3.5 percent. Caterpillar declined 2.8 percent, while United Technologies — another Dow component — fell 1.7 percent.

Perceived safe-haven assets got a bid higher on Wednesday. Gold futures rose 0.6 percent to $1,344.80 per ounce while the 10-year U.S. Treasury yield fell to around 2.76 percent. Bond yields move inversely to prices.

Trump tweeted later in the morning: “We are not in a trade war with China, that war was lost many years ago.”

Wednesday’s moves come a day after the major indexes closed sharply higher as tech rebounded from steep losses seen in Monday’s sessions.

In economic news, the ADP National Employment Report showed private companies added 241,000 jobs in March, more than the expected gain of 205,000.

The services purchasing managers’ index (PMI) slipped to 54.0 in March from 55.9 in February. Meanwhile the non-manufacturing ISM index came in at 58.8 for last month, missing expectations.

CNBC’s Sam Meredith contributed to this report.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author; Fred Imbert and Alexandra Gibbs
Image Credit

970 x 90 Homepage (latest news)

Facebook banner EDITED

Stocks tumble as Trump’s tweets rock Amazon again

Stocks fell Monday, the first trading day of the month, as a decline in Amazon shares put pressure on the broader tech sector.

The Dow was down more than 450 points, with a decline in Walmart offsetting strong gains in UnitedHealth. The S&P 500 pulled back 2.3 percent, with tech falling more than 1 percent. The Nasdaq dropped 2.7 percent as Amazon dropped 5.2 percent.

The e-commerce giant’s stock after President Donald Trump tweeted on Saturday that Amazon was scamming the U.S. Postal Service, adding the service loses “billions of dollars” delivering packages for the e-commerce giant.

Amazon has been one of the best-performing stocks over the past year, rising nearly 64 percent in that time period. Trump tweeted again about Amazon on Monday, saying: “Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed.”

Tech shares continued to be under pressure Monday, with shares of Facebook, Netflix and Alphabet all trading lower. Last month, concerns over how Facebook handles data collected from its users sent the entire sector lower. Facebook dropped 10.4 percent in March.

Snap’s stock also fell 7.3 percent Monday after MoffettNathanson reiterated its sell rating, noting it found students were “uniformly disapproving” of the company’s app redesign.

Traders also fretted over the possibility that a trade war may be brewing.

China announced overnight Monday it had implemented tariffs on 128 types of U.S. imports. The goods hit with the charges the list of products proposed by Beijing in March and comes as a direct response to President Donald Trump signing off on tariffs on imported steel and aluminum last month. China said in March that those goods had an import value of $3 billion in 2017.

Trade worries also remained after Trump linked his proposal to build a border wall between the U.S. and Mexico to ongoing NAFTA negotiations between the two countries. In a tweet Sunday, Trump said: “They must stop the big drug and people flows, or I will stop their cash cow, NAFTA. NEED WALL!”

“The new bearish narrative is that tariffs implemented by the Trump administration will spur a global trade war that would spiral the world into a recession,” said Nick Raich, CEO of The Earnings Scout. “We understand the fear. We get how bad a global trade war would be on future profits.”

However, “despite fears of a global trade war, guidance among the early reporting companies are taking earnings growth expectations higher,” said Raich, noting companies are getting a substantial boost from lower corporate taxes.

Also weighing on investor sentiment Monday was a decline in Amazon. The e-commerce giant’s stock fell 2 percent after Trump tweeted on Saturday that Amazon was scamming the U.S. Postal Service, adding the service loses “billions of dollars” delivering packages for the e-commerce giant.

Amazon has been one of the best-performing stocks over the past year, rising nearly 64 percent in that time period.

Tech shares continued to be under pressure on Monday, with shares of Facebook, Netflix and Alphabet all trading lower. Last month, concerns over how Facebook handles data collected from its users sent the entire sector lower. Facebook dropped 10.4 percent in March.

Elsewhere in corporate news, Humana shares jumped 6 percent following reports that Walmart was interested in acquiring the health insurer.

Though discussions remain in early stages, sources confirmed to CNBC that Walmart is interested in strengthening its existing relationship with Humana amid a rush of deal speculation in the industry.

CNBC’s Cheang Ming contributed to this article.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author; Fred Imbert and Matt Clinch 
Image Credit

 

970 x 90 Cryptocurrency news_ technology

Facebook banner EDITED

 

Trade groups tell Trump his China tariffs risk a “chain reaction”

More than 40 trade groups are petitioning the Trump administration to back away from tariffs on Chinese imports, saying the plan would “would trigger a chain reaction of negative consequences for the U.S. economy.”

The 45 groups include some of the biggest U.S. industries, including the Consumer Technology Association and the National Retail Federation, whose members include large corporations including Walmart (WMT) and Apple (APPL). In a letter sent to President Donald Trump on Sunday, the trade groups urged the administration to rely on other strategies for addressing China’s business practices.

After placing tariffs on imported steel and aluminum, Mr. Trump is reportedly considering tariffs on up to $60 billion of Chinese goods, covering electronics, apparel and footwear and some transportation equipment. The president has pointed to America’s $375 billion trade deficit with China and accused the country of stealing intellectual property from American companies doing business there.

American consumers would end up paying more if tariffs are imposed, the trade groups warned.

“Tariffs on electronics, apparel, and other consumer products would increase prices for U.S. consumers and businesses, while doing little to address the fundamental challenges posed by unfair and discriminatory Chinese trade practices,” they said in the letter.

The Trump administration’s decision on tariffs may come in the next few weeks, according to The Wall Street Journal. The groups are asking the administration to allow industry assocations to comment on tariffs before that happens.

The tariffs would also ripple through the U.S. health care and education sectors, the trade groups said, because these industries rely on consumer electronics and imported goods and would face higher costs. Consumers might respond to by buying less, which would in turn crimp the financial markets, they added.

“We urge the Administration not to impose tariffs,” the letter said, “and to work with the business community to find an effective, but measured, solution to China’s protectionist trade policies and practices that protects American jobs and competitiveness.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author; Aimee Picchi
Image Credit

 

970 x 90 Homepage (latest news)

 

All that optimism for hot first-quarter economic growth is rapidly fading away

  • Back in late January the Atlanta Fed was calling for a 5.4 percent GDP gain, but on Wednesday it said growth likely will be just 1.9 percent.
  • The cut comes amid similar reductions from J.P. Morgan and Goldman Sachs, who now respectively see growth at 2 percent and 1.8 percent.
  • Wednesday’s disappointing retail sales number were at the root of the latest reductions.

The Federal Reserve of Atlanta has had to walk back, in a big way, its headline-making forecast that the first quarter would feature eye-popping economic growth.

Where back in late January the central bank district was calling for a 5.4 percent GDP gain, it released a reading Wednesday for its widely followed GDPNow tracker that slashed that projection all the way down to 1.9 percent.

Had the original forecast stuck, it would have been the best quarter since the Great Recession ended in mid-2009. As it stands, the new number puts growth closer to the 2 percent or so that has been characteristic of the glacially paced recovery.

The move lower in the tracker came as several Wall Street banks also marked down their Q1 numbers Wednesday.

J.P. Morgan cut its forecast from 2.5 percent to 2 percent, while Goldman Sachs reduced its call from 2 percent to 1.8 percent. All of the reductions, including the Fed’s, came with the disappointing 0.1 percent drop in retail sales, the third straight month of declines.

The original optimism from the Atlanta Fed specifically was based on a hot ISM manufacturing index survey, a mistake the tracker has made in the past.

Projections soon started coming down, starting with a disappointing read in residential investment in mid-February and continuing through a space of readings that came in less than expected and sliced the Citi Economic Surprise Index about in half from its level at the beginning of the year. GDPNow had been showing a 3.5 percent reading as recently as March 1.

Atlanta Fed officials did not immediately respond to a request for comment.

The first quarter has been historically slow for growth, with 2017 up just 1.2 percent and 2016 a scant 0.6 percent, though GDP rose 3.2 percent in Q1 of 2015 after being down 0.9 percent for the same period in 2014.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author; Jeff Cox
Image Credit

 

970 x 90 Homepage (latest news).png

US trade deficit jumps to more than 9-year high

  • The Commerce Department said the trade gap jumped 5 percent to $56.6 billion, the highest level since October 2008.
  • The shortfall with China widened sharply.
  • The trade gap suggested President Trump’s “America First” trade policies are unlikely to have a material impact on the deficit.

The U.S. trade deficit increased to a more than nine-year high in January, with the shortfall with China widening sharply, suggesting that President Donald Trump’s “America First” trade policies are unlikely to have a material impact on the deficit.

The Commerce Department said on Wednesday the trade gap jumped 5.0 percent to $56.6 billion. That was the highest level since October 2008 and followed a slightly upwardly revised $53.9 billion shortfall in December.

Economists polled by Reuters had forecast the trade gap widening to $55.1 billion in January from a previously reported $53.1 billion in the prior month. Part of the rise in the trade deficit in January reflected commodity price increases.

The politically sensitive trade deficit with China surged 16.7 percent to $36.0 billion, the highest since September 2015. The deficit with Canada was the highest in three years.

The trade deficit continues to widen a year into the Trump presidency. Trump, who has claimed that the United States is being taken advantage of by its trading partners, in late January imposed broad tariffs on imported solar panels and large washing machines.

Trump last week announced he would impose import tariffs of 25 percent on steel and 10 percent on aluminum to protect domestic producers. While these actions may prove politically popular with Trump’s working class political base, especially in states hard-hit by factory closures and import competition, analyst warn they could undercut economic growth.

The protectionist measures have sparked fears of a trade war and could jeopardize talks on the North American Free Trade Agreement (NAFTA) linking Canada, Mexico and the United States. Trump ordered a renegotiation of the trade pact to offer terms more favorable to Washington.

Trump’s “America First” trade policies are part of an attempt to boost annual economic growth to 3 percent on a sustainable basis. The government in January slashed corporate and individual income taxes.

But with the economy almost at full employment, the increase in demand spurred by the $1.5 trillion tax package will probably be satisfied with imports, further worsening the trade deficit.

The surge in the January trade deficit was flagged by an advanced goods trade deficit report last week. When adjusted for inflation, the trade deficit increased to $69.7 billion from $68.5 billion in December.

The so-called real trade deficit is above the fourth-quarter average of $66.8 billion. This suggests trade would subtract from first-quarter gross domestic product unless the deficit shrinks in February and March. Trade sliced 1.13 percentage point from fourth-quarter GDP growth.

The economy grew at a 2.5 percent annualized rate during that period.

In January, exports fell 1.3 percent to $200.9 billion as shipments of civilian aircraft and crude oil declined. But exports of consumer goods rose to a record high and those of motor vehicles, parts and engines were the highest since July 2014.

Exports to China tumbled 28.1 percent. Imports were unchanged at $257.5 billion in January amid declines in imports of cellphones and civilian aircraft. Crude oil imports increased by $2.2 billion, reflecting higher prices.

Imports from China increased 2.9 percent.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Image Credit

Lam banner 2

The Trump administration says it won’t rule out hosting Kim Jong Un at the White House

  • President Donald Trump announced on Thursday that he had agreed to meet with North Korean leader Kim Jong Un, which would be historic.
  • Trump’s administration on Sunday said it would not rule out hosting the meeting at the White House — or sending Trump to Pyongyang.
  • The White House hasn’t offered very many specifics about when or where the meeting would be held, as negotiations are still underway.

President’s Donald Trump is poised to have a historic meeting with North Korean leader Kim Jong Un, and Trump administration officials didn’t rule out the possibility of it happening in the White House.

White House Principal Deputy Press Secretary Raj Shah told ABC’s “This Week” on Sunday that the president is open to possibilities on the potential future meeting location.

“Nothing’s being ruled out,” Shah told Carl when host Jonathan Carl asked about whether a White House meeting could take place.

Shah also seemed potentially open to a meeting in the North Korean capital of Pyongyang.

“I don’t think that’s highly likely, but again I’m not going to rule anything out,” Shah said.

Trump agreed to the possibility of a historic meeting between himself and the North Korean leader late on Thursday after South Korean envoy Chung Eui-yong told him Kim was “frank and sincere” about negotiating on his country’s nuclear arsenal.

Trump reportedly did so without consultation with his staff, and the White House already appeared to backtrack from its commitment on Friday.

White House Press Secretary Sarah Huckabee Sanders said a host of conditions need to be met before any meeting could take place.

“The president will not have the meeting without seeing concrete steps and concrete actions take place by North Korea,” she told reporters on Friday. “So the president would actually be getting something.”

Kim Yong Nam, president of the Presidium of North Korean Parliament, and Kim Yo Jong, sister of North Korean leader Kim Jong Un, sit behind US Vice President Mike Pence at the 2018 Winter Olympics. Thomson Reuters

Sanders said that unless the North demonstrated that they were serious about potentially getting rid of their nuclear weapons, a meeting would not take place.

But Trump seemed to have already committed to the meeting, and Shah defended Trump’s decision on Sunday.

“He’s stated his commitment to denuclearization to South Korea’s delegation,” Shah said. “We think Kim Jong Un is the only partner in North Korea who has any authority that can make any decision. So, he’s the only voice. He’s stated a commitment to denuclearization to South Korea, they’ve relayed that us, so we’re open to this invitation.”

Treasury Secretary Steve Mnuchin said on NBC’S “Meet the Press” that the US would keep imposing heavy economic sanctions on North Korea ahead of the summit.

Central Intelligence Agency Director Mike Pompeo said the US would also continue its military exercises on the Korean Peninsula, but that he expected Pyongyang to halt its nuclear and missile testing.

Trump didn’t announce the meeting “for theater,” Pompeo said on “Fox News Sunday,” but to solve a problem.

“Never before have we had the North Koreans in a position where their economy was at such risk, where their leadership was under such pressure that they would begin conversations on the terms that Kim Jong Un has conceded to at this point,” he said.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author; Michal Kranz 
Image Credit

 

970 x 90 Homepage (latest news)