US tariffs on USD 34 billion of Chinese goods have come into effect, signalling the start of a trade war between the world’s two largest economies.
The 25% levy came into effect at midnight Washington time.
China has retaliated by imposing a similar 25% tariff on 545 items US imports worth a total of 34 billion USD.
Beijing accused the US of starting the “largest trade war in economic history”.
“The Chinese side, having vowed not to fire the first shot, is forced to stage counter-attacks to protect the … interests of its people,” the Chinese Commerce Ministry said.
Earlier this year Donald Trump ordered the US to impose tariffs on USD 50 billion dollars worth of Chinese goods and the first round of these tariffs kicked in on Friday.
The imposition of the tariffs had little impact on Asian stock markets. Shanghai fell in morning trade before recovering to be 0.6% higher, while Hong Kong and Tokyo both rose 1.3%.
US and China fire first shots in USD 34bln trade war
Attorney General relieves heads of prisons
The Federal Attorney General said it has relieved heads of detention centers from their posts.
According to Attorney General BerhanuTsegaye, they were relieved of their posts for failing to discharge their responsibilities and respect prisoners’ human rights.
They were replaced by new heads, he said.
The Attorney General called on the new heads to respect and protect human rights in accordance with the constitution.
Ethiopian Airlines Group to Set up Aircraft Seat Cover and Other Interior Parts
Ethiopian Airlines Group has finalized its feasibility study and signed a partnership business agreement with ACM Aerospace of Germany pursuant to the aerospace manufacturing development program it has embarked on. The purpose of the agreement is to set up a facility in Ethiopia that will manufacture and supply aircraft seat covers, safety belts, carpets and many other interior parts to ACM Aerospace as part of the company’s line of production.
The facility will have the EASA part 21G certified Production facility (POA) certification which is a core requirement to be met in the industry.
Ex-Pakistan PM Nawaz Sharif sentenced to 10 years over corruption
A Pakistani anti-corruption court has found former Prime Minister Nawaz Sharif guilty of corruption and sentenced him to 10 years in prison and a USD 10.5m fine, a move that could be a blow to his PML-N party’s chances in an upcoming general election.
Judge Muhammad Bashir read the verdict before a packed courtroom in the capital Islamabad on Friday.
The case relates to the ownership of four apartments in the upmarket Park Lane neighbourhood of London, the capital of the United Kingdom.
