Trump raises tariffs on Chinese goods as trade war escalates
August 24, 2019, 10:44 am

Trump raises tariffs on Chinese goods as trade war escalates file photo AFP

Escalating his trade war with China, President Donald Trump bumped up his tariffs on Chinese imports Friday, lashing back after Beijing raised taxes on US products.

In a tweet, Trump said he would be raising tariffs on $300 billion in Chinese goods from 10% to 15%. The Office of the US Trade Representative also said that on October 1 the US would hike tariffs on another $250 billion in Chinese imports from 25% to 30%.

https://twitter.com/realDonaldTrump/status/1165005927864512512

https://twitter.com/realDonaldTrump/status/1165005928996986881

The move came hours after Beijing said it would hike tariffs on $75 billion in US imports, escalating a conflict over trade and technology that threatens to tip a fragile global economy into recession.

Earlier Friday, the president said he “hereby ordered” US companies to seek alternatives to doing business in China. The escalating tensions between the world's two biggest economies sent the stock market into a tailspin. The Dow Jones Industrial Average closed down 643 points - before Trump announced the new tariffs.

Tariffs on $300 billion in Chinese imports are scheduled to go into effect in two stages - on Sept. 1 and Dec. 15. Originally scheduled to be 10%, they will now be 15%.

Caught off-guard

Though expected, the president appeared caught off-guard by China’s Friday action, and was angry when he gathered with his trade team in the Oval Office before departing for France, according to two people familiar with the meeting who spoke to AP on condition of anonymity because they were not authorized to disclose closed-door conversations.

Officials, including US Trade Representative Robert Lighthizer and adviser Peter Navarro discussed potential retaliatory options. Treasury Secretary Steve Mnuchin, returning from vacation, joined by phone.

Earlier Friday, the president said he “hereby ordered” US companies to seek alternatives to doing business in China.

The rising tensions between the world’s two biggest economies sent the stock market into a tailspin. The Dow Jones Industrial Average closed down 643 points - before Trump announced the new tariffs.

Tariffs on $300 billion in Chinese imports are scheduled to go into effect in two stages - on September 1 and December 15. Originally scheduled to be 10%, they will now be 15%.

Trump’s latest escalation will impose a burden on many American households. Even before he announced an increase Friday, J.P. Morgan had estimated that Trump’s tariffs would cost the average household roughly $1,000 a year if he proceeded with his threats.

Businesses large and small joined in a chorus of opposition to the intensifying hostilities.

“It’s impossible for businesses to plan for the future in this type of environment,” said David French, senior vice president of government relations at the National Retail Federation. “The administration’s approach clearly isn’t working, and the answer isn’t more taxes on American businesses and consumers. Where does this end?”

By adding onto the Chinese imports he’s already targeted, Trump is extending his tariffs to just about everything China ships to the United States.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.