China announces tariff hike on 75 billion of US products

BEIJING — China has announced it will raise tariffs on $75 billion of U.S. products in retaliation for President Donald Trump’s planned Sept. 1 duty increase in a war over trade and technology policy.The official Xinhua News Agency said Friday the tariffs of 10% and 5% take effect on two batches of goods Sept. 1 and Dec. 15 but gave no details on what imports would be affected.Trump previously announced plans to raise tariffs on an additional $300 billion of Chinese imports on Sept. 1 but postponed a portion of that to Dec. 15.China’s government appealed to Trump this week to compromise in deadlocked talks aimed at settling the dispute that has battered exporters on both sides and threatens to tip the global economy into recession.The Associated Press read more

Federal investigators beef up scrutiny of 787 fire Boeing shares fall 46

by Joshua Freed, The Associated Press Posted Jan 8, 2013 6:03 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Federal investigators beef up scrutiny of 787 fire; Boeing shares fall 4.6 per cent in 2 days MINNEAPOLIS – Federal safety investigators intensified their scrutiny of a Monday fire aboard a Boeing 787 as concerned investors sold shares in the aircraft maker for a second day.Boeing on Tuesday confirmed that the fire aboard a Japan Airlines plane appeared to have started in a battery pack for the plane’s auxiliary power unit.The National Transportation Safety Board described the fire damage to the battery as “severe,” and said it is sending two more investigators to examine the Japan Airlines plane. It also formed investigative groups to look at the plane’s electrical systems as well as the fire response.Boeing has a lot riding on the 787. The long-range jet promises a smoother travel experience and is 20 per cent more fuel efficient than older models. After years of delays, Boeing has now delivered 49 of the planes, with almost 800 more on order.The fire on Monday happened on the ground at Boston Logan International Airport, with no passengers on board. But in-flight fires can be catastrophic, so the matter is getting close scrutiny by aviation authorities.Interest is especially high in this fire because of indications that lithium batteries — which generally have not been used on large planes before the 787 — can burn very hot, with fires that are difficult to put out. The NTSB said it took firefighters 40 minutes to put out the fire near the back of the plane.JAL spokeswoman Carol Anderson said the airline inspected its 787s after the fire. She declined to discuss the results, but noted that no schedule changes were made as a result of the inspections.United Airlines said it inspected its six 787s overnight. A spokeswoman would not say what the inspections found. The Wall Street Journal reported that the inspections found an improperly installed bundle of wires connected to the same battery that burned on the on the JAL plane.Electrical problems have been the 787’s nemesis.Last month, a United Airlines 787 flying from Houston to Newark, New Jersey, diverted to New Orleans because of an electrical problem with a power distribution panel. Last week, United said it would delay the start of 787 flights from Houston to Lagos, Nigeria because it wanted to “improve the reliability of the aircraft.”In November 2010, a test flight had to make an emergency landing after an in-flight electrical fire. The fire delayed flight tests for several weeks while Boeing investigated.Boeing said the fire on Monday appears to be unrelated to previous electrical problems on the 787.“Nothing that we’ve seen in this case indicates a relationship to any previous 787 power system events,” Boeing said in a prepared statement. Those earlier problems involved power panels elsewhere in a rear bay for electrical equipment. Boeing also said it “would be premature to discuss additional details at this stage” of the investigation.Boeing said it has shared information about the prior events with the NTSB.Shares of Chicago-based Boeing have fallen 4.6 per cent since the fire was reported, wiping out almost $2.7 billion of the company’s value. On Tuesday they fell $2, or 2.6 per cent, to close at $74.13.Investors may have been unnerved by the fire after it appeared that the mechanical and manufacturing kinks with the 787 had been worked out.They may have also reacted to another 787 issue on Tuesday. A different Japan Airlines 787 at Logan had to be towed back to the gate after spilling 40 gallons (150 litres) of jet fuel. The flight was re-scheduled for later in the day. read more