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thetrumpdebacle · 7 years ago

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By Michael Martina and David Lawder

BEIJING/WASHINGTON (Reuters) – China hit back quickly on Wednesday against U.S. plans to impose tariffs on $50 billion (35.67 billion pounds) in Chinese goods, retaliating with a list of similar duties on key American imports including soybeans, planes, cars, beef and chemicals in a move that sent global markets lower.

Beijing responded after U.S. President Donald Trump’s administration targeted 25 percent tariffs on some 1,300 Chinese industrial technology, transport and medical products, acting less than 11 hours later in a sharp escalation of the trade dispute between the world’s two economic superpowers.

U.S. President Donald Trump, who contends his predecessors served the United States badly in trade matters, rejected the notion that the tit-for-tat moves amounted to a trade war.

“We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S.,” he wrote on Twitter early on Wednesday.

The trade actions will not be carried out immediately, so there may be room for manoeuvre. Publication of Washington’s list starts a period of public comment and consultation expected to last around two months. The effective date of China’s moves depends on when the U.S. action takes effect.

Trump’s top economic adviser, Larry Kudlow, and U.S. Commerce Secretary Wilbur Ross both held out the possibility of talks to resolve the matter. Asked by reporters outside the White House whether the United States could lose a trade war, Kudlow said, “No. I don’t see it that way. This is a negotiation, using all the tools.”

Ross told CNBC it would not be surprising if negotiations ensued, but did not say when this might happen.

The latest trade moves unnerved investors and sent shivers through global stock markets and commodities. [MKTS/GLOB]

Shares in U.S. exporters of everything from food to planes were hammered by Beijing’s list of duties on key U.S. imports, including agricultural products, planes and chemicals.

For a graphic on U.S. imports from China, click http://tmsnrt.rs/2FMsz1Q

For a graphic on U.S. trade in goods with China, click http://tmsnrt.rs/2GcOZIH

At midday in New York, shares of aerospace giant Boeing Co (BA.N), the single largest U.S. exporter to China, tumbled 2.7 percent, agricultural machinery maker Deere Co (DE.N) slipped 4.4 percent and Caterpillar (CAT.N) fell 1.8 percent.

The Dow Jones Industrial Average (.DJI) was down 0.56 percent as big U.S. manufacturers and chipmakers bore the brunt, while the SP 500 (.SPX) fell 0.29 percent. The U.S. dollar also fell and oil dropped to a two-week low.

While Washington targeted products that benefit from Chinese industrial policy, including its “Made in China 2025” initiative to replace advanced technology imports with domestic products in strategic industries such as advanced IT and robotics, Beijing’s appeared tailored to inflict political damage.

While Washington’s list was filled with many obscure industrial items, China’s list strikes at signature U.S. exports, including soybeans, frozen beef, cotton and other agricultural commodities produced in states from Iowa to Texas that voted for Trump in the 2016 presidential election.

The list extends to tobacco and whiskey, both produced in states including Kentucky, home of U.S. Senate Majority Leader Mitch McConnell, like Trump a Republican.

One of the first opportunities for the United States and China to discuss the dispute is during an April 20-22 meeting of the International Monetary Fund and World Bank in Washington, where finance officials traditionally meet on the sidelines to discuss bilateral issues.

A U.S. official, speaking on condition of anonymity, said no talks had been scheduled yet between U.S. Treasury Secretary Steve Mnuchin and his Chinese counterpart during the IMF gathering of member countries.

The possibility of an escalating U.S.-China trade war will result in “a bumpy ride” for the U.S. economy, said James Bullard, president of the Federal Reserve Bank of St. Louis.

U.S.-made goods that appear to face added tariffs in China, based on an analysis of Beijing’s list, include Tesla Inc (TSLA.O) electric cars, Ford Motor Co’s (F.N) Lincoln auto models, Gulfstream jets made by General Dynamics Corp (GD.N) and Brown-Forman Corp’s (BFb.N) Jack Daniel’s whiskey.

Information technology products, from cellphones to personal computers, largely escaped the latest salvo of U.S.-China trade measures despite accounting for a significant portion of bilateral trade.

China ran a $375 billion goods trade surplus with the United States in 2017. Trump has demanded that the China cut the trade gap by $100 billion.

‘WEAKEN OUR WILL’

“China is also trying to weaken our will by targeting certain segments of our economy,” White House trade adviser Peter Navarro told National Public Radio. “But let’s remember: we buy five times more goods than they buy from us. They have a lot more to lose in any escalation in this matter.”

Beijing’s list of 25 percent additional tariffs on U.S. goods covers 106 items with a trade value matching the $50 billion targeted on Washington’s list, China’s commerce and finance ministries said.

“This is a real game changer and moves the trade dispute away from symbolism to measures which would really hurt U.S agricultural exports,” said Commerzbank commodities analyst Carsten Fritsch.

China’s tariff list covers aircraft that would likely include older models such as Boeing Co’s workhorse 737 narrowbody jet, but not newer models like the 737 MAX or its larger planes.

The U.S. move was broadly flagged last month and is aimed at forcing Beijing to address what Washington says is deeply entrenched theft of U.S. intellectual property and forced technology transfer from U.S. companies to Chinese competitors, charges Chinese officials deny.

Foreign ministry spokesman Geng Shuang said China had shown sincerity in wanting to resolve the dispute through negotiations.

“But the best opportunities for resolving the issues through dialogue and negotiations have been repeatedly missed by the U.S. side,” he told a regular briefing on Wednesday.

The tariff list from the office of U.S. Trade Representative Robert Lighthizer followed China’s imposition of tariffs on $3 billion worth of U.S. fruits, nuts, pork and wine to protest U.S. steel and aluminium tariffs imposed last month by Trump.

Many consumer electronics products such as cellphones made by Apple Inc (AAPL.O) and laptops made by Dell were excluded from the U.S. list, as were footwear and clothing, drawing a sigh of relief from retailers who had worried about higher costs for American consumers.

Many U.S. business groups support Trump’s efforts to stop the theft of U.S. intellectual property but have questioned whether tariffs are the right approach.

The Office of the United States Trade Representative has scheduled a May 15 public hearing on the tariffs.

(Reporting by David Lawder, Jason Lange, Ginger Gibson, Steve Holland, Makini Brice, Susan Heavey, David Chance and Lindsay Dunsmuir in WASHINGTON; Michael Martina, Cheng Fang, Ryan Woo, Ben Blanchard, Tony Munroe, Cate Cadell, Philip Wen, Dominique Patton and Josephine Mason in BEIJING and Engen Tham in SHANGHAI; Additional reporting Brenda Goh in Shanghai, Stella Qiu in Beijing, Tom Miles in Geneva and Michael Hogan in Hamburg; Writing by Will Dunham; Editing by Kim Coghill, Alex Richardson and Frances; Kerry)

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vernicle · 8 years ago

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Aviation Sights of Virginia

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Though Virginia, as an aviation destination, may possibly look a shadow of Washington with its planet-reknowned Nationwide Air and House Museum of the Smithsonian Institution, 50 percent of that magnificent facility truly sits in Virginia itself, and the state’s various other, even though smaller, sights provide considerable aviation focuses, from barnstorming airfields to house capsules.

The Nationwide Air and House Museum’s next facility, the Steven F. Udvar-Hazy Center, is located in Chantilly, Virginia, future to Washington-Dulles Worldwide Airport. Constructed to maintain and show the remaining eighty percent of the aerospace collection much too big and much too various for both the existing construction on the Nationwide Shopping mall or the Paul E. Garber Preservation and Restoration Facility in Suitland, Maryland, the modern day, hangar-showing setting up, named right after Worldwide Lease and Finance Corporation Chairman and Main Executive Officer Steven F. Udvar-Hazy in recognition of his $sixty five million donation, had damaged floor on Oct twenty five, 2000 when Hazy himself had turned the to start with shovel. The job, eventually costing $311 million for style, website infrastructure, and setting up, and requiring a 600-strong design workforce, had necessary some a few yrs to comprehensive ahead of the to start with of several opening ceremonies could be held.

The to start with of these, amid the season’s to start with snowstorm, had taken position on December 3, 2003 and had entailed a exclusive, pre-community “Appreciation Day” held for its sponsors, donors, and Nationwide Air and House Society users. The occasion, precluded by a military services ceremony of the Star Spangled Banner and a tributary speech by Museum Director Standard Jack Dailey, had entailed a day-extensive series of plans and the unveiling of lots of of the aircraft exhibited.

The other museum inaugurations, which includes the “Salute to Armed forces Aviation Veterans,” the “Opening Celebration Gala,” and the “Museum Devotion,” had preceded the actual community opening, held on December fifteen, 2003, the centennial celebration of the Wright Brothers’ to start with powered, sustained, and managed heavier-than-air flight at Kitty Hawk, North Carolina.

Divided into two most important spots, the Steven F. Udvar-Hazy Center features a collection of 141 aircraft, 148 big house artifacts, and far more than one,500 smaller objects. The to start with location, the Boeing Aviation Hangar, actions 986 ft extensive, 248 ft extensive, and 103 ft higher, and shows aircraft on a few levels, when the next, the James S. McDonnell Hangar, is comparatively 262 ft extensive, 180 ft extensive, and eighty ft higher. The 164-foot-higher Donald D. Engen Observation Tower overlooks Dulles Worldwide Airport and the 479-seat IMAX Theater completes the practical experience.

Exhibits are grouped in sixteen wide types: Vertical Flight, Sport Aviation, Organization Aviation, Industrial Aviation, Pre-1920 Aviation, Korea and Vietnam, Chilly War Aviation, Modern Armed forces Aviation, Aerobatics, German Earth War II Aviation, Ultralights, Armed forces Aviation: 1920-1940, Human Spaceflight, House Science, Applications Satellites, and Rockets and Missiles.

Early aviation is represented by aircraft this sort of as the Langley Aerodrome A, the Nieuport 28C-one, and the SPAD XVI, when Earth War II styles consist of the North American P-51C Mustang and the Boeing B-29 Superfortress “Enola Gay,” which had dropped the atomic bomb about Hiroshima, effectively ending the war. Naval aviation is represented by aircraft this sort of as the Vought F4U-1D Corsair and the Grumman F6F-3 Hellcat. Amongst the pure-jet fighters are the Lockheed T-33A Shooting Star, the McDonnell F-4S Phantom II, the Grumman F-fourteen Tomcat, and the Grumman A-6B Intruder.

The museum’s transport classification aircraft signify piston, pure-jet, subsonic, and supersonic styles, some of which are pretty exceptional, this sort of as the German Focke-Wulfe Fw 190F, a quad-engined, tail-wheel aircraft which had application as an airliner the German Junkers Ju fifty two/3m, with its a few engines, corrugated steel airframe, and tail wheel the Boeing B-307 Stratoliner “Flying Cloud,” the world’s to start with four-engined, pressurized passenger transport the Lockheed L-1049H Constellation the Boeing 367-eighty, the prototype of the Boeing 707 and the supersonic Concorde.

Supersonic military services aviation is represented by the Lockheed SR-71A Blackbird.

The James S. McDonnell Hangar, whose centerpiece is the House Shuttle Company, features a abundant collection of spacecraft, rockets, and satellites, amid them the Gemini VII capsule, the Mariner 10, the Mercury Capsule 15B, a Redstone rocket, and the Cellular Quarantine Unit applied right after return of the Apollo eleven mission.

The Steven F. Udvar-Hazy Center, collectively with the authentic Nationwide Air and House Museum setting up on the Nationwide Shopping mall, forms an integral section of the world’s greatest aerospace museum.

The two hundred-acre Traveling Circus Aerodrome, for occasion, located in Bealeton, Virginia, and made in 1971, features twenties- and 1930s-era biplane air exhibits each and every Sunday from May well to Oct reminiscent of the barnstorming times of aviation, billing itself as “the greatest display off earth.” Its fleet, which is mostly hangared at the close by Warrenton Airport and flown in on weekends, includes enclosed Piper Cubs and open-cockpit N2S-one and –3 Stearman, Waco, and Fleet biplanes, and is accessible for both of those straight-and-stage and acrobatic rides of among fifteen and thirty minutes ahead of and right after the exhibits.

Soon after shelling out at the entrance booth, cars park on the grass at the rear of the community location, which includes bench-form seats, Fifi’s Air Display Café for light fare, and a tiny, gray barn reward shop. A handful of hangars, located across the discipline and bearing purple-and-white checkered roofs with names this sort of as “Curtiss,” can also be frequented.

The once-a-year Air Display Method features lots of exclusive occasion times, which includes antique cars, tractors, motorcycles, model airplanes, and incredibly hot air balloons.

Entrance instantly transports the customer by a time portal to the barnstorming era.

A summer season flight, aboard a Waco biplane, further returned me to this era. Unleashing itself about the grass with a whole, one,900-rpm throttle application, the aircraft, propelled by its solitary, uncowled motor, lifted its tail wheel off of the now blurred carpet of green and surrendered its two, cloth-protected wings into the sky at 70 mph.

Banking right to a 030-diploma heading at three hundred ft, it had settled into a two hundred foot-for every-minute climb in the incredibly hot, flawlessly-blue August sky about central Virginia’s rolling green canvas. Settling into its 600-foot aerial plateau, it cruised about light-green, velvet-showing fields, bordered by dim green trees, which resembled modern day geometric artwork designs. Silver hay silos had triumphantly risen from them.

Commencing a series of figure-eights about rectangles of dry, practically-golden fields, whose plow marks appeared like textural brushstrokes, the biplane assumed a westerly heading towards the tender green ridges of Shenandoah Nationwide Park in advance of the blurred propeller, ahead of initiating a much-much too-before long, electric power-reduced sideslip about the at any time-enlarging trees towards the discipline and gently settling on to the grass with its two most important wheels.

The Virginia Aviation Museum, located closer to the jap seaboard at Richmond Worldwide Airport, entices guests with its outside Lockheed SR-71 Blackbird and features 36 indoor historic, vintage, and replica aircraft, which includes the Wright Brothers’ kites, gliders, and 1903 Flyer the Vultee V1-Ad at the time owned by William Randolph Hearst the Fairchild FC-2W2 Admiral Richard E. Byrd had applied to overfly Antarctica and a collection of piston and pure-jet engines. A whole-sizing Piper J-3 Cub, which had lately been relocated from Science Museum of Virginia affiliate, permits evaluation of the four forces of flight, when several simulators and interactive displays explore aerodynamics.

Early aviation, the collection’s theory concentration, includes several pristine-condition mono- and biplanes, this sort of as a 1918 Conventional E-one Highly developed Trainer, a 1917 SPAD VII fighter, the only acknowledged existing Wright Model A-14D Speedwig, a intent-made mail-carrying Pitcairn PA-5 Mailwing from 1927, a 1927 Vacation Air 2000, a 1930 Fleet Model one military services simple trainer, and a 1918 Curtiss JN-4D Jenny.

Both equally piston and pure-jet engines consist of a Wright J-six Whirlwind 5, a Curtiss OX-5, a 1914 Le Rhone 9C rotary motor, a Wright R-2600 Cyclone fourteen, a Pratt and Whitney R-4360 Wasp Key, a Continental A-sixty five, a Standard Electric J-31, and a Pratt and Whitney J-58.

Dioramas depict Earth War II, the Tuskegee Airmen, and Women’s Airforce Support Pilots. Academic plans, catering to scholar, scout, and senior citizen groups, consist of lessons this sort of as “The Wright Math,” “The Wright Path,” “Paper Airplane Workshop,” “Balloons and the Civil War in Virginia,” and “Seniors Discover the Earth of Aviation.”

Further more south, in Hampton Roads, its outside Air Power Park, devoted in recognition of the contributions built by NASA and Langley Air Drive Base to aerial and house development and for their interest in local community endeavors, consist of several exceptional aircraft styles, inclusive of the Lockheed T-33A T-Bird, an A-7E Corsair II, an XV-6A Kestrel V/STOL, a North American F-86L Sabre, the later-created North American Rockwell F-100D Tremendous Sabre, a McDonnell F-101F Voodoo, a Northrop F-89J Scorpion, and a Republic Aviation F-105D Thunderchief. Even rarer, perhaps, is its house-related collection, which includes an SM-seventy eight Jupiter surface-to-surface intermediate-array ballistic missile, a Western Electric NIM-fourteen Nike-Hercules two-phase missile, a Jet Propulsion Lab M-2 Corporal Ballistic Missile, a North American Aviation Mercury/Tiny Joe Booster, and a Mercury Examination Capsule.

The Virginia Air and House Center, located in downtown Hampton on the waterfront, is a $thirty million, one hundred ten,000 sq. foot, nine-story facility which had opened on April 5, 1992 and is characterized by its futuristic, interconnected, dual-setting up, gull wing roof-resembling architecture. Its far more than thirty historic air- and spacecraft, which signify far more than one hundred yrs of flight, are exhibited in the lately done, $nine million Adventures in Flight Gallery and the House Gallery, and consist of this sort of styles as the Apollo twelve Command Module which had built the journey to the Moon, an AirTran DC-nine-thirty, a B-24 Liberator nose part, an F.eighty four Thunderstreak, an F-4E Phantom II, an N2S-3 Stearman, a Lunar Orbiter, an F-104 Starfighter, an F-106 Delta Dart, a YF-sixteen Fighting Falcon, and a P-39Q Aircobra. A new exhibit, “Space Quest: Discovering the Moon, Mars, and Beyond,” had lately been launched in the House Gallery. Comprehensive, hands-on displays, that includes incredibly hot air balloons, sound abatement, a Boeing 717 glass cockpit battle simulator, aircraft flight surfaces, propeller effectiveness comparatives, and House Shuttle landing simulators, are complemented by the Riverside IMAX and Curtiss Jenny Century of Flight Theaters.

The Virginia Air and House Center depicts a timeline of Virginia aviation achievements. The to start with-at any time captive balloon ascent from a ship, for instance, a Union Military vessel anchored at Hampton Roads, had happened in 1861, and Eugene Ely had turn out to be the to start with to get off from what had been regarded the to start with aircraft carrier, the USS Birmingham, anchored close by, in 1910. The Langley Aeronautical Laboratory, the predecessor of NASA Langley, had been recognized. In 1927, the USS Langley, a converted collier, had been commissioned as the US Navy’s to start with aircraft carrier. In 1931, NACA Langley had opened the world’s to start with whole-scale wind tunnel capable of tests whole-sizing aircraft at speeds of up to 118 mph. In 1934, the Newport Information Shipyard had built the to start with intent-crafted aircraft carrier, the USS Ranger. The Nationwide Advisory Committee for Aeronautics (NACA) had turn out to be the Nationwide Air and House Association (NASA) in 1958 and America’s to start with astronauts, the Mercury Seven, had qualified at the NASA Langley Research Center. The United States’ to start with transonic wind tunnel had opened at NASA Langley in 1982.

The museum also serves as both of those the Visitor Center for the NASA Langley Research Center and Langley Air Drive Base. Four miles north of the museum, the US Military had obtained land in December of 1916 in buy to build, in cooperation with the Nationwide Advisory Committee for Aeronautics, an airfield. The Military had subsequently qualified crews and analyzed aircraft there in the course of Earth War I. In 1921, Brigadier Standard William “Billy” Mitchell had led bombing trials from Langley to show the feasibility of air patrol and its success in destroying battleships. Key Standard Frank Andrews later led a beat air command, which grew to become the forerunner of the Military Air Forces of WWII and eventually advanced into today’s US Air Drive.

Virginia, even though in the beginning perceived as a shadow of Washington with its Smithsonian Institution on the Nationwide Shopping mall, is a reasonably modest condition which features a extensive, multi-faceted aviation journey.

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