Throughout the history of international trade, protectionism has been a spectre stalking the world. The Smoot-Hawley Act of 1930 was adopted to protect US businesses and jobs and to increase government revenue by raising tariffs on imported goods. It led to a wave of international retaliation and an exacerbation of the Great Depression. In 1933, US gross domestic product plunged by 45 per cent compared with 1929, and the contribution of trade to GDP dropped from 11 per cent to 6.6 per cent. History is a mirror. Last week the US government announced new protectionist measures against China, resulting in the S&P 500 losing well over tn in market value. The impact was also felt by the European and Asian markets. There is no need for history to repeat itself only for us to learn the straightforward lesson that there is no winner in a trade war.
Throughout the season, Amazon also plans to ship more than 10 million orders in the United States and Mexico in football-themed boxes.
Thousands of passengers vied to be among the first to ride over the world's longest sea span, as the Hong Kong-Zhuhai-Macao Bridge opened for traffic at 9 am Wednesday morning.
Though the deal sent grocery stocks spiraling when it was announced, Amazon and Whole Foods have a long way to go to catch the nation’s biggest grocer, Walmart. CNBC reported last month that Walmart has the highest marketshare in the grocery industry at 14.5 percent. Combined, Amazon and Whole Foods represent 1.4 percent of the grocery market.
Three of the men have applied to the provincial high people's court for compensation amounting to more than 20 million yuan (.9 million) each, including 12 million yuan each for the psychological trauma they experienced. The fourth man has applied to the provincial people's procuratorate, but details of his claim are not known.
Through identity authentication based on facial recognition and video identification, banks can handle complicated and high-frequency business remotely, minimizing the need for clients to visit bank branches.
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Three new chapters will be added into the Hong Kong stock exchange's initial public offering rules, while double-digit companies are expected to apply to be the first listings under the new rule beginning Monday, the head of Hong Kong Exchanges and Clearing (HKEx) said on Tuesday.
Tianjin-based Tiens Group's staff take a selfie in Nice, France, during a custom-designed company tour.[Photo provided to China Daily]
Through chatting with fans online, the duo has learned many internet buzzwords. What's more, Grandpa Cui's memory and spirit have improved significantly during one year's livestreaming. He can even remember some stories from his youth.
Three of the injured are still in critical condition.