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The Ukrainian Infrastructure Ministry said earlier that the project will boost Ukraine-Europe trade by reducing the cargo delivery costs.

The US tariff on imported steel is 25 percent and 10 percent on aluminum. The steel and aluminum tariffs imposed in March were seen as the first salvo in the simmering trade dispute between the US and China, although they also apply to other countries.

The United States' violation of World Trade Organization principles could endanger multilateralism, while China has been firmly obeying WTO rules to safeguard the global trade system, experts said.

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The US Treasury Department will have 60 days to propose restrictions on Chinese investment in the United States, according to the presidential memorandum.

The US government has announced additional 10 percent tariffs on about 0 billion worth of Chinese goods starting from next week, pointing to escalating of trade frictions between the two nations.

The US's response at the WTO was just to meet "procedural requirements",and China and the US have not started any form of negotiation on the latter country's Section 301 investigation and tariff list, Gao added.

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The US three-year treasury note yield surpassed its five-year note on Monday. The inverted yield curve caught investors' attention because historical statistics showed that when short-term yields trade above longer-term rates a recession could follow.

The US produces 900,000 to 1 million pounds per year, according to Kaldunski. Canada's output is four or five times that amount, and China produces well above 5 million pounds, he said.

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The United States is taking aim again at the European Union's subsidies on large civil aircraft, proposing increased tariffs on some products the Continent is famous for, such as parmesan cheese, olives and pasta from Italy, and Irish and Scotch whisky.

The US proposal may not come to pass, but such a move is one in a continuing series of policies aimed at using China as a convenient US election-year scapegoat, Taylor said.