USA has 'launched the largest trade war in economic history': China
USA has 'launched the largest trade war in economic history': China
As tariffs strike, U.S., China trade conflict escalates
07 July, 2018, 01:24
US President Donald Trumptold reporters on Thursday that US tariffs on an additional $16bn in Chinese goods are set to take effect in two weeks. China had lodged a case with the World Trade Organisation (WTO) against the United States, its commerce ministry said in a one-line statement late on Friday. Exports to the USA account for only 19% of all of China's exports.
Even before the first shots were fired, the prospect of a trade war was worrying investors.
What tariffs are now in effect?
USA tariffs on $34bn (£25.7bn) of Chinese goods came into effect on Friday.
United States tariffs on $34 billion in Chinese goods kicked into effort at midnight on Thursday, with 25 per cent duties on a range of products including motor vehicles, computer disk drives, parts of pumps, valves and printers and many other industrial components.
Russian Federation is introducing extra duties on a range of products imported from the United States that can be replaced by locally made equivalents. "They can make products hard to clear customs".
This ship, carrying tons of US soybeans, had been racing against the clock across the sea, trying to arrive in Dalian port before the tariff war started.
But German Chancellor Angela Merkel, signaling her eagerness to not drag the European Union further into the spat, told parliament on Wednesday, "It is worth every effort to try to defuse this conflict so that it doesn't turn into a real war, but of course there are two sides to that".
The price of USA soybeans has plunged 17 percent over the past month on fears that Chinese tariffs will cut off American farmers from a market that buys about 60 percent of their soybean exports. Another $16 billion of goods could follow in two weeks, Trump earlier told reporters, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of USA goods imports from China in 2017. "So we have 50 plus 200 plus nearly 300".
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The Trump administration accuses China of building its emerging industrial dominance by "stealing the crown jewels" of American technological know-how through cyber-theft, forced transfers of intellectual property, state-sponsored corporate acquisitions and other underhand practices.
Behind the trade war, there is conflict within the Trump administration. "If we're trying to sell there (another country), we should have the same opportunity as they have the right to sell here".
In the months ahead though, China will struggle to replace the USA beans, forcing processors, which crush the beans to make oil and animal feed, to pay the extra duty or find substitutes.
The tension between these factions is occasionally on display in the West Wing. "China is never the only side to suffer", Cheng said.
"There are no winners in a trade war", said the chamber's chairman, William Zarit, in a statement.
The official China Daily newspaper accused the Trump administration of "behaving like a gang of hoodlums".
Prices are rising, especially for steel and aluminum, and companies are starting to feel reticent about investments or planning to shift production overseas to avoid retaliation against U.S. exports.
Will there be a full-scale trade war?
Heck said that U.S. Secretary of Agriculture Sonny Perdue promised that if the escalating trade dispute had not been solved by Labor Day, he would put together an aid package to protect the rural economy.
Rob Carnell, chief Asia economist at ING, said: "This is not economic Armageddon". We will not have to hunt our food with pointy sticks. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case". "These tariffs could mean the difference between a profit and a loss for an entire year's worth of work out in the field, and that's only in the near term", Bible said. "After the United States activated its tariff measures against China, China's measures against the USA took effect immediately", Lu Kang said, though he did not elaborate on the details of the measures.
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The Chinese government responded quickly to the as President Donald Trump's tariffs went into effect at midnight ET on Friday. In a commentary, the state-run tabloid Global Times said that China was ready for a fight.
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