Sunday, 20 October, 2019

State of the Union: Trump vows to end China's job 'theft'

President Trump meets with Chinese Vice Premier Liu He at the White House on Jan. 31 President Trump meets with Chinese Vice Premier Liu He at the White House on Jan. 31
Russell Knight | 06 February, 2019, 18:09

The impact on total USA imports from China in 2018 was "muted", the researchers wrote, largely because of the rush to get ahead of tariffs that it caused on the larger $200 billion list.

They have a deadline of March 1 to strike a deal, or the U.S. has said it will increase tariff rates on $200 billion worth of Chinese goods from 10 per cent to 25 per cent. Other countries set to benefit from the trade tensions include Australia, with 4.6 per cent export gains, Brazil (3.8) India (3.5), Philippines (3.2) and Vietnam (5), the study said.

Unless the U.S. and Chinese agree to drop their tariff dispute by 1 March, duty on each country's products will rise to 25 per cent, up from the current 10 per cent level.

President Donald Trump on Tuesday (Feb 5) told Congress that Washington's aggressive trade negotiations with Beijing would mean an end to China's alleged "theft" of United States jobs and wealth. For example, the approximately $27 billion of US-China trade that would be captured by Mexico represents a non-negligible share of Mexico's total exports (about 6%). -China trade war would have huge implications for the global economy, according to the UN.

The US and China have a deadline of 1 March to strike a deal, or the US has said it will increase tariff rates on $200bn (£152bn) worth of Chinese goods from 10% to 25%. "US-China bilateral trade will decline and replaced by trade originating in other countries".

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US companies would capture only 6 percent of the $250 billion of the affected Chinese exports, while Chinese firms would retain 12 percent, despite the higher cost of trade, the study said.

She said the USA tariff hike and a retaliatory move by China would trigger an economic downturn due to instability in commodities and financial markets, while company moves to adapt would put pressure on global growth.

The implications of such a development would be "massive", the UNCTAD Director, Division on International Trade in Goods and Services, and Commodities, continued, adding that its effects would first of all involve "an economic downturn due to instability in commodities and financial markets". Japan and Canada will see exports increase by more than United States dollars 20 billion each, it said. That's because economies in the bloc are globally competitive and have the most potential to ramp up their exports, the report said.

Other countries would capture an estimated 82% of the value of the $250bn of Chinese exports and 85% of $85bn of United States exports hit by the tariffs.

"One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more hard to service", the report adds. Imposing tariffs make US-made products cheaper than imported ones, and encourage consumers to buy American.

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