Sunday, 25 August, 2019

China trade war will only make us stronger

The world's two largest economies are locked in an increasingly acrimonious trade dispute. — AFP  File The world's two largest economies are locked in an increasingly acrimonious trade dispute. — AFP File
Patty Aguilar | 21 May, 2019, 18:30

China's yuan faced its worst daily fall in last 9 Months as the trade conciliations amid the U.S. and China concluded after the U.S. President Donald Trump surged tariffs on Chinese goods. Trump, in turn, said he is considering slapping tariffs on the remaining $300 billion in Chinese imports to the United States.

Macy's CEO Jeff Gennette also sounded a similar alarm, saying another round of tariffs would nearly certainly hit consumers in their pocketbooks. You are the second-largest economy in the world.

FILE - In this May 10, 2019, file photo John Deere Agricultural machinery made by Deere & Company sits staged for transport near cranes at the Port of Tacoma in Tacoma, Wash. China and other countries hit by US tariffs have largely targeted American agriculture in response to Trump's tariffs.

On Monday, Beijing said it would raise its tariffs on a revised list of United States dollars 60 billion in U.S. goods effective June 1.

By removing the metals tariffs on Canada and Mexico, Trump cleared a key roadblock to a North American trade pact his team negotiated previous year.

Until the blowup of the past week, the two countries appeared to be making progress.

The standoff with China over trade is compounding the financial strain of five years of falling commodity prices and losses from spring flooding.

"We can't see the USA has any substantial sincerity in pushing forward the talks".

In an interview with Fox News Channel recorded last week and aired on Sunday night, Trump said that the United States and China "had a very strong deal, we had a good deal, and they changed it". USA farm exports have plummeted and prices are at 10-year lows. He said the way Trump has discussed it could violate World Trade Organization rules. The U.S. wants to keep tariffs as leverage to pressure the Chinese to comply with any agreement. The International Monetary Fund expects Chinese economic growth to slip from 6.6% past year to 6.3% in 2019 and 6.1% in 2020. Mohamed Younis, editor-in-chief at Gallup News, says most people believe trade lowers prices over all and leads to a greater selection of products.

A joint study by the Federal Reserve, Princeton, and Columbia Universities concluded that in 2018, American businesses and consumers were paying more than $3 billion in higher costs per month and losing $1.4 billion per month because of the tariffs.

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Still, business groups and congressional Democrats are insisting that Trump, having taken U.S. Our trade relationship with China absolutely needs a reset. The administration threatened still more if the Chinese do not accept American demands on intellectual property and verification procedures.

That is one reason, but by no means the only one, why our two countries are on the brink of a trade war.

The two countries have given themselves some breathing room to negotiate. "In the face of hurricanes, the almost 1.4 billion Chinese people have confidence and stamina".

"If the United States ignores the will of the Chinese people, then it probably won't get an effective response from the Chinese side", it added. Consumer will pay more and have fewer vehicle choices if import quotas are imposed, the automaker said.

Mr. Trump on Friday sought to ease tensions over trade with allies such as Canada, Mexico and the European Union. The Mexican president's office later said Mexico had reached a similar deal with the United States. But since October 2018, it has nearly exclusively followed the development of the Sino-US trade negotiations. Ltd. on a list of entities that are working contrary to US interests, which could result in USA companies needed to secure special permits to sell the company chips it relies on for end products. By lifting the tariffs, Trump gave the USMCA a better chance in Congress.

Friday morning, the USDA issued a press release that the USA beef industry is gaining full access to Japan's market.

Trump and U.S. Commerce Department have deemed auto imports a threat to U.S. national security.

But over the course of the intervening decade the relationship has soured, with the United States and China clashing over increased Chinese assertiveness in the South China Sea, Chinese industrial espionage and hacking, as well as trade.

Leading analysts downgraded their assessments for several microchip companies in the wake of the move against Huawei, which was the world's third largest purchaser of semiconductors past year.

Because the USA imports more from China than it exports to that country, the US will have more imports from China on which it can keep imposing tariffs.

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