Tuesday, 17 July, 2018

China Trade War Starts

China EU USA trade war alliance Donald Trump President Xi GETTYChinese state media has promoted the message that the EU is on China’s side
Laurie Berry | 07 July, 2018, 02:55

A statement from the Chinese Commerce Ministry denounced United States actions as "a violation of world trade rules" and warned that the current dispute between both countries was launching the "biggest trade war in history". Trump has threatened to target an additional $200 billion worth of Chinese goods. They kicked in just after midnight ET, which is noon in Beijing.

The Customs and Border Protection's website confirmed on Thursday that the new tariffs on Chinese goods will take effect Friday at 12:01 a.m.

The American tariffs are the result of Mr Trump's attempt to protect United States jobs and stop what he calls "unfair transfers of American technology and intellectual property to China".

Beijing insists it's the injured party.

"China promised not to fight the first shot, but in order to defend the core interests of the country and the interests of the people, we are forced to take the necessary countermeasures", China's commerce ministry said in a statement.

While Chinese state media have slammed Trump's protectionism and on Friday likened his administration to a "gang of hoodlums", the trade conflict has gained little traction on China's tightly controlled social media, not cracking the 50 top-searched topics on the Twitter-like Weibo platform.

Previously, Trump had threatened up to $400 billion in additional tariffs should China follow through on its plans to retaliate against the initial US tariffs on Chinese goods including autos, computer disk drives, pump and valve parts and light-emitting diodes.

The tariffs would mark a significant escalation in the trade dispute between the world's two biggest economies.

At the same time, China is trying to present a friendly face to foreign businesses, including American players. -China trade involves parts and supplies, rather than final goods - so the most immediate effect will be felt by the companies making the products, not the consumers finding them on store shelves.

The big question is how far the hostilities between Washington and Beijing will go.

Washington imposed tariffs on $34 billion of Chinese imports on Friday and Beijing has said it will retaliate with punitive measures on USA products worth a similar amount, including soybeans, pork and cotton.

Local trade consultant Stephen Jacobi said he was hopeful that in the short term the dispute wouldn't a direct impact in New Zealand exports which (other than some steel products) were not in the firing line.

EPA Administrator Scott Pruitt Resigns
For additional commentary on Pruitt and Wheeler, listen to this recent episode of GTM's newest podcast Political Climate . Trump publicly defended Pruitt and praised his job performance as recently as early June. "I'm extremely disappointed.

National Association for Manufacturers: "Tariffs will bring retaliation and possibly more tariffs", said Jay Timmons, president and CEO of NAM.

34 and then you have another 16 in two weeks, and then, as you know, we have 200 billion in abeyance, and then after the 200 billion we have 300 billion in abeyance.

The Commerce Ministry didn't immediately provide details as to whether and when its pledge to introduce reciprocal tariffs on U.S. imports would be introduced, creating an air of optimism in financial markets that the trade war may not escalate quickly.

"More than 70,000 jobs depend on the Port of Oakland".

According to official figures, the USA racked up a trade in goods deficit of $375.6bn (£283.1bn) with China past year, meaning America bought far more from the world's second largest economy than it has managed to sell to it.

But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational. Beijing has said retaliatory tariffs on US goods ranging from soybeans to pork will go into effect immediately after the USA acts.

Gao said China's foreign trade was expected to continue on a stable path in the second half of the year, though investors fear a full-blown Sino-American trade war would deal a blow to Chinese exports and its economy.

Trump has vowed for years to tackle Chinese trade practices, accusing Beijing of stealing US intellectual property and slammed the $375 billion USA trade deficit with the country.

I view these tariffs as a negotiating ploy by President Trump to try to force the Chinese to open up their market better for American companies.

Meanwhile, Russia said it would introduce extra duties on a range of products imported from the US.

Gov. Rick Scott and other Florida officials have kept a fairly low profile as Trump pursues policies he says will even the playing field for US producers.

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