Tuesday, 25 September, 2018

Trade war begins between China, US as tariffs kick in

WASHINGTON DC- JULY 05 U.S. President Donald Trump waves from the North Portico of the White House while departing on a trip to Wyoming to attend a Make America Great rally U.S. tariffs take effect, China warns of 'counterattack'
Laurie Berry | 09 July, 2018, 19:38

Chinese economist Hu Xingdou said that while China's development would be affected by the trade war, the effects would not be too deep so long as it kept its doors open and deepened its reforms. American officials worry Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence will erode US industrial leadership.

After months of rhetoric, a 25 percent levy on $34 billion of Chinese goods entering the US took effect just after midnight Washington time on Friday with farming plows and airplane parts among the products targeted.

The 25% duties, which went into effect at 12:01 am EST, prompted quick retaliation by Beijing, which said it immediately put its own similarly sized tariffs on US goods, including fruits and vegetables.

It is also unclear whether they considered how their actions might encourage closer trade relations between China and the European Union (which are being discussed), or China and other Asia Pacific economies (also being negotiated). The Dow Jones Industrial Average shed 1,000 points from a high in mid-June, while the S&P 500 has also retreated notably since concerns about a trade war started to loom.

The riskiest economic gamble of Trump's presidency could spread as it enters a new and unsafe phase by imposing direct costs on companies and consumers globally.

In January 2018, the Trump Administration found that China's overproduction of steel and aluminum, and the resulting impact on global markets, is a circumstance that threatens to impair America's national security. Japan's Nikkei 225 index gained 1.4 percent while the Shanghai Composite index jumped 0.7 percent and Hong Kong's Hang Seng surged 0.8 percent.

-China tit-for-tat tariff fight is likely to shrink trade volume worldwide, which would weigh on the global economy that has been on a recovery track.

On the campaign trail, Trump attacked the 24-year-old North American Free Trade Agreement with Canada and Mexico as unfair to the United States. Beijing has announced reforms this year including ending limits on foreign ownership in its auto industry, but none directly addresses complaints that are fueling its conflict with Washington.

President Trump said that the US tariffs on Chinese goods will take effect just after midnight on Friday in Washington.

Trump also said the U.S. is ready to target an additional $200bn in Chinese imports - and then $300bn more - if Beijing does not yield to United States demands and continues to retaliate.

India win series with Rohit's hundred Letzcricket
After a good day with the ball, Pandya was handed a promotion to No. 4 with India still 48 away, and he did not disappoint. In between those two losses to West Indies, India beat England 2-1 in a three-match T20I series at home in January 2017.

China's tariff list is heavy on agricultural goods such as soybeans, sorghum and cotton, threatening USA farmers in states that backed Trump in the 2016 US election, such as Texas and Iowa.

Trump alleges that China uses foreign ownership restrictions, administrative review, and licensing processes to force or pressure technology transfers from American companies.

China's Ministry of Commerce said in a statement the U.S.

"A little fighting may be the only way the Trump administration clears its mind and allows everyone to sober up", the state-run Global Times said. It said they would damage the global economy unless other countries stop them.

Beijing hit back on Friday with tariffs worth $34bn and has said it will match Trump's $50bn threat.

Soybean farmers, apple growers and auto workers are among the U.S. workers bracing for fallout from a trade war between the United States and China.

China has also banned imports of United States agricultural products such as poultry, cutting off America's ranchers and farmers from a major market for their goods. The reality is that trade wars are damaging to everyone, not just the participants, and no one will "win".

The LSU Ag Center expects South America, particularly Brazil, to capture the majority of the market-share of USA soybean exports into China.

A member of China's central bank monetary policy committee, Ma Jun, said Friday that the first punches will have a "limited impact" on the Chinese economy. "We urge the two governments to come back to the negotiation table".

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