China to fight US protectionism "at any cost"

07 April, 2018, 14:00 | Author: Roderick Gutierrez
  • Trump proposes $100 billion in additional tariffs on Chinese goods

Escalating his trade feud with China, President Trump ordered his administration Thursday night to consider adding another $100 billion worth of tariffs on Chinese products.

Earlier in the week, Trump had denied the USA was in a trade war with China, as markets fell on the back of retaliatory $50bn tariffs unveiled by Beijing.

"I can only hope that we solve our differences as soon as possible to avoid damage to the USA economy, Chinese economy and to USA companies".

Shanghai September crude futures were untraded due to public holidays in China, after falling 0.8 percent on Wednesday. For almonds, the 15% additional tariff, on top of the existing 10% tariff, results in an effective tariff of 25% to almond products.

Financial markets have swung wildly over the past few days in response to fears of escalating trade tensions between Washington and Beijing.

While the dispute centers on the $375 billion goods trade imbalance in favor of China in 2017, the United States also is targeting high-tech sectors that Beijing sees as the future for its economy, prompting an angry reaction.

But Commerce Secretary Wilbur Ross is brushing off concern over trade war with China. "If someone wants to talk, our door is open", said Wang Shouwen, vice-minister of commerce. Some analysts downplayed the back-and-forth as negotiating tactics.

Mr Trump on Wednesday, however, had his own take on developments.

On Wednesday, the president tweeted: "We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion". We can not let this continue! Annual U.S. soybean exports to China total roughly $13 billion of the $20 billion in the nation's total yearly agricultural sales to China, he noted. But they had calmed down Wednesday and Thursday on hopes the US and China would find a diplomatic solution. Regulators use access to China's vast market as leverage to press foreign automakers and other companies to help create or improve industries and technology.

Exports to China face uncertainties, too.

Trump has also threatened to impose steep tariffs on steel and aluminium imports, which would include China.

"The trade implications between the USA and China are far from complete".

The goal may be to get US voters to stop Trump from pressing ahead. shares bounced 1.5 per cent on reports the White House was not about to clamp down on its business model even as Trump continued his attacks on the online retailer.

The announcement triggered further heavy selling in global stock markets and commodities, with US stock futures sliding 1.5 per cent, soybean futures plunging 3.7 per cent and the dollar briefly extending early losses. -China trade battles playing out.

The amount of US$50 billion made up almost half of the US$115.6 billion worth of United States goods that China imported in 2016.

The trade ministry said it plans to produce details on which USA products will be subject to the suspension closer to when it takes effect.

Stocks remain lower on Wall Street amid an escalating trade dispute between the USA and China but have pared some of their sharp early losses.

"U.S. oil inventories remain a volatile gauge, but they still provide a good litmus test for the short-term", Innes said. The measures appeared to target farm states that voted for Trump in 2016.

Shi Yinhong, a professor of global affairs at Renmin University in Beijing, said that China's move has signaled the country's willingness to go "tit for tat" in a trade war.

Heisdorffer said there is still time to reverse the damage.


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