Monday, 19 November, 2018

Tensions Escalate as US-China Trade Tariffs Take Effect

39;Promises made promises kept': Mr Trump has vowed to clamp down on 'unfair' trade deals Image 'Promises made promises kept': Mr Trump has vowed to clamp down on 'unfair' trade deals
Ellis Copeland | 11 July, 2018, 10:05

They kicked in just after midnight ET, which is noon in Beijing.

Chinese Commerce Ministry spokesman Gao Feng said on Thursday that the proposed USA tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work.

Beijing insists it's the injured party.

"China is forced to strike back to safeguard core national interests and the interests of its people", the Commerce Ministry added. In February 2018, USTR won a WTO compliance challenge against China's unfair anti-dumping and countervailing duties on United States poultry exports and China announced the termination of those duties. Last Thursday, Trump said he planned to roll out an additional tariff on $16B of Chinese goods "within the month", and China doesn't appear to be backing down any time soon, either. But it was also explicitly about containing China's influence, and preventing Beijing from writing the "rules of the road" on intellectual property, labor and environmental standards.

Reprising the tactic he used against steel and aluminum imports, Trump in May ordered the Commerce Department to investigate whether imported vehicles and auto parts pose a threat to USA national security that justifies tariffs.

Beijing had said that China's punitive tariffs on USA products would immediately take effect after America imposed penalties on Chinese goods worth a similar amount.

"If it carries on, if it goes on long enough that the countries find alternate sources, that they encourage production in other places, you know, once those investments are made then that competitive environment changes - then all of a sudden we're in a very oversupplied situation", he warned.

"There isn't clear evidence in the data that the anxiety over trade is being harmful to the industries that we would most watch for harm in", Hassett said.

The most immediate impact, however, may be the price Williams will be able to get per bushel after even the threat of a trade war rattled the commodities market. It's also bigger than the $506 billion of goods that the United States imported from China a year ago.

The American Chamber of Commerce in China appealed to both sides to negotiate a settlement.

Products that the U.S. is now fighting trade disputes over include Argentinian textiles, India solar panels and European cheese.

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With no official talks scheduled between the two countries, and disagreements within the Trump administration about how best to proceed, a quick resolution seems increasingly unlikely, the New York Times reported.

The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union.

Those retaliatory tariffs are slated to take effect Friday, after Trump's tariffs go into effect. Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry.

While some see this as a powerful bargaining chip with Washington, it is a double-edged sword for Beijing as dumping the bonds would cause self-inflicted losses.

Gerard Bottino/CrowdSpark/NewscomBegun, the trade war has.

"If this ends at $34 billion, it will have a marginal effect on both economies, but if it escalates to $500 billion like Trump said, then it's going to have a big impact for both countries", said Chen. "It's not simply a matter of the relative size of the two economies".

For his part, Li said that China would further open its economy to foreign investment.

As many economists have noted, there are winners and losers in trade wars.

"We urge the two governments to come back to the negotiation table", said Zarit.

Dennis Riggs, 63, who farms south of Sidney, said numerous investments he has been wanting to make on his farm are now "out of the question", because China launched its own set of tariffs on American goods like soybeans, corn, pork and poultry in retaliation.

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