Abril 22, 2018

This is the start of the US-China trade war

29 Marcha 2018, 11:51 | Benedicto Grullon

Trump suspends metal tariffs for EU, other allies

China Strikes Back in US Trade War: The 128 Products It Wants to Tariff and Why

Countries affected by the measures, like China, can under WTO rules retaliate with tariffs on USA goods worth a sum equivalent to the trading loss they would suffer from the US tariffs. Trump is scheduled to sign an executive memo issuing the instructions on Thursday in Washington.

Responding to the White House announcement, Chinese Ambassador to the US Cui Tiankai said it was groundless and discriminatory to accuse China of stealing American firms' intellectual property.

Starting a trade war, however, is another matter entirely.

China has always said it will not hold talks with the US within the framework of the Section 301 probe, Chen Fuli, director-general of the commerce ministry´s department of treaty and law, told reporters. But they fear that widespread United States tariffs, and Chinese retaliation, will raise prices significantly for Americans, hurt the economy and kill jobs.

Even central banks, which normally stay above the fray of trade spats, are weighing in. "The U.S. has never pushed back to this degree".

Alarm over Trump's protectionist leanings mounted earlier this month after he imposed hefty import tariffs on steel and aluminium under Section 232 of the 1962 US Trade Expansion Act, which allows safeguards based on "national security".

BEIJING-China is preparing for a trade war with the US that could disrupt President Xi Jinping's development agenda, though the country's economy is better positioned to weather short-term shocks than just a few years ago.

About 97 percent of US wine exports come from California.

In other words back to where they were a couple of years ago and in any case there would be few cheaper alternatives on the shelves of Walmart on Amazon's catalogues.

China Strikes Back in US Trade War: The 128 Products It Wants to Tariff and Why
Trump's warning shot

"The vast majority of our members are very concerned that these trade actions will at a minimum undermine the strong business confidence that has been created by the tax and regulatory process", said Josh Bolten, president and CEO of the Business Roundtable. "Finally the president decided that we needed to move forward". A 30-day comment period will follow, after which his office will release a finalized list of the targeted products, and the tariffs will then enter effect.

Trump then referred to China's entry into the World Trade Organization (WTO) and the mushrooming trade deficit the USA suffered in the years since: "The tremendous money that we paid since the founding of the World Trade Organization, which has actually been a disaster for us, it's been very unfair to us, the arbitrations are very unfair, the judging has been very unfair, and knowingly we always have a minority and it's not fair".

The United States had a record $375.2 billion goods trade deficit with China previous year.

American Keg CEO Paul Czachor on the impact of the Trump administration's tariffs on steel and aluminum. By circumventing the WTO under the premise that its rules are inadequate to discipline China, and invoking a law that is incompatible with USA obligations under the WTO rules, President Trump has delivered a vote of no confidence in a system that has served US interests well for 70 years. "China will not sit idly to see its legitimate rights damaged and must take all necessary measures to resolutely defend its legitimate rights", the Commerce Ministry in Beijing said in a statement on its website. And will it trigger a trade war with China?

The U.S. tariff hike on steel and aluminum imports also has irked Japan, America's closest ally in Asia.

A former Chinese finance minister said at the China Development Forum in Beijing that the commerce ministry's response so far had been relatively weak.

Li said Beijing would "fully open" manufacturing, with "no mandatory requirement for technology transfers". The administration has accused China of flooding the world market with undervalued steel, which can make its way to the United States after landing in another country.

Bloomberg Economics estimates a global trade conflagration could wipe $470 billion off the world economy by 2020.

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