Abril 22, 2018

China Asks US Businesses for Help to Stop Trump's Trade War

08 Abril 2018, 08:54 | Dolorita Barahona

Trump US May Have Upper Hand in China Trade War

Trump US May Have Upper Hand in China Trade War

Meanwhile Trump, who not so long ago declared that "trade wars are good" and "easy to win", is now arguing that because we've "already lost", we have nothing else to lose!

"On Sino-US trade, China has made its position very clear". Now, at the end of the day, Trump means business.

Markets bounced back Thursday as fears of a full-scale global trade war waned.

China was also the second-largest buyer of American crude exports in 2017, snapping up around 202,000 barrels a day of the US's 1.1m b/d total shipments overseas. I would argue that a deal is most likely possible, with both sides making some concessions, especially China on intellectual property and access for USA products to its massive domestic markets in the years ahead. Damage to regional heavyweight China's economy would dent global demand for commodities, which bodes ill for key exporters such as Australia and Indonesia.

But Trump's newly-installed economic adviser Larry Kudlow tried to downplay those concerns, saying the United States is "not running a trade war". Trump had a few quieter months after these probes as his relationship with his Chinese counterpart Xi Jinping improved. China is a major buyer of US pork, and the 25 percent tariff on pork would slice into sales of USA meat, knocking April hog futures near 50 cents per pound. "The date of implementation will depend on when the US government imposes the tariffs on Chinese product", the Chinese Ministry of Finance said.

Gao was speaking shortly after Trump defended his proposed tariffs on USA radio, saying the move might cause "a little pain" but the USA will be better off in the long run.

Another round of proposed tariffs, another market meltdown. Should the tariffs go into effect, however, they would make for one of the largest trade wars ever involving the United States, said Gary Clyde Hufbauer, a trade expert at the Peterson Institute for International Economics.

The apparent determination not to retreat is at the polar opposite of comments by White House National Economic Council Director Larry Kudlow, who told Fox News Channel on Wednesday: "I believe that the Chinese will back down and will play ball". Trump came up with follow-up action and imposed 25 per cent tariffs on imported steel and 10 per cent tariffs on aluminium imports. And then he sees some retaliation from the Chinese which is quite mild and then Trump doubles up. According to a report this week by WUNC, North Carolina exported about $100 million in pork products to China past year. It targeted 128 American products by imposing 15 per cent duty on 120 products and 25 per cent on eight others.

The same scenario will apply to the cost of nuts, wine, and fruit at the grocery store, among other items. China responded in-kind, announcing their own 25% tariff on about $50 billion of additional US products including soybeans, cars, and chemicals.

April 4, 2018: Beijing followed suit by targeting American products worth $50 billion. Together, both sides are targeting about $50 billion (Dh183.9 billion) in either United States or Chinese goods in this first round, but both Beijing and Washington have left room for manoeuvre, with the Washington tariffs not taking effect for two months to allow for a period of public consultation.

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