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Who Will Walk Trump Back From This Trade War?
08 Abril 2018, 09:00 | Crisanna Felipe
In US-China tariffs, there are far more losers than winners
China has started to impose higher tariffs on U.S. "China has chosen to harm our farmers and manufacturers", Trump's statement read. Nearly half of the $505 billion Americans imported from China previous year were household goods that are staples of a working family's budget, such as cell phones, toys, furniture, apparel and footwear.
"If the U.S. is using the sanctions stick, then they've got the wrong idea", Wang Yi said. "I think China is perfectly happy to play a game of chicken with the United States on this because they believe the USA will blink first".
By virtue of the trade imbalance, the USA has the potential to hurt Chinamore than the other way around through the tariffs.
"It's all part of the, you know, fairly delicate, broad-based negotiation that's long overdue if it fixes things, it could have a great ending", Kudlow said.
The back-and-forth between the global superpowers is setting off fears of a trade war.
China's Commerce Ministry spokesman, Gao Feng, called the U.S. action "extremely mistaken" and unjustified, adding that the spat was a struggle between unilateralism and multilateralism.
He warned that any threat to multilateralism would severely imperil the global economic recovery.
The further tariffs were being considered "in light of China's unfair retaliation" against earlier United States trade actions. An editorial on Thursday in the state-run tabloid Global Times said people in China increasingly believed Beijing should "knock some common sense into the U.S. government".
High-tech items such as the iPhone are assembled in China, but much of its total value is represented by components made in Japan, South Korea, and the United States. Instead, it's China that has just approached the WTO with its complaint about our steel and aluminum tariffs. As trade war costs hit home increasingly as Trump escalates, there's a good chance he will make a concerted effort at negotiation.
On Friday, China's Commerce Ministry said it would fight "at any cost" new $100 billion tariffsproposed by U.S. President Donald Trump, indicating Beijing's resolve to respond in kind to punitive measures Washington has threatened for alleged Chinese intellectual property (IP) theft.
The new list will be proposed in the same manner as the first round and will go through a similar public comment period before any of them are activated, the spokeswoman said.
US businesses seem inclined to back China's position, with many complaining the tariffs will make other countries more attractive to Chinese buyers.
His concerns were echoed by Alexander Salitsky, an analyst at the Russian Academy of Sciences' Institute of World Economy and International Relations, who warned that a trade war between Washington and Beijing would first and foremost affect the global markets for raw materials, oil and natural gas, aircraft and auto manufacturing, as well as electronics and agriculturalproducts. It added that in the event of a trade war, China could reduce the dominance of the dollar.
"The American public has always been ambivalent about trade and agrees other countries have taken advantage of the US while seeing lower prices", Penn said.
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