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Escalating US-China trade dispute heightens global concerns

Escalating US-China trade dispute heightens global concerns

China on Wednesday hit back at the Trump administration's plans to impose tariffs on $50 billion in Chinese goods, retaliating with a list of duties on key US imports with similar value including soybeans, planes, cars, whiskey and chemicals. It released a list of 1,300 imported Chinese products, including industrial robots and telecoms gear, to protest Beijing's alleged theft of USA technology.

The trade deficit with China rose to $337 billion in 2017, but Trump likes to ignore the dominant United States services sector and focus only on the deficit in goods alone, which was $375 billion previous year although he uses a higher figure.

April 3: The US publishes a list of import tariffs on 1,300 categories of Chinese products under the Section 301 action. China is the biggest buyer of US soybeans, picking up about a third of the entire USA crop. Chinese officials did not set a date for implementation, saying what happens next will depend on whether the USA president pushes ahead with his tariff plans.

Wednesday's announcement means there are now two U.S.

The US move "severely infringed on the legitimate rights and interests that China enjoys in accordance with the WTO rules, and threatened China's economic interests and security", the MOC said. Instead, they will go through a public comment period, including a public hearing on May 15.

It may thus take until the end of May or early June for the tariffs to come into force. Airplane manufacturer Boeing slumped more than 6% in premarket trading, while carmaker General Motors and the price of soybeans fell close to 4% each.

Japan was also hit with these tariffs, while most countries got a temporary exemption.

Notably, China's response so far has been measured. "China trade tensions is seen as a growing threat to global growth and corporate earnings".

"Now, we have a trade deficit of 500 billion dollars a year, with Intellectual Property Theft of another 300 billion dollars".

There are fears a trade war between the United States and China will unravel the global trading system and impact on economic growth trade-reliant countries such as Australia.

The Dow Jones industrial average fell about 500 points at the open, with energy, industrial and materials sectors leading the decline. Analysts surveyed by The Wall Street Journal had expected a rise of 1 million barrels.

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"People are anxious. These are the two biggest economies in the world - $650bn is traded just between the USA and China, so there's a lot at stake there".

Tariffs on steel and aluminum, announced last month, are more likely to have a deeper impact on consumers.

The current US ambassador to China, Terry Branstad, is the former governor of Iowa, a state that could be hit hard.

Borrowing costs also nudged lower in Europe even as the first March reading on euro zone inflation, important data for markets as the European Central Bank looks to wind down its massive monetary stimulus, came in firm at 1. As well, furniture and shoes-two other big categories of Chinese imports-are not included.

The U.S. tariff recommendations put a "strong focus on industrial inputs".

"If the USA decides to increase intensity, China will surely follow suit", said Tu.

The chairman of the American Chamber of Commerce in China says Beijing's potential retaliation in an escalating dispute with Washington is a concern for every US company doing business in China.

US business groups mostly agree that something needs to be done about China's aggressive push in technology.

The activity is likely to continue to pose a challenge for the new administration, which has sought to cooperate with China on global issues like ending North Korea's nuclear program.

The trade war has anxious American farmers, particularly producers of goods such as soya beans. Farmers are especially vulnerable targets in trade spats because they rely so much on foreign sales.

U.S. business groups have called on the Trump administration to rethink its plan for tariffs, arguing that the plan amounted to new taxes on United States consumers and businesses.


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