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Trump escalates trade war with China

07 April, 2018, 01:11 | Author: Kristi Dunn
  • Trump US lost trade war with China years ago

Last month, Mr Trump said that "trade wars are good". President Donald Trump's top economic adviser, Larry Kudlow, suggested the USA tariffs won't be implemented if China lowers barriers to trade.

When in place, the added tariffs will deeply hurt Washington - and American farmers - given that the crop is the highest valued U.S. export to China, worth US$14 billion annually. The proposed USA tariffs are the result of the administration's investigation into whether China has been indulging in unfair intellectual property and technology transfer practices under a "Made in China 2025" industrial promotion policy.

The next day, on April 4, China's Ministry of Commerce announced 25% tariffs on 106 types of products from the U.S., also valued at US$50 billion a year, to be imposed if the United States goes ahead with the second-round tariffs.

The paper touted China's massive, quickly-growing consumer market, after Beijing announced $50 billion in retaliatory duties on USA imports, including 25 percent tariffs on airplanes, cars, soybeans and other key agricultural exports. As a result, the typical "Chinese product" that the United States imports has a lot of value-added from countries other than China.

On the Minnesota side about $2.1 billion dollars were exported with China as the top market.

Analysts said Wednesday's that China's threats against agricultural products may be focused on farm states, which generally backed Trump in the 2016 election, attempting to create pressure to stop the tariffs.

Chinese officials said in January that the government is considering slowing or halting purchases of US Treasuries as they have become less attractive relative to other assets. -China bilateral trade, because Apple, like many other U.S companies, has set up subsidiaries to operate in China.

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About 7.5% of United States pork exports go to China, representing about 1% of USA pork production. China raises most of its own pork supply, importing only 3 percent from the U.S.

Donald Trump appeared to declare a trade war on the EU Thursday after branding the organization impossible to do business with.

The nationalist Chinese tabloid Global Times also weighed in on the ongoing dispute, arguing that "although China will sustain financial losses thanks to the U.S.' Section 301 investigation tariffs, they will pale in comparison to the damage done to the U.S. economy via China's retaliations".

A trade war could be disastrous for the two countries and the global economy.

"This president is not going to tolerate hollow commitments or refusal to change bad practices".

This is the second wave of tariffs imposed by the US. That would be a result that would buoy the US economy and, presumably, the stock market. In fact, it quickly published its own list, including penalizing USA soybean and aircraft exports.

The 1,300 Chinese products on the USA tariff list included aerospace, pharmaceuticals and electronics. "Those are caught up in these proposed tariffs", said Smith.

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