Trump Expands His Trade War to China

24 March, 2018, 16:49 | Author: Salvatore Jensen

"There is concern what the trade war could look like". It was Wall Street's worst day since February 8 and the Dow's fifth-largest single-day point decline ever. China claimed that the slides back its stance. The world's biggest pork producer, consumer and importer is also planning a 25 percent tax on US imports of the meat.

Sales outside the USA are especially important for technology companies.

While talks are ongoing between the two countries to find a reciprocal trade agreement, China responded to Trump's tariffs with its own list of 128 U.S. products that could be subject to import tariffs in China.

He also accused a U.S. probe into Chinese intellectual property practices of violating worldwide trade rules.

That will nearly certainly spell a further escalation of tensions. It is impossible to imagine that they can not. With regard to the steel and aluminium tariffs, the USA president has given the European Union, along with Australia, Argentina, Brazil, Canada, Mexico and South Korea, a temporary exemption until 1 May, while talks continue. "This can turn ugly on a global scale very quickly".

In response to the Trump administration's additional tariffs on steel and aluminum imports that took effect on Friday, the Chinese government announced retaliatory tariffs on pork and other items from the United States.

It said it has compiled a list of 120 products worth almost $1 billion, including fresh fruit and wine, upon which it would impose a 15 percent tariff if the two countries fail to resolve their trade differences "within a stipulated time".

Hua Chunying said at that China urges the U.S. to make cautious decisions.

Arthur Kroeber, managing director of Gavekal Dragonomics, said Beijing was sending a "carefully calibrated" message that it will stand up to Trump, while trying not to escalate the spat into a confrontation that could seriously threaten the global trading system.

Mr Trump, however, has said that the United States move to raise tariffs against China was already beginning to get results. These new measures have been taken to penalize China for theft of intellectual property of American companies.

The measures were specifically in response to United States steel and aluminium tariffs, which were taking effect Friday. On Friday chipmakers fared especially badly.

Not everyone believes the two nations are headed inexorably for a trade war.

Amid the looming threat of a trade war escalation, the World Trade Organization's Director-General Roberto Azevedo urged the sides to talk, warning that there will be "no winners" in this confrontation. Roughly $1 of every $5 in Apple's sales came from China, Hong Kong and Taiwan in its past year.

The Chinese Embassy in Washington made it clear that Beijing will retaliate, saying, "If a trade war were initiated by the US, China would fight to the end to defend its own legitimate interests with all necessary measures".

US Census Bureau data showed that more than 15 per cent of Washington state's exports of civilian aircraft, engines and parts went to China in 2016.

The planned sanctions include tariffs on $48 billion worth of Chinese imports as well as restrictions on Chinese investments.

The move comes just weeks after Trump slapped blanket tariffs on steel and aluminum imports, angering allies in Europe and East Asia.

The market's two biggest sectors slumped the most.

For example, when American tech companies want access to China's market, China forces them to enter joint ventures with its own companies, the USTR said.

Having spent his first year in office basking in the luxuriant glow of the Dow Jones, it should be odd that Donald Trump would so carelessly disregard the market indicators flashing red over his latest flirtations with protectionism.



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