Monday, 10 December, 2018

Farm Bureau Statement on Chinese Tariff Announcement

China imposes tariffs Beef, food machinery now caught in US-China trade spat
Glenn Montgomery | 05 April, 2018, 01:44

China has issued a 50 billion dollar (£27 billion) list of United States goods set for possible tariff hikes in an escalating technology dispute that companies worry could set back the global economic recovery. The effective date depends on when the USA action takes effect.

In what could be seen as a calculated move China's list of targets included key U.S agricultural exports including soybeans, frozen beef and cotton.

While US farmers can benefit from healthy Sino-US economic ties, the export amount to China was too big, he said.

Christopher Beros, trade director for China and the Pacific Rim at the California Wine Institute, which represented roughly 1,000 California wineries, said the issue was making him nervous.

A spokeswoman for Ford said the carmaker encourages both governments to work together to resolve issues and declined to comment further.

Regulators use access to China's vast market as leverage to press foreign auto makers and other companies to help create or improve industries and technology. -China trade battles playing out.

On Tuesday, the administration of President Donald Trump threatened to slap tariffs on $50bn in Chinese imports across 1,300 categories of products, ranging from industrial robots to locomotives.

Soy Canada executive director Ron Davidson says the 25 per cent levy on US goods could create some opportunities for Canadian exporters, but also force Canada to defend sales to 69 other countries.

"Any attempt to bring China to its knees through threats and intimidation will never succeed", foreign ministry spokesman Geng Shuang said.

"But the best opportunities for resolving the issues through dialogue and negotiations have been repeatedly missed by the United States side", he told a regular briefing on Wednesday.

Wednesday's announcement also prompted European stocks to extend losses, with The Stoxx Europe 600 sliding 1.2 percent.

Stocks opened sharply lower on Wall Street as an escalating trade dispute between the USA and China poses a threat to global economic growth and corporate profits.

"The tech industry will feel like overall it dodged a bullet", the source said, but added that traditional industrial goods manufacturers, along with pharmaceuticals and medical device firms, could suffer.

Presidents Xi Jinping (China) and Donald Trump (US) in Beijing previous year. Technology companies could see some cost increases or supply-chain disruption because there are multiple computer parts and components on this list, Webber said. They'll be eager to pick up any lost business, but they won't be able to completely replace US trade.

The date for the tariffs to take effect was not announced, but China's finance ministry said it was dependent on tariffs due to be adopted by President Donald Trump.

He said: "We have never had an economy like we have right now, and we are going to make it bigger, and better and stronger'".

However, there was no evidence yet of an organized campaign to stoke anti-U.S. behavior, or that consumers were yet shunning US goods in any numbers.

Targeted sectors include industries such as aerospace, information and communication technology, robotics, and machinery. Vice Commerce Minister Wang Shouwen said claims China had forced companies to share closely guarded technology were "fake news", insisting all such deals were mutually agreed upon by businesses.

A Reuters analysis that compared listed products with 2017 Census Bureau import data showed $3.9 billion in flat-panel television imports, and $1.4 billion in vehicle imports from China.

As for the scuffle with China, Kotok said he's hopeful that much of this is bluster from the Trump administration. Volvo, owned by China's Geely Motors, also exports Chinese-built vehicles to the United States. A barrel of US crude fell 92 cents to $62.59 a barrel on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, fell 82 cents to $67.30 a barrel in London.

Though the dollar amounts targeted by both sides are similar - $50 billion - the focus on US soybean exports by China could have a particularly big impact on the United States.

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