Saturday, 22 September, 2018

US Soybean Farmers Say China Tariffs Could Result in ‘Serious Damage’

U.S. tariffs take effect, China warns of 'counterattack' US-China trade war official starts as tariffs imposed on $34B in Chinese goods
Glenn Montgomery | 09 July, 2018, 05:32

After President Donald Trump followed through on his threat to apply 25% levies on $34bn of Chinese products, mostly machinery and industrial parts, Beijing accused the United States of "launching the largest trade war in economic history".

"Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home", U.S. Chamber of Commerce President and CEO Thomas J. Donohue said.

Beijing's taxes hit USA -made aircraft, cars, computer chips, fuel, pork and soybeans.

Trump and his advisers argue the tariffs are necessary to pressure China into abandoning unfair practices such as stealing intellectual property and forcing American companies to hand over valuable technology, reports CNN.

Friday marked the start of the USA duties that were promptly met with retribution by China, as Beijing accused the United States of triggering the "largest-scale trade war".

China has said it will not "fire the first shot" in a trade war with the United States, but its customs agency made clear on Thursday that Chinese tariffs on American goods would take effect immediately after US duties on Chinese goods are put in place.

These tariffs and China's retaliation comes amid push back from other nations, including China and Mexico, in response to the Trump administration's import tariffs on steel and aluminum.

So you don't think these US tariffs and Chinese counter tariffs today are here to stay? "The countdown is on as to what Trump will do next".

A trade dispute between the U.S. and China escalated on Friday, but Wall Street focused on a solid jobs report instead.

Apart from China, Trump has also locked into trade battles with United States allies Canada, Mexico, EU and Japan and as well as with Russian Federation and India.

The US trade deficit in goods with China stood at a record $375 billion in 2017.

Beijing previously issued a list of American commodities, including soybean and electric cars, worth $34 billion, which it said would be subject to 25 per cent tariffs.

"We can probably say that the trade war has officially started", Chen Feixiang, professor of applied economics at Shanghai Jiaotong University's Antai College of Economics and Management, told Reuters.

China has sought the moral high ground during the increasingly bitter build up to the trade war by positioning itself as a champion of free trade but state media has now ramped up the rhetoric against the US President.

The ongoing trade war between U.S. and China, the two largest economies of the world, will affect Bangladesh's global trade in the long run along with some immediate negative impacts on its economy, economists say.

"Tariffs not only hurt our farmers, ranchers and aeroplane manufacturers but they also harm every American consumer. The real battle will be on the flanks", in unnecessary inspections, quarantines, and heightened scrutiny, said James Zimmerman, a partner in the Beijing office of Perkins Cole LLP, an worldwide law firm, the Post reported.

The LSU Ag Center expects South America, particularly Brazil, to capture the majority of the market-share of USA soybean exports into China.

"If we lose that, my son will spend the rest of his lifetime trying to get that back", he said.

In retaliation, the European Union and Canada slapped tariffs in a tit-for-tat move.

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