Economy

Oil, Beans And Steel: How Raging Trade Wars Would Redraw Global Commerce

Oil, Beans And Steel: How Raging Trade Wars Would Redraw Global Commerce”

The U.S. has imposed 25 per cent duties on $34 billion United States in Chinese products.

Chinese policy analyst Yanmei Xie said the impact will be immediate and substantial for industries directly impacted by the USA tariffs.

While US companies doing business in China agree with Trump's complaint about Chinese intellectual property practices, Ennis said they did not see tariffs pushing China into submission.

Beijing insists it's the injured party. "The trade relationship between the United States and China must be much more equitable".

Beijing had earlier released a target list of $34bn worth of imported U.S. goods including autos and agricultural products also faced 25 percent tariffs.

"From here, you've got to be really on your game and really talking to the marketing people that you're working with, make sure you're fully informed of what's going to happen", Wilson said.

Minutes after the U.S. put its long-threatened duties into effect just after midnight on Friday morning, a spokesperson for China's ministry of commerce said it would be matching them dollar-for-dollar.

The big question is how far the hostilities between Washington and Beijing will go.

Months of dialogue between the two economic superpowers appeared to have failed, with Trump warning just hours before the tariffs came into effect that Washington was ready to impose duties on hundreds of billions more in Chinese imports.

While the initial volley of tariffs was not expected to have major immediate economic impact, the fear is that a prolonged battle would disrupt makers and importers of affected goods in a blow to global trade, investment and growth.

Trump has threatened to impose additional tariffs on Chinese goods if Beijing fails to accede to his demands and instead retaliates.

With only US$130 billion in USA imports to retaliate against, Beijing has said it will take "qualitative" and "quantitative" measures against the U.S., triggering fears it could cripple the operations of United States multinationals operating there.

"We just want what we had before", he said.

Of the $34 billion of Chinese goods targeted by the U.S., around 59%, or $20 billion, is produced by foreign-owned companies, including some from the U.S., Chinese Commerce Ministry spokesman Gao Feng said Thursday.

The American Chamber of Commerce in China appealed to both sides to negotiate a settlement.

China's Ministry of Commerce on Friday accused the USA of "launching the biggest trade war in economic history" in a statement (link in Chinese).

Moscow also announced Friday it had slapped 25 per cent tariffs on some USA goods, joining the global push-back against Trump's offensive. "We urge the Trump administration and China to rescind these tariffs that leave our farmers footing the bill". And he has subjected most of America's trading partners to tariffs on steel and aluminum.

What is President Trump threatening?

Ahead of the planned tariffs, China said that the "US is opening fire on the entire world, including itself".

In mid-June, Mexico warned it could strike $4 billion worth of USA corn and soy imports if President Trump imposes new tariffs, Reuters reported. The rest of the world would suffer collateral damage, even if the U.S. were to refrain from penalising imports from other countries.

Under the snippy headline " So much trade losing", the lead editorial compared the Trump trade war to the start of Civil War that led to nothing but tragedy for the rebels of the South.

"At that point, the United States will be more interested in negotiations, and the Chinese side will also want to come to the table".



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