USA tariffs take effect, China warns of 'counterattack'

U.S. tariffs take effect, China warns of 'counterattack'

Beijing had said that China's punitive tariffs on USA products would immediately take effect after America imposed penalties on Chinese goods worth a similar amount.

Beijing insists it's the injured party. The effectively requiring Chinese leaders to abandon or scale back a high-tech push that they consider vital to their country's future. It accused the United States of "typical trade bullying".

"This makes us less competitive in the global market and with 61 percent of all our current soybean exports going to China, it means that we're likely to see negative effects on soybean prices and farmers' incomes", he said.

One ship laden with US soybeans steaming toward China - the bulk carrier Peak Pegasus - appears to have lost the race to arrive before the import duties were imposed.

I view these tariffs as a negotiating ploy by President Trump to try to force the Chinese to open up their market better for American companies.

A China central bank adviser said the planned USA import tariffs on $50bn worth of Chinese goods - $34bn plus a planned follow-on list worth $16bn - will cut China's economic growth by 0.2 percentage points, the official Xinhua news agency reported on Friday. He said that it has aggressively sought to obtain technology from American companies and undermine American innovation and creativity.

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"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. What galls them most is the president's justification: Using a little-used weapon in US trade law, he has declared that the imported metals are a threat to America's national security. And this year, we have had a lot of great opportunities to hedge and sell soybeans at a good price.

Trump's decision to trigger a trade war isn't confined to the tit-for-tat exchange with China.

The increase in reserves came even as the Chinese currency's offshore value deteriorated by 3.3 per cent against the USA dollar in June, the biggest monthly decline since 1994 when China pegged the yuan against the greenback. "There should be no doubting Beijing's resolve", the newspaper said. Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry.

The trade war may have just started, but China has already been making moves in the soybean world as US shipments originally destined for the nation have been canceled or rerouted. The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments.

Kennedy say he thinks the Trump administration's enthusiasm for the conflict "will erode as the economic pain and political fallout from a trade war begin to take hold. At that point, the United States will be more interested in negotiations, and the Chinese side will also want to come to the table". For example, the United States government wants China to rein in government subsidies for policies like "Made in China 2025", which seeks to pump hundreds of billions of dollars into industries such as robotics, electric cars and computer chips with the aim of becoming a global leader. Because frankly, Trump is right to criticize China. "And so I'd expect the two sides to pursue some sort of face-saving deal that looks good on paper but is not enduring".



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