China-US tariff row: Mostly losers, few winners

China retaliates slaps duties on US soybeans planes cars

Observers say that China's decision to mount additional tariffs on soya bean imports has been chiseled to hit U.S. President Donald Trump's Republican Party base, particularly among farmers in Iowa, Ohio and MI - top soya bean producing states.

Growing trade tensions have repeatedly rattled markets in 2018. The S&P 500 e-mini futures traded down 1.3 percent EScv1, while similar moves were reflected in Dow and Nasdaq futures 1YMcv1 NQcv1. In the currency markets, the United States dollar fell against the Japanese yen.

"I think we're going to come to agreements", Kudlow told Fox News on Wednesday.

The White House said in a statement Thursday night that Trump was considering new tariffs on $100 billion worth of annual imports from China.

On Tuesday, Trump unveiled a list of about $50 billion in Chinese electronics, aerospace and machinery products it plans to hit with steep tariffs.

Economists in the United States are concerned that the rising US protectionist trade policy against China will have serious impact on American farmers and workers.

Trump's newly installed chief economic adviser, Larry Kudlow, and other administration officials have spent the past two days trying to tamp down fears of a trade war.

The effect of this should be devastating to US Midwest producers, many of whom vote Republican in Iowa, Illinois, Nebraska, Indiana, Missouri, and Minnesota.

"Hopefully the President is just blowing off steam again but, if he's even half-serious, this is nuts", Sasse wrote.

"I have great respect for the President of China, President Xi".

"You understand the concept of being taken advantage of, and we cant be taken advantage of any longer", he said. The White House's new threat raises the potential total to $150 billion. "If I were running trade for China, I would buy less soybeans from the USA and more from Brazil and Argentina".

One trade policy expert said he doubted that Trump's rhetoric would help forge any deal with China. He says he hopes differences can be mended through negotiations.

The Chinese foreign ministry issued an identical statement, which added that Beijing will continue to monitor tariff moves from the United States.

In the text released by the WTO, China's delegation requested "consultations" with Washington "concerning the proposed tariffs [and] measures that the United States accords to certain goods in various sectors including machinery, electronics, etc originating in China". Studies found that the most recent steel tariff imposed by President George W. Bush in 2002 resulted in as many as 200,000 jobs lost in industries that use steel to make their products.

As for intellectual property theft, it's not clear where Trump gets his figure of $300 billion, though it may be a plausible estimate. The first round of $50 billion in tariffs mostly targeted industrial goods and electronic components. The US president has stated he first wants to see China's goods trade surplus with the US, which past year stood at $375 billion, cut by at least $100 billion. Both were spared from the initial tariffs list.

China exported more than $500 billion in goods to the United States a year ago, and Imposing tariffs on $100 billion of Chinese goods in tariffs would be an extremely large sum that could have a major impact on the flow of a range of products.

Related News:

  • Texas Republican Farenthold Quits Congress Amid Sex-Harassment Probe

    Texas Republican Farenthold Quits Congress Amid Sex-Harassment Probe

    News reports about the settlement prompted calls for Farenthold to resign, which he did Friday afternoon in a letter to Texas Gov. The congressman later settled with the female staffer, paying an $84,000 settlement with taxpayer dollars.
    Stranger Things Creators Are Being Sued for Allegedly Stealing a Filmmaker's Idea

    Stranger Things Creators Are Being Sued for Allegedly Stealing a Filmmaker's Idea

    This news came just as the cast of Stranger Things have been said to get bigger pay checks for the third season of the show. Today (April 4), the siblings spoke out about the lawsuit with a statement issued by their attorney Alex Kohner . "Mr.
    Investors Sell Shares of Amazon.com (AMZN) on Strength

    Investors Sell Shares of Amazon.com (AMZN) on Strength

    The 50-day moving average is perceived to be the dividing line between a stock that is technically healthy and one that is not. As we get closer to the end of the year, investors may be looking back at individual stock performance over the past year.
  • South Africa's ex-President Jacob Zuma charged with corruption

    South Africa's ex-President Jacob Zuma charged with corruption

    He criticized the ANC, which banned his supporters from wearing ANC colors, clothing and regalia at his trial to support him. That is something Mr Zuma's local supporters are threatening to leverage. "They can't even debate in parliament‚" he said.
    Jobs Added in March

    Jobs Added in March

    Manufacturing added 22,000 jobs, with all of the gains in the durable goods component, and healthcare added the same amount. Economists say annual wage growth of at least 3 percent is needed to lift inflation toward the Fed's 2 percent target.
    Ex-Catalan leader freed on bail by German court

    Ex-Catalan leader freed on bail by German court

    Trapero was hailed in Catalonia as a local hero for the handling of deadly extremist attacks in and near Barcelona last summer. The district court in Schleswig on Thursday set bail for the 55-year-old at €75,000 (£66,000), as reported by The Guardian.
  • Dow drops more than 550 points as trade war fears rattle stocks

    Dow drops more than 550 points as trade war fears rattle stocks

    That move was a direct reaction to the tariffs on $50 billion in Chinese goods that the White House detailed on Tuesday. Most major US trading partners are now exempt from what were initially global steel and aluminum tariffs.
    Trump on Twitter (April 1): DACA, NAFTA

    Trump on Twitter (April 1): DACA, NAFTA

    But the caravan of largely Central American migrants had never meant to reach the US border, according to organizer Irineo Mujica. In southern Mexico, officials screened the dwindling number of hundreds of largely Central American migrants on Tuesday.
    Brazil's Lula 'must start prison term'

    Brazil's Lula 'must start prison term'

    The conviction was handed down by Judge Sergio Moro, who is presiding over cases involving the so-called "Car Wash" investigation. They would look into whether legal procedures were followed correctly and whether his constitutional rights were breached.
  • Parents Miraculously Reunited With Their Daughter Who Went Missing 24 Years Ago

    Parents Miraculously Reunited With Their Daughter Who Went Missing 24 Years Ago

    He and his wife Liu Dengying spent years searching for her, taking out advertisements in newspapers and setting up online appeals. This past Tuesday, Kang Ying and her family flew from Jilin province to Chengdu to reunite with her biological parents.
    Ex-Tennessee teacher Tad Cummins pleads guilty to fleeing with minor

    Ex-Tennessee teacher Tad Cummins pleads guilty to fleeing with minor

    Some of the other co-defendants remain scheduled for a joint jury trial on Monday -Malcolm Gilford, Antonio T. Rollins is being held without bond pending a July 18 sentencing hearing.
    Tesla records its most productive quarter to date

    Tesla records its most productive quarter to date

    Amid slowdowns in Model 3 production, Tesla has seen its shares drop nearly 18 percent since the beginning of the year. Given the average carmaker executive would sell their grandmother for that many cars, the future seemed assured.


Most liked

Connor McGregor's bail set at $50000 after alleged bus attack
Conor was set in front of a judge today where he was let off on bail and able to travel back to his home country of Ireland. Flyweight Ray Borg was also deemed not fit to fight, as he had received "multiple corneal abrasions".

Jimmy Kimmel fires back at Sean Hannity for 'ass clown' comment
Trump better: "You know what I think is disrespectful to the first lady?" But, hey, this really isn't about the first lady. Kimmel, who recently hosted the lowest-rated Academy Award show in history, then got all over Hannity's "ass".

Those exclusive Snapchat Lenses for iPhone X users have arrived
For those who may have forgotten, these lenses were the ones that were demoed during the iPhone X keynote back in September 2017. It's using this facial data that they are able to accurately animate both Animoji and these new Snapchat Lenses.

Philippine island of Boracay closing 6 months due to sewage leak
The island is home to around 500 tourism-related businesses, which drew in annual revenue of $1.07bn (£760m) a year ago . Presidential spokesman Harry Roque announced Duterte's decision via Twitter without giving further details.