Sunday, 20 October, 2019


Trump says trade spat to strengthen United States as China vows reprisals

U.S. President Donald Trump gestures as he and Chinese President Xi Jinping walk after their meetings at Mar-a Lago in Palm Beach Fla. A year after Trump tried to disarm Xi at Mar-a Lago with smooth talk and hosp Trump says trade spat to strengthen United States as China vows reprisals
Bennie Garza | 07 April, 2018, 00:23

The US and China have complained to the World Trade Organization about each other more than any other countries, with Beijing issuing 11 complaints against its biggest trading partner since joining the WTO in 2001, and Washington making 22 complaints.

The world's two biggest economies get closer to a full-blown trade war, as China threatens to impose tariffs on 106 more us products.

The retaliatory tariffs ordered by Beijing this week targeted 50 billion dollars worth of USA goods including key exports like soybeans, wheat, aircraft and chemical products created to hit the rural regions where Trump is particularly popular. "The U.S.jobs report was somewhat overshadowed this week by the ongoing back and forth between the world's two largest economies which has threatened to disrupt the period of strong growth the global economy is seeing".

China complains to the WTO about the section 301 tariff action by the U.S.

He also said he had ordered the secretary of agriculture "to implement a plan to protect our farmers and agricultural interests".

Mr. Mei, the Chinese researcher, said China is considering other options because its response has to match the Trump administration's threats. Though Beijing officials denied a connection, the boycotts and inspections came after South Korea agreed to deploy a US missile-defense system that China said endangered its national security. He cited "China's unfair retaliation" in response to his list of proposed tariffs earlier this week covering US$50 billion in Chinese products.

Trump last month authorised the suspension of those fresh tariffs, but only gave the European Union until May 1 to come up with a solution to unfair trade practices alleged by the USA leader.

China increases tariffs by up to 25% on 128 United States products, from frozen pork and wine to certain fruits and nuts, escalating the dispute in response to U.S. duties on imports of aluminum and steel.

Earlier in the week, Beijing announced separate import duties on $3 billion USA of goods in response to the Trump administration's duties on all steel and aluminum imports, including from China.

Trump argues China's trade practices have led to the closure of American factories and the loss of millions of American jobs.

TRADE TIFF: Tensions in the U.S. It will use "new comprehensive countermeasures to firmly defend the interest of the nation and its people". The U.S says China treats American companies unfairly by restricting access to its markets and stealing proprietary technology.

MARKET INSIGHT: The latest Trump tariff announcement means the "trade war rhetoric is unlikely to leave the picture anytime soon", said Stephen Innes, head of Asian trading at OANDA. "Not just whisper it, but to go after it with at least preliminary actions".

On Friday evening in Beijing - during a long holiday weekend - the Chinese ministry of commerce reiterated that it will use "any measure" to fight back and declared it is not now considering talks with American trade envoys. "Under these conditions, the two sides can not conduct any negotiations on this issue", Gao said, without elaborating.

The USTR announced a list of roughly 1,300 Chinese goods that would be subject to $50 billion in US tariffs on Tuesday. They have stirred fears that the two countries will spiral into a trade war that will crush global growth.

Mr Trump's protectionist agenda is aimed at saving USA jobs and closing what he sees as a $504bn trade gap with China and deficits with other major economies.

"Let's absolutely take on Chinese bad behavior, but with a plan that punishes them instead of us".

The public has until May 11 to submit comments on the proposed list of US tariffs, with a hearing scheduled for May 15.

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