Saturday, 21 July, 2018


The dollar is sliding as US-China trade war materializes

China rejects ‘blackmail’ on eve of US tariff hike China vows counter-attack as Trump trade pulls trade war trigger
Conrad Doyle | 07 July, 2018, 08:46

Another $16 billion of goods could follow in two weeks, Trump said, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of China's annual goods exports to the U.S.

Trump's comments appeared to increase the stakes for potential retaliation by China.

As of 12:01 eastern this morning, computers at US customs should have been reconfigured to apply new tariffs on $34 billion worth of Chinese goods, which include printers, cars and industrial parts.

Shaun Rein, managing director at the China Market Research Group in Shanghai, said the Chinese government's next play could be to stoke anti-American sentiments among consumers - similar to the boycotts it ordered a year ago on South Korea's Lotte Group, which caused dozens of the company's convenience stores to shutter.

Companies worry the spiraling dispute could chill global economic growth.

He described the U.S. actions "a violation of world trade rules" and accused Donald Trump of "initiating the largest-scale trade war in economic history".

Substantial they may be, but the average US consumer will likely not see these impacts directly for a little while.

After that, the hostilities could intensify: Trump said the U.S.is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing does not yield to USA demands and continues to retaliate.

The dispute reflects foreign frustration with China's state-led industrial development strategy, which Washington, Europe, Japan and other trading partners say hurt their companies and violate its market-opening commitments.

Trump has slapped tariffs on all major USA trading partners: China, Canada, Mexico, the European Union and Japan (India is way down the line but is not excepted).

The Chinese Ministry of Commerce called the tariffs "typical trade bullying" and said Trump "launched the largest trade war in economic history".

Some of Trump's fellow Republicans in the U.S. Congress lashed out at his actions.

"US measures are essentially attacking global supply and value chains". "To put it simply, the U.S. is opening fire on the entire world, including itself".

The list avoids direct tariffs on consumer goods such as mobile phones and footwear. But some products, including thermostats, are lumped into intermediate and capital goods categories.

USA customs officials will begin collecting an additional 25 percent tariff on imports from China of goods ranging from farming plows to semiconductors and airplane parts.

Chinese buying of soybeans has already ground almost to a halt ahead of the duties.

In the latest sign that the risk of penalties is hitting trade, a vessel carrying US coal heading for China switched its destination to Singapore.

Under a full-blown trade war in which the US slaps 10 percent tariffs on all other countries and they respond, the economists reckon USA growth would slow by 0.8 percentage point by 2020.

Donald Trump's trade war could potentially drag in products from other American trade partners, undermining relations.

The Chinese response, announced by the Chinese Ministry of Commerce following Washington's decision, is set to impact a slew of US agricultural products and industries, ranging from soybeans to seafood.

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. Ford said it would "continue to monitor the situation as it evolves".

"Of course we want them to hold on", said Ernst. That is more than twice the amount that travelers from the USA spent.

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