'We are not in a trade war with China,' says Donald Trump

05 Апреля, 2018, 01:22 | Author: Martin Tyler
  • Sight for Sore Eyes       The start of April may be a welcomed change for Asian investors after a rocky March              Source Bloomberg

Traders and financial professionals work on the floor of the New York Stock Exchange ahead of the opening bell, April 4, 2018 in New York City.

A MOC spokesperson made the statement after the US administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth 50 billion USA dollars with a suggested tariff rate of 25 percent.

China has raised tariffs on $50 billion of US goods including soybeans, aircraft and automobiles in response to Washington's increased duties on Chinese goods in a technology dispute. Indeed, over the past eight years, Chinese credit to the non-government sector has increased by more than 90 percent of GDP.

Hopes that Tuesday's gains in USA equity markets would lead to a more lasting rebound foundered the S&P 500, Nasdaq 100 and Dow all slumped alongside both the Stoxx Europe 600 Index and the MSCI Asia Pacific Index. The Dow Jones industrial average is 0.7 percent lower, or 176 points, at 23,858.

West Texas oil fell as commodities were roiled by the growing trade dispute, while emerging-market stocks tumbled and their currencies dropped.

US Federal Reserve officials said the trade dispute adds to uncertainty, including about the interest rate outlook.

President Donald Trump 's trade war began nearly one month ago, on March 1, when he announced steep tariffs on steel and aluminum that would take effect the following week.

Neither side has said when it will, if ever, actually impose the tariffs. Earlier this year, Mr Trump announced import taxes on aluminium and steel. Earlier, his administration Beijing of making "state-led, market-distorting efforts to force, pressure, and steal U.S. technologies and intellectual property".

Publication of Washington's list starts a public comment and consultation period expected to last around two months.

US officials identified items that "benefit from Chinese industrial policies, including Made in China 2025".

"Disregarding strong representations by China, the United States announced the tariff proposals that are completely unfounded, a typical unilateralist and protectionist practice that China strongly condemns and firmly opposes", according to the statement.

"My view is this is more trade poker than it is trade policy", he said.

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Extra tariffs will also be placed on whiskey, cigars and tobacco, some types of beef, lubricants, and propane and other plastic products.

U.S. chemicals, some types of aircraft and corn products are among the goods facing the taxes, the finance ministry said.

The first major trade action against China comes at the beginning of the year, when the United States announces a 30% tariff on imported solar panels - most of which come from China - and taxes on large residential washing machines starting at 20%.

"Any attempt to bring China to its knees through threats and intimidation will never succeed", foreign ministry spokesman Geng Shuang said.

Q: What reasons do Washington and Beijing have for avoiding a trade war?

US President Donald Trump on Wednesday said the US is not in any kind of trade war with China as the war was lost many years back by the earlier "foolish and incompetent" American leadership.

"China has made meticulous efforts in deciding the list of the products to make sure the impact on China's economy is controllable", said Tu.

"What's next is we're going to see a tit-for-tat retaliation", says Joseph Brusuelas, chief U.S. economist at RSM, a global accounting and consulting firm.

"Why should I invest when there's no certainty?" "The tariffs on USA imports including soybeans is China's response that matches the scale of proposed US tariffs". But they could also hurt USA companies or individuals that don't do any exporting, if they have to pay higher costs for imported products.

The tariffs that China and the United States threatened this week could harm both sides.

"The amount that both countries have invested in bilateral trade cooperation and economic cooperation is so significant that the costs of going back would be very painful, and more than either country would want to bear". A full-fledged trade war could slow global commerce.

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