China Trade War Will Hurt Shale Drillers

20 June, 2018, 08:05 | Author: Martin Tyler
  • Donald Trump’s salvo in a brewing US-China trade war would mean a sizable amount of Chinese imports would be exposed to tariff threats

Trump had already warned last week of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods.

"This trade dispute will lead to relatively small effects in two economies that collectively add up to about $30 trillion in annual GDP".

Even if Americans don't buy these items directly, they could still feel the impact as U.S. companies raise their prices to help them pay for more expensive machines and industrial goods.

Trump recently ordered tariffs on $50bn in Chinese goods in retaliation for what he claimed is theft of intellectual property.

There is no end in sight to the trade fight, as both sides continue to up the ante. China's tariffs would target agricultural products, cars and seafood, among other items.

"If the U.S. becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the ministry statement said.

In total, Trump has now threatened up to $450 billion U.S. in Chinese imports with tariffs, including another $200 billion United States in Chinese goods if Beijing retaliates after the step Trump announced on Monday.

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Washington's dispute with China is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

The move quickly drew praise from former Trump senior adviser Steve Bannon, who told The Associated Press: "President Trump told China and the world tonight that America will not back down when it comes to economic aggression".

Stock markets across the region fell Tuesday, with Shanghai closing down 3.78 percent, its biggest drop in two years, and Shenzhen down 5.31 percent.

According to the New York Times article, Trump promised Cook that he wouldn't place tariffs on iPhone assembled in China.

us stocks fell on Tuesday as a sharp escalation in the trade dispute between the United States and China rattled markets and put the Dow Jones Industrial Average back in negative territory for the year.

"This is a trade dispute, nothing more", Navarro said.

The US president said the tariffs would be imposed if China "refuses to change its practices".

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Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said that means China will soon run out of imports of U.S. goods on which to impose retaliatory tariffs.

The Trump administration said the penalties will be applied if China goes through with its promise to retaliate against USA tariffs announced last week.

The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

"Its psychological effects, its effects in increasing uncertainty, could be very serious and we're certainly getting later in a cycle of escalation", former US Treasury Secretary Lawrence Summers said in an interview on Bloomberg Television.

Last week, Mr Trump confirmed that the U.S. would impose 25% tariffs on $50bn worth of Chinese goods. "It would be serious, not only if the United States took action, but especially if other countries were to retaliate".

US lawmakers are trying to block Trump's deal with ZTE. That means things like tourism and education, industries from which the United States benefits a lot more than China does.

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