Friday, 20 July, 2018

US, China tariffs kick in

China EU USA trade war alliance Donald Trump President Xi GETTYAny move to lower the punitive tariffs would be warmly welcomed by Mr Trump
Elsie Buchanan | 10 July, 2018, 05:26

No exact date was given.

U.S. tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday, with Beijing saying it had no choice but to respond in kind, as the two trading giants escalated a bitter row. The higher USA tariffs went into effect just after noon in Beijing. Trump said it was to protect US security interests.

The additional duty is a tariff on importers, and they're not going to buy US product when they can buy product elsewhere for much less.

"The key questions during that time are what will happen to financial markets, how will USA voters react and will China's economy start to wobble", Kennedy said in a telephone interview. "We should be working with our allies to isolate China rather than escalate a trade war", said Senator Jerry Moran, who represents the agriculture-heavy state of Kansas.

Right. The first shot in President Trump's trade war with China is about to be fired. He did not specify which measures. But rules on auto manufacturing and other industries require companies to work through state-owned partners, obliging them to share know-how with potential competitors.

"The trade headlines are at this point keeping the market uncertain", said Quincy Krosby, chief market strategist at Prudential Financial. The pact eliminated most trade barriers among the three countries.

A World Trade Organization spokesman says it has no indication that the United States could pull out of the trade body, while citing its concerns about new tariffs like those behind a possible U.S.

"After the U.S. activated its tariff measures against China, China's measures against the USA took effect immediately", said Lu Kang, a foreign ministry spokesman.

Pruzin said the WTO doesn't define "trade war", saying it, "like beauty, is in the eye of the beholder".

To what extent the trade tensions bleed into other aspects of the U.S.

President Donald Trump on Monday warned the WTO that if the USA isn't treated "properly, we will be doing something".

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But Mike Pillsbury, director of the Center for Chinese Strategy at the Hudson Institute, said U.S.

He added that global policy is turning increasingly toward isolationism and lacks cooperation. Crushers may not pass on the inflated cost at least in the short term, further eroding their already low margins, the bank said in a research note.

Le Drian said such policies have victims, "but the victims tomorrow will be the Americans themselves".

Beijing had said that China's punitive tariffs on USA products would immediately take effect after America imposed penalties on Chinese goods worth a similar amount. But the Chinese commerce ministry did not spell out the details of its actions.

Washington has "ignited the biggest trade war in economic history", said a Commerce Ministry statement.

Hikaru Sato at Daiwa Securities said markets had already factored in the impact of the first round of tariffs. It comes at a time when Washington needs China's help in ending its nuclear standoff with North Korea.

USA crude rose 0.2 percent at $73.08 a barrel.

Stocks edged higher in Europe, with the pan-European FTSEurofirst 300 index closing 0.2 percent higher.

Taken together, the goods are worth some 34 billion dollars.

Asian share markets were set for a bumpy ride on Friday just hours ahead of a USA deadline to impose tariffs on Chinese imports, which has rattled financial markets in recent weeks as investors feared it could trigger a full-blown global trade war. It opened markets for US farmers but led some American automakers to shift production to low-wage Mexico and to then ship cars back to the United States duty-free.

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