Saturday, 17 November, 2018

Stocks tumble as global trade war flares up 11 July 2018

Canola is an “imperfect substitute” for soybeans
Mike Drew  Postmedia Canola is an “imperfect substitute” for soybeans Mike Drew Postmedia
Faye Gross | 14 July, 2018, 03:36

United States President Donald Trump's administration released a list of Chinese goods proposing an additional 10% tariff amounting to $200 billion (Rs 137.65 crore), reported CNBC.

"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products".

On Friday, Washington had imposed additional 25 percent tariffs on $34bn of Chinese imports, prompting Beijing to immediately respond with proportionate tariffs on $34bn American goods including seafood and soybeans.

The list names more than 6,000 items including food products, minerals and consumer goods such as handbags.

The Retail Industry Leaders Association, a lobbying group, said USA businesses and consumers will lose from the administration's trade battle.

The previous round of tariffs: The Trump administration last week imposed 25 percent tariffs on $34 million in Chinese goods, prompting Beijing to impose retaliatory tariffs of the same amount on U.S. imports.

The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers".

The abrupt escalation is "totally unacceptable", the Chinese commerce ministry said.

The administration will hold hearings on the proposed list late next month.

Three Lions defender won’t scoff at third-place in FIFA World Cup
England coach Gareth Southgate praised Kane, who is two goals ahead of Belgium striker Romelu Lukaku for the Golden Boot. When the final whistle blew, the Croatians ran straight to their fans, jumping into the sea of red and white.


Orrin Hatch, the Republican Senate Finance Chairman, condemned the move as "reckless" and not "targeted", while USA stock index futures fell in early Asian trading.

"They continue to insist the problems we've identified are not real problems", a senior administration official said.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.

Washington on Tuesday announced it was starting the process to slap 10-percent tariffs on another $200 billion in Chinese export goods as soon as September.

US retailers have already been hit hard by the administration's import taxes and retaliatory tariffs from Canada, Mexico, China and the European Union.

And added, "China's export sector will, therefore, suffer a significant deterioration in export competitiveness to the USA compared to other emerging markets' manufacturing exporters, such as Vietnam, South Korea, Thailand, Bangladesh, Mexico, and Brazil,".

On Wednesday, China's main stock index lost 1.8 percent and Japan's market benchmark fell 1.1 percent. This will allow the two countries enough time to settle their high-stakes trade dispute through negotiations.

"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy", Hatch said in a statement. Crude prices also sank heavily on concerns that a trade war could sap demand for the commodity that oils the wheels of the global economy - a concern echoed in OPEC's latest monthly report on Wednesday. "It has to resolutely fight back while taking proper measures to help minimize the cost to domestic enterprises and further open up its economy to global investors", it said.

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