Acadiana soybean farmers brace for worst after China imposes tariffs

Acadiana soybean farmers brace for worst after China imposes tariffs

They kicked in just after midnight ET, which is noon in Beijing.

A spokesman at China's Ministry of Commerce said Friday that Beijing was forced to respond, calling the USA tariffs "typical trade bullying", according to CNBC.

The first ever United States tariffs aimed just at China will likely rally Trump's voters who agree with his "America First" argument that Beijing hasn't played fair for years, stealing America's intellectual property and undercutting its manufacturers.

Beijing insists it's the injured party.

A trade war between the USA and China, the world's largest economies, is underway officially.

The spectre of a full-blown trade war also risks sinking China's markets deeper into bear territory.

The tariffs will make trade more expensive and complicated, and consumers will end up paying a price, Wilson said. If the United States and China cool off after a first round of tariffs, the fallout will be modest, according to Bloomberg Economics.

The big question is how far the hostilities between Washington and Beijing will go.

United States President Donald Trump on Thursday said that the first wave of tariffs of Dollars 34 billion in goods would be swiftly followed by another penalty on Chinese goods worth Dollars 16 billion.

Economists say that if the back-and-forth stops there, the overall impact on both economies will be minimal even though some industries will suffer.

Beijing has accused the United States of "firing on the whole world" with the measures, pointing out that most of the Chinese exports under attack are largely made by companies with foreign investment - including from America.

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Importers of American retail goods hit by higher Chinese duties were reluctant to pass the costs on to consumers for now. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

"You have another 16 (billion dollars) in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok?"

"I'm guessing we won't be sending as much pork to China", he said.

The US and China have exchanged the first salvos in what could become a protracted trade war, slapping tariffs on $US34 billion worth of each other's goods and giving no sign of willingness to discuss a truce.

That would bring the total of targeted Chinese goods to potentially $550 billion - more than the $506 billion in goods that China shipped to the United States previous year.

'We urge the two governments to come back to the negotiation table, ' said Zarit.

Underpinning the dispute is Trump's anger at America's $376 billion deficit in goods trade with China. USA businesses rely on these products to make their goods, which are eventually sold to United States consumers. The White House wants to renegotiate the terms of Nafta and is using import tariffs to apply pressure. Trump has added to the tension by threatening new tariffs on cars.

'There should be no doubting Beijing's resolve, ' the newspaper said.

"The Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China", said an English-language article in the China Daily.

"With tariffs against China taking effect, American consumers are one step closer to feeling the full effects of a trade war", Matthew Shay, president and CEO of the National Retail Federation, said Thursday in a statement carried by the association, the world's largest in retail trade. I've seen two hardliners struggle over a podium, vying for a chance to broadcast Trump's harsh message on economic issues, while the holdovers sit quietly at the side of the room. Though still positive, companies' confidence fell to the lowest level since August.

"Our view is that trade war is never a solution", Chinese Premier Li Keqiang told reporters during a trip to Bulgaria.

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