China tit-for-tat tariffs mark start of trade war

China tit-for-tat tariffs mark start of trade war

Trade plays a much smaller role in the US than it does in China and most of the rest of the world.

China's exports to the United States increased by 5.4 percent in the first half, 13.9 percentage points slower than the same period a year ago, customs data showed. "The math is simple".

On June 1, Trump made good on several months of threats and imposed tariffs of 25 percent on steel imports from the European Union, along with 10 percent on aluminium imports. China responded with its own set of tariffs on USA pork and soybeans, among other goods. Russian Federation has sold China almost 850,000 metric tons of soybeans - a historic record - since last July and through May of this year, Bloomberg reported.

The American Petroleum Institute, which represents oil and gas producers, backed a bill that would have Congress vet future tariffs proposed on national security grounds.

Trump has said he is prepared to impose tariffs on up to $550 billion in Chinese imports - a figure that exceeds the $506 billion in goods that China shipped to the US a year ago.

Beijing has accused the U.S. 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.

Trump has said the European Union is "possibly nearly as bad as China" when it comes to trade, as a raft of retaliatory tariffs from Brussels came into effect on June 22.

As a result, both U.S. and Chinese consumers may want to anticipate price spikes in the near future.

China's government also announced it was adding this round of United States tariffs to an existing complaint filed with the WTO in April shortly after Washington unveiled the threat to punish Beijing for its policies on intellectual property. With soybean prices already averaging 15 percent below production costs, Midwest growers are now preparing for the possible repercussions of a trade war.

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. "It is imperative that we maintain the robust market we have worked so hard for decades to establish with China".

"This will impact growers coast to coast", Grondine said.

And China's foreign ministry said retaliatory tariffs of equal size and scope had taken effect "immediately".

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A solid pickup in hiring by USA employers last month also helped keep investors in a buying mood.

Daimler, the carmaker behind Mercedes-Benz, already warned last month that its profits will fall this year.

Farmers for Free Trade, a leading agriculture trade lobby group in the United States, issued two statements Friday denouncing tariffs slapped on China by the Donald Trump administration.

With its enormous currency reserves, China holds some $1.2 trillion in United States treasury bonds and officials have reportedly started to slow or halt their purchases.

Terming the manufacturing of flags for Trump's 2020 bid as "completely normal", he said, "That is trade".

More than three-quarters of the soybeans grown in Michigan are shipped to other states and other countries, including Canada, Mexico and China according to the Michigan Soybean Promotion Association.

Other farmers also say they still trust the president.

The president has said trade wars could be good for the economy - and "easy to win".

Beijing vowed to take "necessary countermeasures" after the USA imposed 25 percent duties on about $34 billion in Chinese machinery, electronics and high-tech equipment, including autos, computer hard drives and LEDs.

These tariffs and China's retaliation comes amid push back from other nations, including China and Mexico, in response to the Trump administration's import tariffs on steel and aluminum.

Both Missouri and IL are among the top 10 soybean exporters.

Correction: An earlier version of this article misstated the number of top soybean producing states that voted for Hillary Clinton in the 2016 election.

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