United States launched `biggest trade war in economic history`, alleges China
United States launched `biggest trade war in economic history`, alleges China
China FURY: Trump has just started the 'biggest trade war in HISTORY' - Beijing hits back
09 July, 2018, 05:31
Trade issues aside, the investment environment in the United States has deteriorated recently, leading to fears that foreign investment into the country could decline significantly. This prompted Beijing to respond in kind with levy tariffs on 545 items of US imports, including agricultural products, vehicles and aquatic goods - also worth $34 billion, state-run newspaper The China Daily reported Friday.
Trade disputes are nothing new for the two economic superpowers, and they are not confined to targeting each other.
The North American Food Equipment Manufacturers: The tariffs could even trickle down to the cost of fast food, Charlie Souhrada, a vice president of the North American Food Equipment Manufacturers, told The Associated Press.
"Increased tensions in the US-China economic relationship will negatively impact ... operations in China", William Zarit, chairman of the American Chamber of Commerce in China, said in a statement Friday. "Soybean demand is there, and it's really, really big as soybeans go into different channels".
A trade war between China and the U.S. - the world's largest economies - began on Friday as the two sides started slapping additional tariffs on each other's goods, worth almost $70 billion, a development that could impede global economic recovery.
"Its unruliness looks set to have a profoundly damaging impact on the global economic landscape in the coming decades, unless countries stand together to oppose it".
Bangladesh mainly sourced cotton from India in which the price of the product started to rise as Chinese importers were buying the item from the market after the China government slapped tariffs on the United States cotton, he said. "So we have 50 plus 200 plus nearly 300".
That would bring the total of targeted Chinese goods to potentially $550 billion, which is more than the $506 billion in goods that China actually shipped to the United States a year ago. "We just ask the administration to back away from using tariffs to achieve USA trade policy goals". And he also wants to indicate to his neighbors and the rest of the world that China is the new superpower that they need to get close to.
The US itself has also lodged more than 100 complaints with the WTO against imports or the trade policies of nine countries and the EU.
The US runs a bilateral trade deficit of $336bn with China and imports much more from it than the reverse, giving it an early advantage. That conjures the image of this being a cool, calm, collected game of chess on both sides: Washington and Beijing.
"There are winners and losers in every trade war", said the Iowa Soybean Association.
On the streets of Beijing, there were some concerns that prices would rise due to the tariffs but also a determination to support the Beijing authorities in the trade war.
"I don't see this ending well", she said.
What does it mean for the world economy?
But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational.
'We urge the two governments to come back to the negotiation table, ' said Zarit. For example, the U.S. government wants China to rein in government subsidies for policies like "Made in China 2025", which seeks to pump hundreds of billions of dollars into industries such as robotics, electric cars and computer chips with the aim of becoming a global leader.
These initial tariffs are unlikely to inflict serious harm to the world's two biggest economies.
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