Thursday, 16 August, 2018

Chinese retaliatory measures against U.S. already in effect

GETTYChina's tariff will hit the US first GETTYChina's tariff will hit the US first
Jean Garcia | 11 July, 2018, 20:26

Beijing accused the U.S. of starting the "largest trade war in economic history". And he is going to keep pushing to make sure that we have good trade deals.

Chinese currency and stock markets have been jittery ahead of Friday's tariff implementation.

Technology companies also notched solid gains. In total, Trump has threatened tariffs on up to 550 billion dollars of Chinese products if Beijing refuses to back down.

Trump says the measures are aimed at levelling the playing field for American companies, which he says will become more competitive. -China economic relationship had grown to be "no longer sustainable". Some U.S. companies that buy steel are complaining that Trump's tariffs put them at a competitive disadvantage. Stephen Ezell, director of global innovation policy at the Information Technology and Innovation Foundation think tank, said China has raised its share of global output in 18 high-tech manufacturing industries from 8 percent in 2003 to 27 percent now.

The Chinese have appealed to the rest of the world as well to join in its fight against the US' unilateralism.

So far the rhetoric, and action, from China has signalled that it will continue to respond proportionately to anything the USA does. But as he pursues a trade war strategy, he risks damaging the strong economy that has kept him afloat with other voters. It gets much worse next year - with both countries seeing a reduction in growth of about 0.5% or more.

But countries like South Korea, Singapore and Taiwan could all be affected too because of disruption to supply chains. The additional USA goods to China could come at the expense of European competitors.

At about the same time, China authorized something similar in reverse, issuing penalties on American cotton, soybean, pork and cars. It said they would damage the global economy unless other countries stop them. "We can expect job losses and a decline in investor and consumer confidence", longtime Beijing-based attorney James Zimmerman tells NPR's Rob Schmitz. On Thursday, Commerce Ministry spokesman Gao Feng hit back at "threats and blackmail" ahead of the planned US tariff hike. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

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After that, the hostilities could intensify: Trump said the U.S.is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing does not yield to USA demands and continues to retaliate.

This would inevitably push up prices for Tesla in China, making its vehicles less competitive than they already are, relative to others. It also is rooted in the clash between American notions of free trade and Beijing's state-led development model.

Trade wars can draw blood in several ways. "You tax soybean exports at 25-percent, and you have serious damage to USA farmers".

Tracking the journey of the vessel, Peak Pegasus, as it motored towards the northern Chinese port of Dalian was the 34th-highest trending topic on the country's Twitter-like Weibo on Friday, beating out the World Cup, showbiz gossip and Beijing's escalating trade war with Washington.

More expensive equipment and parts means U.S. businesses will see costs rise.

The tit-for-tat mentality between Beijing and Washington could just end up antagonising both sides to a point where they cannot climb down from their hostile positions for fear of losing face.

"You are no ordinary soybean!" said another.

What many business people are hoping of course, is that this sound and fury is just the start of another series of negotiations.

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