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New US tariffs in 'trade war' with China

09 Апреля 2018

"In light of China's unfair retaliation, I have instructed the [United States Trade Representative] to consider whether $100 billion of additional tariffs would be appropriate", the president said in a statement. In response, China on Sunday slapped tariffs on $3 billion on agricultural products from the US including hog parts, wine, fruit and nuts.

"We do not find ourselves in a trade war with China - the war was lost many years ago by foolish or incompetent people who represent the US", wrote Donald Trump in Twitter.

The further tariffs were being considered "in light of China's unfair retaliation" against earlier USA trade actions, which included a proposed $50 billion of tariffs on Chinese goods, Mr Trump said in a White House statement. US agricultural groups including the American Soybean Association, National Corn Growers Association and US Grains Council have already condemned the fact that the government is willing to risk China placing tariffs on soybeans, as China buys the majority of the US crop each year.

But the biggest risks to the US economy right now are inflation, a stock market freakout and a corporate or consumer pullback on spending. The trade is worth about $14 billion.

"In 2016, Limestone County produced the most soybeans in Alabama with 2.2 million bushels", according to the Alabama Farmers Federation.

Brazil and Argentina are the main competitors to USA growers in the market for soybeans and corn.

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Corporate executives, who only weeks ago thought they had successfully contained Trump's impulses on immigration and trade, are now unsure what is coming next or what it will do to the economy.

So could the USA conceivably force China to make any of these concessions? The biggest blow by far is to nearly $4 billion worth of flat-panel TV screens, according to Bloomberg Intelligence.

Kudlow and Mnuchin both said they don't want a trade war and that there will be at least two months for both countries to back down, but the threat of tariffs they said, is very real and not a bluff.

The risks for Americans are clear and present. The U.S. semiconductor industry relies on China for about a quarter of its revenue.

China also has threatened tariffs on US automakers. Batteries for items like power tools, watches and smoke alarms were hit instead. China is a crucial market for Boeing.

The week started with China imposing $3 billion of tariffs on United States fruits, nuts, wine and pork, and rapidly escalated to threats that could seriously curtail hundreds of billions of dollars in trade between the world's two largest economies. And it would tend to push down the value of the dollar relative to other currencies, which would actually help the United States attain more advantageous trade terms. They'll face having to pay more for raw ingredients, such as insulin used by diabetics and the anti-allergic-reaction drug, epinephrine. Japan, the European Union and other Western economic powers that share our complaints against China could join the United States in pressing its case. The soy tariffs ultimately could drive up costs on Chinese pig farmers and meat prices among 1.3 billion citizens. The nation sells huge volumes of parts and components that go into China's final products. The trade war is a cause for concern for India, though a lot will depend on the details of the United States tariff plans and the products both these countries will be targeting.

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New US tariffs in 'trade war' with China