China trade war fears shaking up more than just Wall Street
00:48, Апр 9, 2018
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The U.S. and China played down the prospect of a diplomatic breakthrough to resolve their escalating trade dispute as the White House considers what demands it will present to the Chinese.
"If the USA side disregards opposition from China and the global community and insists on carrying out unilateralism and trade protectionism, the Chinese side will take them on until the end at any cost", the Commerce Ministry said in a statement. China has promised to respond in kind, but it would be unable to match that amount since it imported only $130 billion of US goods a year ago. China is a major buyer of USA pork, and the 25 percent tariff on pork would slice into sales of US meat, knocking April hog futures near 50 cents per pound.
The US on Tuesday published a list of US$50 billion in Chinese imports set to be hit by US tariffs.
On Wednesday, China unveiled a list of 106 U.S. goods including soybeans, whiskey, frozen beef and aircraft targeted for tariffs, just hours after the Trump administration proposed duties on some 1,300 Chinese industrial, technology, transport and medical products.
"Economic data and forecasts from the IMF, OECD, World Bank and others have been revised steadily upwards over the a year ago, which would tend to indicate a sustained recovery of trade in 2018 following strong trade growth in 2017", Agah said.
The Big A: In a worst-case scenario in which each country were to levy increased tariffs on all of the goods that the other country exports, the overall effect on the USA economy would be manageable.
A quick survey of what they ought to be makes the point much better than I can.
Chinese state media yesterday denounced Mr Trump's latest threat, with nationalistic tabloid Global Times saying it reflected "the deep arrogance of some American elites in their attitude towards China".
On a NY radio show, the president said short-term economic pain would be worth it.
Wall Street stocks finished sharply lower on Friday after escalating threats in the US-China trade spat deepened fears of an all-out trade war.
The United States has appeared eager to impose tariffs to create leverage and force China into concessions on the bilateral trade deficit, intellectual property protection and forced technology transfer.
The International Monetary Fund also expressed concern, saying the proposed tariffs would likely damage the U.S. economy and those of other nations. Gao said comments from US officials about ongoing talks about trade issues were incorrect.
Trump's new round of tariffs would have similarly negative consequences for the US pharmaceutical industry, which makes heavy use of ingredients produced overseas. On Friday, Treasury Secretary Steven Mnuchin said there's "potential" for a trade war, while new National Economic Council Director Larry Kudlow kept stressing that talks were underway and that the standoff was likely to end without tariffs going into effect. Also at risk are foreign firms that produce in the U.S. Germany-based BMW sends 89,000 vehicles annually from the U.S.to China, the Associated Press reported, while Daimler AG's Mercedes-Benz ships 65,000.
"This is what a trade war looks like, and what we have warned against from the start", he said.
The estimated value added in American exports to China accounts for only 0.5% of total value added in the USA economy. Tariffs can not have a major effect on the size of the USA trade deficit, which rose in February for the sixth straight month, to a near 9.5-year high.
Mnuchin said the United States doesn't intend to "lay out our negotiations in the public domain".
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