Sunday, 18 November, 2018

Soybeans post record rally with demand gain overshadowing US-China trade war

Europe rejects China’s offer of alliance in trade war with United States German Chancellor Angela Merkel gestures next to Chinese President Xi Jinping in Berlin
Ray Hunter | 09 July, 2018, 05:33

This prompted Beijing to respond in kind with levy tariffs on 545 items of USA imports, including agricultural products, vehicles and aquatic goods - also worth $34 billion, state-run newspaper The China Daily reported Friday.

Mayor Frank Klipsch of Davenport, Iowa, said he fears not only the impact on farmers but on farm equipment makers.

The fight could also affect other parts of China-US relations. "To put it simply, the U.S.is opening fire on the entire world, including itself", Gao said.

A China central bank adviser said the planned USA import tariffs on $50 billion worth of Chinese goods - $34 billion plus a planned follow-on list worth $16 billion - will cut China's economic growth by 0.2 percentage points, according to the official Xinhua news agency.

Trump has threatened to impose additional tariffs on Chinese goods if Beijing fails to accede to his demands and instead retaliates.

Twenty-five percent US tariffs took effect at midnight and affect more than 800 Chinese products - including industrial machinery, office equipment, electronics, medical devices and vehicles.

"You have another 16 [billion dollars] in two weeks, and then, as you know, we have $200bn in abeyance and then after the $200bn, we have $300bn in abeyance. OK?"

Jaime Castaneda, senior vice president of the US Dairy Export Council, said the retaliatory tariffs have been a "one-two punch" that have left the industry "reeling".

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.

The U.S. pork industry a year ago sent $1.1 billion worth of product to China, making it the third largest export market after Japan and Mexico.

CANADA: Heat wave claim 54 lives
Environment Canada issued a smog warning as "high concentrations of pollutants are expected to persist through the night". Regional public health director Mylene Drouin said that the majority of the victims were men aged between 53 and 85.

Jorg Wuttke, former president the European Union Chamber of Commerce in China, predicted: "It's a dark day tomorrow for global trade". China, not surprisingly, has responded by targeting American exports like soybean and automobiles, a move that could cause job losses in American states that accommodate Mr. Trump's voter base.

On the other hand, Bangladesh market may also be flooded with cheap Chinese products affecting local industry as China will try to retain its market elsewhere.

And despite dire warnings about the impact on the US, Trump believes the robust American economy can outlast its rivals in the current battle.

The new levies took effect at midnight Eastern Time in the United States, a Wall Street Journal report said today. Trump has added to the tension by threatening new tariffs on cars.

'There should be no doubting Beijing's resolve, ' the newspaper said.

"With tariffs against China taking effect, American consumers are one step closer to feeling the full effects of a trade war", Matthew Shay, president and CEO of the National Retail Federation, said Thursday in a statement carried by the association, the world's largest in retail trade. Clearly damaging for the world economy.

"If we lose that, my son will spend the rest of his lifetime trying to get that back", he said. But both sides have dug in, and it is unclear what the offramp is for leaders in either country.

Chinese goods being hit by USA levies include cars, computer disk drives, pump and valve parts and LEDs.

Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy.

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