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05 April 2018, 01:02 | Marta Robbins
US-China trade fight likely a blip for economy — if it doesn't escalate
Borrowing costs also nudged lower in Europe even as the first March reading on euro zone inflation, important data for markets as the European Central Bank looks to wind down its massive monetary stimulus, came in firm at 1.
The Chinese Ministry of Commerce said Wednesday that it plans to impose a 25% tariff on $50 billion worth of USA exports, including planes, cars soybeans and chemicals.
But they worry that China's measures targeting US exports of aircraft, soybeans and other products could help bring on a tit-for-tat trade war of escalating sanctions between the world's two biggest economies.
Because the actions will not be carried out immediately, there may be room for maneuver. The effective date of China's moves depends on when the US action takes effect.
Stocks are opening sharply lower on Wall Street as an escalating trade dispute between the US and China poses a threat to global economic growth and corporate profits. But often, investors have caught their breath and decided that a full-blown trade war is unlikely, resulting in sharp recoveries.
"The assumption was China would not respond too aggressively and avoid escalating tensions".
USA and local law enforcement agents have seized roughly 100 Northern California houses they say were purchased with money wired by a Chinese-based crime organization and used to grow massive amounts of marijuana illegally. Both sides have some time to negotiate before the proposed tariffs would go into effect.
Retaliatory Chinese tariffs introduced this week on US produce risk prompting American fruit growers to flood the Canadian market, causing wholesale prices to fall, says a group representing Ontario apple growers. For example, China is the world's largest soybean importer and biggest buyer of USA soybeans in trade worth about $14 billion past year.
China expresses "strong dissatisfaction" over the decision, adding that it "aggravates the global trade environment". We can not let this continue!'
The chairman of the American Chamber of Commerce in China says Beijing's potential retaliation in an escalating dispute with Washington is a concern for every USA company doing business in China.
Tobacco and whiskey, for example, are both on Beijing's list and are produced in states including Kentucky, home of Senate Majority Leader Mitch McConnell.
The latest USA move risks heightening trade tensions with China, which on Monday had slapped taxes on $3 billion in US products in response to earlier US tariffs on steel and aluminum imports.
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The U.S. Department of Agriculture announced sales in the past 24 hours of 4.7 million bu. of soybeans to China and 11.9 million bu.to unknown (also believed to be China).
China's embassy in Washington, D.C., issued a statement early Wednesday saying Beijing "strongly condemns and firmly opposes" the proposed list. A quarter of Boeing aircraft are sold to China.
Gold edged up on the news, trading $10 higher than in the previous session at $1,347 per ounce. -China trade spat are clearer. News of retaliatory tariffs from China on $3 billion worth of US goods contributed to sharp sell-off on Wall Street Monday.
"U.S. companies at this point would like to see robust communication between the USA government and the Chinese government and serious negotiation on both sides, hopefully to avoid a trade war", said the chairman of the American Chamber of Commerce in China, William Zarit.
Ministry spokesman Geng Shuang told reporters in Beijing on Wednesday that China's door to dialogue with Washington remains open "but the USA has missed the opportunity time and time again".
Though the dollar amounts targeted by both sides are similar - $50 billion - the focus on USA soybean exports by China could have a particularly big impact on the United States.
The US is the second-biggest soya bean supplier to China, after Brazil.
"The tech industry will feel like overall it dodged a bullet", the source said, but added that traditional industrial goods manufacturers, along with pharmaceuticals and medical device firms, could suffer.
Trump later tweeted that "when you're already $500 Billion DOWN, you can't lose", in a possible reference to America's trade deficit with China.
"The roughly $50bn in tariffs that were announced by each side, that in of itself will not bring down the global economy - mostanalysts say - but it's a foreshadowing of more tariffs that could, and that's the real problem here". "As we've said all along, tariffs are taxes on consumers and a drag on the nation's economy".
Emerging market stocks, which have proved resilient to trade tensions, tumbled 1.
Many products in those segments appear on the list, including antibiotics and industrial robots and aircraft parts.
The USTR list of tariffs includes chemicals, motorcycles, electric cars and electronic components, and would affect Chinese-manufactured flat-panel televisions and light-emitting diodes (LEDs). The biggest blow by far is to nearly US$4 billion worth flat-panel TV screens, according to Bloomberg Intelligence.
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