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renegadebusdallas.com April 20, 2018


China is running out of American goods to slap tariffs on

07 April 2018, 10:01 | Marta Robbins

Trump reacts as he departs the White House for a trip to Lewisburg West Virginia in Washington D.C. U.S

Trump reacts as he departs the White House for a trip to Lewisburg West Virginia in Washington D.C. U.S

The prospect of a trade war has sent financial markets across the world on a rollercoaster ride.

The developments jolted global markets. The S&P 500 e-mini futures traded down 1.3 percent EScv1, while similar moves were reflected in Dow and Nasdaq futures 1YMcv1 NQcv1.

In his statement Thursday evening, Trump the new $100 billion in tariffs under consideration would be a direct response to China's retaliation this week. This followed an opening salvo of USA penalties on steel and aluminum imports from overseas, including China, and Beijing's retaliatory taxes on $3 billion of US products.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", the Republican president said. It said the country would not rule out any options.

The United States' proposed list of $50 billion (5.3 trillion yen) in duties on Chinese goods is aimed at forcing Beijing to address what Washington says is deeply entrenched theft of US intellectual property and forced technology transfer from American companies.

Asian stock markets showed little sign of alarm over Trump's latest announcement, with most indexes posting moderate gains or losses on Friday.

Trump's unexpected move threatens to unravel efforts by top US and Chinese trade officials to lower the heat and reach an agreement that could stave off an escalating conflict, after the release of a list of tariff targets earlier this week prompted immediate threats of retaliation from Beijing.

The tariffs will have consequences for a wide swath of American consumers and businesses.

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The USTR has said the measures are retaliation for Chinese intellectual property theft. And there's still time for the countries to negotiate a deal.

State media denounced the US President's latest announcement as a "violation of global trade rules", and a former senior official said service trade between the two nations may be the next target for China's retaliation. The first round of $50 billion in tariffs mostly targeted industrial goods and electronic components.

China hit back within hours with its own threatened tariffs on USA imports including soybeans, planes, cars, whiskey and chemicals.

The idea of a tariff is to push up the price of foreign goods to make the domestic alternative more attractive.

"I'm not saying there's not gonna be any pain", Trump said in a radio interview with "Bernie & Sid in the Morning" on 77 WABC.

Hans Mikkelsen, a Bank of America Merrill Lynch strategist, said the new taxes would shift the supply and demand for the various affected goods.

Many in the business community are urging Trump and Chinese President Xi Jinping to reach a settlement before the tariffs go into effect, and Republican lawmakers have been urging the USA president to back down. From there, Trump would have to use executive authority to direct the implementation of the tariffs, which takes about six weeks. Agriculture is one of the few sectors of the American economy that runs a trade surplus. "We will see what they will do", Tiankai told reporters.

The President added that he instructed to the USTR also to "identify the products upon which to impose" the additional tariffs.



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