U.S. tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday, and with Beijing having vowed to respond immediately in kind, the two biggest economies were set on a risky path toward a full-blown trade war.
Wall Street is well conditioned to ignore the often hyperbolic words of US President Donald Trump, and on Friday investors shrugged off comments that his administration is ready to massively escalate a tariff battle that began in earnest on Friday.
"This makes us less competitive in the global market and with 61 percent of all our current soybean exports going to China, it means that we're likely to see negative effects on soybean prices and farmers' incomes", he said. "After the United States activated its tariff measures against China, China's measures against the United States took effect immediately", Lu Kang said, though he did not elaborate on the details of the measures. "No one wins in a trade war, and it is America's manufacturing workers and working families who will bear the brunt of continued tariffs".
The US hit $34 billion of Chinese goods with import tariffs Friday, a measure matched dollar-for-dollar by Beijing, and the Trump administration has threatened much more if China doesn't bend to US demands that it open its markets, increase its imports, stop protecting its favored industries and change rules to prevent the theft of US technology. The Communist Party newspaper People's Daily said tariffs were imposed on a list of goods issued last month that included soybeans, pork and electric vehicles. "We just ask the administration to back away from using tariffs to achieve USA trade policy goals".
China has accused the United States of "opening fire" on the world with tariffs that took effect Friday, warning that it would respond the moment that duties on $34 billion in its products kick in.
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Last month, the European Union imposed tariffs on American goods worth United States dollars 3 billion such as yachts, bourbon and motorcycles.
The retaliatory tariffs from China will fall especially hard affecting more than 25% of a county's economy-in almost 20% of the counties that voted for President Donald Trump in 2016, affecting eight million people mostly in agricultural, manufacturing and technology sectors, The Wall Street Journal reported. That conjures the image of this being a cool, calm, collected game of chess on both sides: Washington and Beijing.
Analysts are concerned that a trade war between the US and China would undermine markets, trade, and the ties between the two countries, The Washington Post reported.
China's Premier Li Keqiang said on a visit to Sofia that "A trade war benefits no-one because it hurts free trade and the multilateral process".
Consumer Technology Association: "While President Trump says his trade policy is meant to punish China, the numbers show that, in reality, US businesses, workers and consumers will pay the price under this policy", said Sage Chandler, the group's vice president for worldwide trade.
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He thus directed U.S. Trade Representative Lighthizer "to identify $200 billion worth of Chinese goods for additional tariffs at a rate of ten percent". He added the U.S. is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate.
'There are no winners in a trade war, ' said the chamber's chairman, William Zarit, in a statement.
Peak Pegasus, together with numerous other trade companies and businessmen, will become the victims of this trade war.
"Imposing additional tariffs will increase the costs of Chinese companies in exports to the USA and thus make them face greater competition pressure", said Xiao Feng, deputy general manager of Shenzhen-based OneTouch Business Service Ltd., a subsidiary of e-commerce giant Alibaba Group. Clearly damaging for the world economy.
U.S. trade data released Friday showed exports hit a record, as importers bumped up purchases, particularly of tariff-targeted United States soy beans, to build up supplies before the new duties hit.
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