U.S. business to Trump: Don't go through with China tariffs

Share
U.S. business to Trump: Don't go through with China tariffs

ETFs tumbled in big USA manufacturers on Wednesday, bearing the brunt of an intensifying trade war between China and the United States.

The Trump administration has said that it is not looking for or anticipating a trade war, although the president has expressed confidence that if it came to trading blows the US would do just fine.

Mr Trump's protectionist agenda is aimed at saving USA jobs and closing what he sees as a $504bn trade gap with China and deficits with other major economies. "We can not let this continue!".

On Wednesday, China said it would not be bullied by the USA imposing punitive taxes on its products. Aiming to penalise China for "stealing" American intellectual property, the US Trade Representative proposed 25 per cent tax on 1,300 Chinese goods worth $50 billion and they included aerospace, medical and machinery industries.

With China outlining where it plans to impose tariffs on U.S. products in response, the stakes are rising.

-China trade war anything more than sabre rattling?

Speaking ahead of the official announcement, Tiankai said China would resort to the World Trade Organization dispute settlement mechanism. According to the U.S. Department of Agriculture, China is the second-biggest export market for American agricultural products.

"Though US soybean supplies made up 35% of China's soybean imports, it can easily be substituted with more Brazilian soybean supplies".

"Trade wars are good and easy to win", the U.S. president wrote on Twitter in early March, after impulsively announcing an increase in steel and aluminum import tariffs. Neither set of tariffs go into effect right away, though the exact timing of the Chinese measures was not clear.

The Trump administration late Tuesday unveiled a list of 1,300 Chinese products, like flat-screen televisions, aircraft parts and batteries, that could be hit with 25% tariffs. "Actually it will hurt everybody, including the United States economy itself".

But market analysts said a softening of the diplomatic language had helped take the pressure off risk-prone stocks late on Wednesday in the United States, and on Thursday more widely.

In 2017, China imported 1.2 million tonnes of pig meat, with around 65% of this coming from the European Union, and 14% from the U.S., according to data from China Customs. But the president has been clear, the administration has been clear, we're not trying to start a trade war. China has responded by proposing tariffs on things we export to them, like pork and soybeans.

U.S. stock markets have plummeted after China escalated a trade war with Donald Trump over $50 billion of newly-announced tariffs.

There are few winners in a trade war, and IL in this war has as much or more to lose than any other state.

Share

Advertisement

Related Posts

PREP GIRLS SOCCER PREVIEW: Baraboo learning to play as one
Senior Olivia Thaler, along with sophomore Rosie Cheng, won the decisive doubles match in the Tribe's 4-3 victory over Virginia. The Hornets started last season 0-5. "I noticed she was charging the net, so I knew I needed to hit it in the corners".

Winter Weather Expected This Weekend
The model also shows that Bozeman could get close to 16 inches of snow and Livingston could see nearly 13 inches. Furthermore, the NWS predicts a 50 percent chance of snow Sunday and 60 percent chance Sunday night .

Five of Tiger's memorable Masters appearance
Last week's tournament in Houston was very similar in design to Augusta , especially in the speed and formation of the greens. Don't worry if you can't be there in person, you will feel just as "at one with nature" watching on the BBC.

Winter clings on: two storms (and probably some snow) ahead, forecasters say
The average high for this time of year is 57 degrees, and Tuesday's high of 47 degrees will be the closest we will be to average. The Winter Weather Advisory in south-central Montana suggests we could see 3 to 6 inches of snow out of this next snow event.

Notre Dame's Arike Ogunbowale shoots her shot for dramatic NCAA win
The Irish tied it up on the next possession and that five-point lead evaporated and was tied up with less than a minute left. Jackie Young looked over her options, trying to get it in for Jessica Shepard at the low post, but she was heavily guarded.

Villanova tops Michigan for NCAA title
Donte DiVincenzo finally broke through at 12:44. "I appreciate that, but my night wasn't quite like his", Booth said. Again it was DiVincenzo with back-to-back threes, winking at the broadcast table after each, to re-open the blowout.

Oklahoma students support teachers protesting for more school funding
Kentucky cut per-student public education funding again in its latest fiscal plan, according to the late-2017 think tank report . That legislation will pump $50 million more in increased classroom spending and fund raises for teachers and support staff.

Weather Authority: Another winter storm ahead
Winds on Wendesday afternoon could gust over 50mph, which is enough to cause scattered power outages and tree limb damage. The temp climbs from the mid 20s and mid 30s early, into the mid 40s with a light south wind.

China Retaliates In Trade War
It is imposing tariffs of 25 percent on over 100 types of United States products, including soybeans, cars, alcohol and tobacco. Oil prices slipped with Brent crude futures off 75 cents to $67.38 a barrel, while USA crude fell 73 cents to $62.78 a barrel.

The Facebook Cambridge Analytica scandal is far worse than originally thought
The CEO also said the #DeleteFacebook movement spurred by the scandal has had "no meaninful impact" on Facebook's user numbers. CEO Mark Zuckerberg himself has admitted to monitoring Messenger conversations.

© 2015 Stocks News Daily. All Rights reserved.