USA tariffs on Chinese imports take effect

08 July, 2018, 08:13 | Author: Wade Massey
  • USA tariffs on Chinese imports take effect

Soybean prices continued to dive this week and on Friday the Trump administration imposed additional tariffs on $34 billion of Chinese goods followed by China imposing a similar 25 percent tariff on 545 US products - including soybeans - also worth $34 billion. The Trump administration has already rejected a deal for China to enter into long-term contracts to increase purchases of energy and agricultural products from the US.

China retaliated with tariffs on a similar amount of goods.

The two countries have engaged increasingly in verbal sparring in recent months, but Friday's pair of haymakers has dramatically escalated the trade dispute - and that has investors across the world worries about what comes next.

"Our biggest customer and the biggest customer that consumes soybeans in the world is China, and Chinese people buy about sixty percent of the soybeans that are grown in this country alone", said Cannatella.

China will also start collecting a 25 percent levy on $US34b of United States goods such as agricultural products and cars.

When it comes to China, Trump believes Beijing is using "unfair" trade practices to gain an advantage on the United States, including lax observation of intellectual property law.

And Chinese authorities quickly retaliated with equivalent tariffs on $34 billion worth of imported US goods - previously promised as ranging from vehicles to soybeans, beef and other agricultural products.

The White House had previously said it would consult on tariffs on another $16bn of products, which Mr Trump has suggested could come into effect later this month.

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The government said previously it would hit more than 500 USA export items - including cars and major agricultural goods such as soybeans and meat - worth the same as the Chinese products targeted by the United States.

The Trump administration contends that China has deployed predatory tactics in a push to overtake USA technological dominance. Those tactics include cyber-theft as well as forcing companies to hand over technology in exchange for access to China's market.

"What we will likely see happen in the short-term is apples that were destined for export markets will instead overhang the USA market", she said.

"We're picking a fight with our trading partners when they have options", Tanner Ehmke, a manager and economist at Greenwood Village, Colorado-based CoBank, said by phone.

"There are no winners in a trade war", said the chamber's chairman, William Zarit, in a statement.

Beijing hit back on Friday with tariffs worth $34bn and has said it will match Trump's $50bn threat. The dollar and Treasuries edged lower as traders looked ahead to the release of United States jobs data.

The meaning of "quantitative" in this context is obvious: more tariffs, and possibly quotas.

The first round targets Chinese industrial goods, not consumer products, in an attempt to limit the impact on USA households, but companies that rely on Chinese-made machinery or components may eventually have to pass along increased costs to customers. But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational. This is the time of year, he said, when Chinese soy product producers switch from American soy to Brazilian soybeans as they are further along in their growing season. When a government or economic bloc (such as the EU) imposes a tariff on a particular product, importers pay the levy as a percentage of the total value of the product to the customs agency of that country, at the point of entry. "I think products made in China are the best", said one shopper in a Beijing grocery story, who gave his name as Yang. Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry.

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