Trade Wars: USA Vs China

U.S. President Donald Trump surrounded by business leaders and administration officials prepares to sign a memorandum on intellectual property tariffs on high-tech goods from China at the White House in Washington

The dollar dipped to 104.90 yen as investors shifted into the Japanese currency, which is viewed as a "safe haven" from risk.

Trump announced his plans for the tariffs earlier this month, just hours after 11 other countries formalized, in Chile, a revised agreement that reduces tariffs and cut trade barriers among the member countries.

"With the restrained response, China hopes Trump can realize his errors and mend his ways", said Xu Hongcai, deputy chief economist at the China Center for International Economic Exchanges, a Beijing think tank. "Nevertheless, the first volley of shots and retaliatory response has been set off".

After that, tariffs could go into effect for all countries, including Canada and Mexico.

A major reason for Xi's frustration, analysts said, is that Beijing feels it has already made concessions to Trump by tightening sanctions against North Korea over its nuclear programme, and at considerable cost to Chinese companies.

President Donald Trump announced new tariffs on $50 billion worth of Chinese goods on Thursday. Foreign business groups complain Chinese regulators are trying to squeeze them out of promising industries.

Trump's steel tariffs would affect China even less, as the nation makes up only 2.5 percent of USA steel imports due to existing regulations. That leaves Beijing room to take more drastic steps.

"Certain people from U.S. obviously misjudged the situation and little bit arrogant and totally underestimated China's resolve and capability to protect its interests as well as the cost U.S. has to pay for its reckless action", she said replying to a volley of questions.

"We have a tremendous intellectual property theft problem".

European and United States trade officials said this week they were beginning talks to reach a compromise.

US Retail Giants Write To Trump Seeking Relief On China Tariffs
The Trump administration is expected to unveil up to US$60 billion (S$79 billion) in new tariffs on Chinese imports by Friday. He is determined to bring down the US trade deficit with China , which reached $375 billion past year .

On Thursday, President Donald Trump has ordered more tariffs, specifically on Chinese goods.

Japan said it should also be exempt from the metals tariffs since its steel and aluminum exports do not pose a threat to the national security of the U.S. A second list of goods including wine, apples, ethanol and stainless steel pipe would be charged 15 per cent. "We will work closely with our government to keep this important market open to the benefit of both American agriculture and Chinese consumers", Skor said.

The ministry said Beijing was considering a tariff increase of 25 percent on pork and aluminum scrap, mirroring Trump's 25 percent charge on steel. Then he unveiled the steel and aluminum tariffs, saying reliance on imported metals jeopardizes USA national security.

Kevin Lin (林成蔭), vice president of investment consultancy Caizischool Co (財子學堂), said that while a trade war between the U.S. and China would impact the Taiwanese stock market, it is unlikely to immediately cause record fluctuations in the local market.

According to the Department of Commerce, exclusions will be granted "if an article is not produced in the United States in a sufficient and reasonably available amount, is not produced in the United States in a satisfactory quality, or for a specific national security consideration".

Shi Yinhong, a professor of global relations at Renmin University in Beijing, said that Chinese leaders had been so successful over the years in deflecting criticism of the country's trade practices in the United States that they may have been slow to realise the gravity of the confrontation brewing. Washington reports different figures that put the gap at a record $375.2 billion.

With his landmark visit to China in 1972, Richard Nixon set the US on a path of using diplomacy to convince Beijing to open the Chinese economy to market forces and play by the rules of the American-led world order.

That measure had not targeted Chinese imports alone. "And they'll be paying more because the US economy won't be growing as much". The ministry estimates the impact would be around $3 billion, less than one percent of US exports.

Last year, American farmers exported $1.1 billion of pork products to China and Hong Kong, making it the No. 3 market by value. Multinationals with mature supply chains like Walmart could shift to Vietnam or India to avoid the tariffs, he said.


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