United States versus China trade war

If US wants a trade war China is ready to fight- official

If US wants a trade war China is ready to fight- official

Denise Bode, a tax and trade expert at a Washington law firm, said a full-blown trade war is possible but it is more likely Mr. Trump will make a deal.

A key irritant is Beijing's long-range industry plan, dubbed "Made in China 2025". Foreign companies complain that the initiative will limit or outright block their access to those industries.

Trump defended his actions with tweets after China's Wednesday announcement, apparently referencing the $566 billion US deficit in goods and services trade.

Soybeans are the top US agricultural export to China, which purchases 61 percent of total USA soybean exports, and more than 30 percent of overall US soybean production, according to the American Soybean Association.

According to the official the U.S. made "real efforts" to give China every chance to change its ways and engage in talks with America to help address its concerns. It would be piled on top of other forces that suggest inflationary pressures should build, such as US tax and spending policy and low unemployment, which suggest strong demand, including for imports. And imports from all countries amount to just 15 percent of the economy.

Chinese officials have also said they will file cases against the US tariffs at the World Trade Organization, but it will take years for any complaints (by either side) to wind their way through the WTO's dispute resolution process - and even longer for any potential judgments to be implemented.

"This president is not going to tolerate hollow commitments or refusal to change bad practices".

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The official claimed that there was no investigation or legal theory as to why China could take such retaliatory measures and wondered how the World Trade Organisation allows it to take such steps.

From a USA point of view, China is the fifth largest destination of pig meat exports receiving 7.5% (185,000 tonnes product weight) of all United States fresh/frozen pork exports in 2017, equivalent to about 1.5% of the 11.7 million tonnes (carcase weight) of U.S. production.

Automakers such as Tesla, BMW and Mercedes-Benz would also be hit. "The administration knew that if it imposed tariffs on Chinese goods, China would retaliate against USA agriculture". Tesla expects to sell about 15 percent of its Model S and Model X cars in China this year.

So far there has only been talk of tariffs.

The following day, the USA proposed a 25 percent tax on 1,300 more Chinese goods, including aerospace and medical equipment. Second, China could impose higher tariffs on American products such as those mentioned yesterday.

"Disregarding strong representations by China, the United States announced the tariff proposals that are completely unfounded, a typical unilateralist and protectionist practice that China strongly condemns and firmly opposes", according to the statement.

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