Looming Trade War with China

Trade War Unlikely to Affect China's Momentum

Trump denied that he is engaging in a trade war with China despite signing off tariffs on billions of dollars' worth of Chinese imports.

The US President Donald Trump has ordered import duties on steel and aluminum and is looking for new ways to limit imports from China.

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The US exported $12 billion worth of soybeans to China in 2017 (HS code 120190), according to International Trade Center, more than half of its total soybean exports. "It's relatively proportionate to the tariffs we put on based on the intellectual property".

Administration officials, however, said they saw no reason to panic.

China's list of 106 U.S goods have been released and for the Republicans, not only will the prospect of falling demand for U.S autos and Boeing aircraft weigh heavily, but also the impact on farmers, with the mid-West having been a strong Republican stronghold in the 2016 Presidential Election. Speaking to the BBC, Roberto Azevedo, the director-general of the World Trade Organisation (WTO), said the clashes between Washington and Beijing were "some of the most hard moments the WTO had faced in its 23 year history".

The comments come after China unveiled plans to slap major United States exports worth $50 billion - including soybeans, cars and small airplanes - with retaliatory tariffs.

The United States and China are in the middle of a trade tiff.

Other affected countries, including South Korea and Mexico, threaten varying degrees of retaliation to the tariffs. "USA footwear tariffs stifle innovation and job creation and raise the cost of shoes for every American".

Beijing's list of 25 per cent additional tariffs on USA goods covers 106 items with a trade value matching the 50 billion dollars targeted on Washington's list, China's commerce and finance ministries said.

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China will also impose levies on American whisky, cigars and tobacco, some types of beef, lubricants, and propane and other plastic products.

A man walks by an electronic board displaying stock trading index at a brokerage house in Beijing, Tuesday, April 3, 2018.

US officials identified items that "benefit from Chinese industrial policies, including Made in China 2025".

One of the notable casualties of the Chinese tariffs is a USA company that's owned by China.

Earlier in the day, investors were aggressively selling stocks like airplane maker Boeing and heavy-equipment maker Caterpillar. The U.S. plans to place tariffs on a similar amount of Chinese goods, including industrial robots and telecom gear, subject to potential tariffs to protest Beijing's alleged theft of U.S. technology.

For their part, Chinese officials say they will match any USA trade action and "will fight to the end" of a trade war.

The leaders of the world's two biggest economies are waiting to see who blinks first while bracing for an all-out trade war.

Both sides have calibrated their current actions around the figure of $50 billion worth of imports - the US estimate of the annual damage to the domestic economy caused by China's intellectual-property infringements.

China fired back on Monday, hammering about $3 billion in US food supplies with increased tariffs.

Activity in Japan's service sector also grew at its slowest pace in 17 months last month, British shop prices dropped at the fastest pace in more than a year while Australian February building approvals fell 6.2 percent.

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