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China trade war fears escalate with more threats

China trade war fears escalate with more threats

The U.S. and China played down the prospect of a diplomatic breakthrough to resolve their escalating trade dispute as the White House considers what demands it will present to the Chinese.

"If the United States side disregards opposition from China and the global community and insists on carrying out unilateralism and trade protectionism, the Chinese side will follow through, at any costs, till the end", the Ministry of Commerce said in a statement yesterday.

"Now, while a subsidy war between the European Union and the United States (on agricultural products or aeronautic sector in the '80s, '90s) will have never led to a military conflict, the overall situation with China is much more sensitive", he said. China has promised to respond in kind, but it would be unable to match that amount since it imported only $130 billion of USA goods previous year. China is poised to slap tariffs on $12 billion of USA soybean exports, representing more than half of total USA exports of the crop.

But Chinese tariffs aren't the only ones that will hurt US companies - Trump's own import taxes could also be a self-inflicted wound.

President Donald Trump has threatened to impose another $100bn worth of tariffs on Chinese imports.

That is doubly true in a potential trade war with China, for several reasons.

"If we do get into a trade war, even a small one, it will hamper growth". Soybean prices last week dropped as much as 5.3 percent in Chicago, the most since July 2016.

Putin, Erdogan Hold Joint Press Conference
But Putin refused to discuss the issue saying "these are exclusively commercial questions" rather than political ones. But Erdogan indicated that Turkey was in no mood to listen to criticism from the West over the purchase.

Asked in an interview with NY radio station WABC about the effect on USA stock markets, Trump said the market has gone up (since he took office) "so we might lose a little bit of it".

Despite the mounting tension, the USA president said his country is not in conflict, Bloomberg said.

Mr Kudlow, who has repeatedly sought this week to soothe markets with mention of possible talks, told Bloomberg Television there were always ongoing discussions on trade between the USA and China but that negotiations on the tariffs had not begun. "Trade deficit" sounds bad, but a trade deficit makes up a large chunk of the U.S. current account (payments flowing out) and is offset by the United States capital account (payments flowing in). Also at risk are foreign firms that produce in the U.S. Germany-based BMW sends 89,000 vehicles annually from the U.S.to China, the Associated Press reported, while Daimler AG's Mercedes-Benz ships 65,000. Which is also, not likely. He, added, "The trade balance is decided by market forces, and U.S. economic policy and structure".

Trump economic adviser Larry Kudlow, a free-trade advocate, tried to walk back the threats, but this president isn't necessarily guided by the opinions of even his closest advisers. Trump has tweeted that it is "easy" to win a trade war.

Although the implementation of tariffs is still some time away, futures markets and the stock market have felt the effects. Beijing countered with equal levies on $50 billion of 128 USA goods, notably soybeans, corn, cotton, chemicals and cars.

"We are exporting out pipes and tubes to the United States, but we are not dependent on America as we have got other markets, which we are been developing for the last few years".

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