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China Cancels U.S. Soybean Purchases as Trade War Takes Hold

China Cancels U.S. Soybean Purchases as Trade War Takes Hold

"As for possible impacts on businesses from the trade war initiated by the United States, we will keep assessing the situation and make efforts to help [foreign] businesses to mitigate any possible impacts", Gao said.

The first round of 25 percent tariffs came one minute after midnight in Washington, officially pulling the trigger on a trade war between the world's two largest economies and prompting an outcry from American business groups that say USA companies will pay the price at home and overseas.

The Commerce Ministry said Trump "ignited the biggest trade war in economic history".

With only $130 billion in U.S. imports to retaliate against, Beijing has said it will take "qualitative" and "quantitative" measures against the USA, triggering fears it could cripple the operations of United States multinationals in China.

The world's two biggest economies slapped tit-for-tat duties on US$34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as they sharply escalated their conflict.

"China promised not to fire the first shot, but in order to defend the core interests of the country and the interests of the people, we are forced to take the necessary countermeasures", China's commerce ministry said in a statement.

While economists say the consequences of a spat between the world's two largest economies can be contained for now, there are fears that Donald Trump's stance on trade could cause serious damage to the global economy.

United States tariffs on $34bn (£25.7bn) of Chinese goods have come into effect, signalling the start of a trade war between the world's two largest economies.

From Air Force One, on his way to a rally in Montana, Trump said the U.S. is ready to target an additional US$200 billion in Chinese imports - and then US$300 billion more - if Beijing refuses to yield to U.S. demands and continues to retaliate. Part of his plan is to radically change how USA trade deals work and to focus on protecting the domestic economy.

Despite three rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump chose to go ahead with the tariffs. The implementation of new US duties on these products will impact companies from outside China, including the U.S.

3 reasons LeBron James made the wrong choice to join the Lakers
But the Warriors obtained Kevin Durant after that loss and Golden State has gone 8-1 against the Cavs in the two NBA Finals since. The win at the end of the 2015-2016 season marked the city of Cleveland's first professional sports title in 52 years.

China's imports from the USA were just US$130 billion past year and so Beijing does not have the capacity to hit back in kind, raising speculation it could respond by creating administrative headaches for companies in China.

The administration started imposing tariffs at 12:01 a.m.

China's tariffs on hundreds of USA goods include top exports such as soybeans and cotton.

"And that's going to impact the stock market".

The president believes this is the best way to close the trade deficit between the U.S. and China. "And the impact on US business, in my estimation, will be substantial".

The overall monthly USA goods and services trade deficit declined to $43.1 billion in May, from $46.1 billion in April. The rest of the world would suffer collateral damage, even if the U.S. were to refrain from penalising imports from other countries.

The president has also slammed the $375 billion USA trade deficit with the country, arguing China should purchase more American goods, and has blamed trade with Beijing on the loss of American jobs throughout the Rust Belt.

"There should be no doubting Beijing's resolve", the China Daily said.

The LSU Ag Center expects South America, particularly Brazil, to capture the majority of the market-share of US soybean exports into China.

On the campaign trail, Trump attacked the 24-year-old North American Free Trade Agreement with Canada and Mexico as unfair to the United States.

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