World

The waiting game is over; let the US-China trade war begin

The waiting game is over; let the US-China trade war begin

More than 200 S&P 500 reports are due the following two weeks, including from some USA companies that could be caught in the middle of a US trade war with China.

The total value of the USA tariffs on China amounts to $50bn, though they will come into effect in two tranches, with the first round covering 818 products worth about $34bn having come into force on Friday.

Beijing has accused the United States of "firing on the whole world" with the measures, pointing out that most of the Chinese exports under attack are largely made by companies with foreign investment - including from America. China said it will immediately put on his own similarly sized tariffs on an unspecified clutch of American goods. Companies want fairer treatment but will be hurt by US-Chinese tensions, Zarit said.

From blue jeans to motorbikes and whiskey, the EU's hit-list of products targeted the most emblematic of American exports.

China, whose economy has grown tenfold since it joined the World Trade Organization in 2001, poses a much more formidable adversary.

Washington increased tariffs at 12:01 a.m.

The bank estimates that every $100bn of imports affected by the tariffs represents about 0.5% of global trade and 0.1% of global GDP.

Tariffs at an average 1.5% in 2016 were the lowest since the USA gained independence in 1776.

The first round targets Chinese industrial goods, not consumer products, in an attempt to limit the impact on U.S. households, but companies that rely on Chinese-made machinery or components may eventually have to pass along increased costs to customers.

Boeing sells a quarter of its planes in China, the second-biggest market in the world, and the United States aerospace giant is neck-and-neck with European rival Airbus.




His Administration also cited the cost of China's intellectual property theft which costs United States innovators billions of dollars a year.

The factory, situated in eastern Zhejiang province, had also made flags for the election campaigns of Hillary Clinton and Trump in 2016, the Washington-based National Public Radio reported.

A solid pickup in hiring by US employers last month also helped keep investors in a buying mood.

So long as the United States economy and financial markets continue to chug along, there is little indication that Trump would accept a deal that doesn't include some sort of explicit guarantees related to forced technology transfers, or other industrial policies cited by the U.S. administration.

Companies in industries that use metal, electrical components and construction products will have to pay more for raw materials, and possibly charge more for their work, or cut or move jobs. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case", Rob Carnell, chief economist at ING, said in a note to clients.

Since March this year, reports and lists have been being published, and cancelled, by both governments. The principles underlying the trade policies of New Delhi and President Trump unfortunately are similar - and they are both wrong.

And if Trump extends the tariffs to up to $550 billion in Chinese imports, consumers won't be able to avoid getting caught in the crossfire: The taxes would hit products like televisions and cellphones.

China is targeting agriculture products and mechanical parts for the energy sector, whereas the USA is aiming its tariffs at a large number of industrial products and resources.

"In effect, the Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China", the state-run China Daily newspaper said in an English language editorial on Friday.

This also risks a chain reaction as countries start clamping down on partners, which then retaliate. Jerry Moran, of Kansas, a state heavily dependent on agriculture. "It's a shame, because we support so many jobs, and when we can compete on a level playing field around the world we do extremely well".


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