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Trade war begins between China, US as tariffs kick in

09 July 2018

Consumer Technology Association: "While President Trump says his trade policy is meant to punish China, the numbers show that, in reality, US businesses, workers and consumers will pay the price under this policy", said Sage Chandler, the group's vice president for global trade.

Customs officers had delayed the clearance of some US goods on Beijing's penalty list last Friday, as they waited for official instructions from the central government on whether to start collecting the new import tariffs.

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.

"Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home", U.S. Chamber of Commerce President and CEO Thomas J. Donohue said.

The office of the US Trade Representative announced a product exclusion process for Chinese products subject to Section 301 tariffs, seeking to soften the blow on US companies a little.

"We're getting tariffed to death", said Scott Ditter, a dairy farmer in Sheboygan Falls, Wisconsin, referring to Canada's 270 percent duty on American milk. He told CNBC that there may be no way to escape a trade war with China.

The impacts and the uncertainties any further worsening of the situation would generate for global economic and financial activity could be devastating for economic activity and would also have a very significant, and very negative, impact on financial markets.

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

The President is especially upset that the past president has promoted the interests of China at the expense of undermining American innovation and jobs. "Isn't that right?" the company owner Li Jiang said.

His Administration also cited the cost of China's intellectual property theft which costs United States innovators billions of dollars a year. And that it conducts and supports cyber intrusions into United States computer networks to gain access to valuable business information so Chinese companies can copy products.

So Trump should push, but he can't go too far, because at the end of the day, it's the American consumer who's going to get hurt the most. His Administration's actions responded to injurious trade practices by China and other countries, including attempts to avoid legally imposed anti-dumping and countervailing duties.

Later that day, China's foreign ministry spokesperson announced that China has begun implementing new tariffs of 25 percent on some USA goods including automobiles and soybeans. "Manufacturers in the United States succeed when the rules are clear and fair and markets are open".

Retaliatory tariffs from China could lead to a 59 percent decrease in OH farmers' net income within six years, a group representing Ohio's soybean industry said.

He added that the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology.

Trade war begins between China, US as tariffs kick in