China Responds To Trump Administration's Latest Tariff List

China Responds To Trump Administration's Latest Tariff List

China Responds To Trump Administration's Latest Tariff List

The plan, which was announced Wednesday, would see Beijing slap 25 percent levies on a range of US goods worth about $50 billion. The allowing 60 days for public feedback and hasn't specified when the tariffs would take effect, leaving a window open for talks.

Although the immediate impact of those tariffs was limited, they fueled concern about an escalating trade war. Boeing shares are down 2.7 percent and Caterpillar is down 2 percent.

"Wall Street does not like uncertainty, and that's certainly what they're seeing", Elizondo said.

Affected products will include a wide variety of agricultural products such as soybeans, corn, beef, orange juice and tobacco.

As trade tensions rise between the United States and China, a small but vocal online community is calling for a boycott of US products, fanning fears that American brands could see a backlash similar to that faced by South Korea previous year. The S&P 500 has fallen more than 4 percent since March 1, the day President Donald Trump said he meant to place tariffs on steel and aluminum imports.

Though a response from Beijing was widely expected, the speed of the announcement came as a surprise, deepening fears of a rapid escalation. The action invokes Section 301, a 1974 law covering bilateral trade-specifically, barriers to USA exports (pdf, p.64).

"What we're talking about on both sides is a fraction of 1 per cent of both economies", he said, adding that the larger concern is the protection of United States intellectual property.

The market suffered a sharp dive after the opening bell after China struck back against the US with threats to levy tariffs on more than 100 American-made goods ranging from autos to airplanes, as traders initially feared that it signaled an escalation in the trade fight between the world's two biggest economies.

The U.S. sanctions are meant to punish China for deploying strong-arm tactics in its drive to become a global technology power.

China then struck back at the United States with its own tariffs, also worth $50 billion.

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American soybean growers would be among the biggest losers if the White House proceeds with its proposed tariffs on China and China retaliates, Rodger said. Beijing's list reflects its sensitivity to American complaints that it pressures foreign companies to hand over technology.

Favourable for the US would be an alliance among its partners-Japan, the European Union and South Korea-to oppose China's limiting trade policies.

China said it would place 25% trade tariffs on 106 U.S. goods, including soybeans, cars and orange juice.

Ontario Apple Growers general manager Kelly Ciceran says the 15 per cent tariff on fruit such as apples, cherries, peaches, raspberries and cranberries will likely lead to more USA produce hitting Canadian stores.

The goal may be to get USA voters to stop Trump from pressing ahead. The measures appeared to target farm states that voted for Trump in 2016. "I can only hope that we solve our differences as soon as possible to avoid damage to the USA economy, Chinese economy and to USA companies". The decline was trimmed, however, after government data showed an unexpected drop in USA crude inventories. "This will only exasperate what is already a weak trade situation with China", he noted. Airplane manufacturer Boeing slumped more than 6% in premarket trading, while carmaker General Motors and the price of soybeans fell close to 4% each. He added that some US punitive action against Beijing has been "coming for a while" over what the United States calls China's predatory behavior involving technology.

Some analysts downplayed the back-and-forth as negotiating tactics.

To target China, Trump dusted off a Cold War weapon for trade disputes: Section 301 of the U.S. Trade Act of 1974, which lets the president unilaterally impose tariffs.

Trump's next set of potential tariffs comes barely 24 hours after China's first retaliation.

Those measures were a response to the Trump administration's earlier tariffs on imports of steel and aluminum from China and other countries.

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