Morning Movers: The Trade War Gets Real

Morning Movers: The Trade War Gets Real

Morning Movers: The Trade War Gets Real

The latter is a key ingredient for Trump's popularity with USA voters.

China will struggle to replace US soybean supplies after implementing an additional 25 percent tariff on American shipments, likely inflicting severe financial pain on domestic companies, analysts and executives at feedmakers said.

However Adams said that there was good news for food producers, as the Chinese government proposed duties on imported beef, but not pork or chicken.

The Trump administration on Tuesday released a list of 1,300 imported Chinese products, including industrial robots and telecoms gear, subject to potential tariffs to protest Beijing's alleged theft of USA technology.

When reports surfaced last month that President Donald Trump planned to impose sweeping tariffs on imports from China, 82 footwear retailers, including Nike, Wolverine Worldwide and Clarks, sent a letter to the White House expressing "strong concern".

Soybeans are considered one of the most powerful weapons in Beijing's trade arsenal because a drop in exports to China would hurt Iowa and other farm states that backed U.S.

The Trump administration rolled out the latest measures in an escalating trade war on April 3, 2018, subjecting some US$50 billion worth of Chinese goods with tariffs worth about US$12.5 billion and ratcheting up a conflict that could shatter a fragile global economic recovery.

China is by far the world's biggest buyer of soybeans, which are mostly crushed and fed to pigs. Its purchases have climbed to a record as expansion in large-scale livestock farming and a shortage of protein-rich feed grains boost soymeal consumption.

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Tit-for-tat tariff threats from the US and China ignited fears that a trade war was beginning between the world's two largest economies, sending USA stocks tumbling Wednesday morning.

A few hours later on Tuesday, China responded in kind by announcing tariffs of its own targeting soybeans, automobiles, and chemicals.

"China's response was tougher than what the market was expecting - investors didn't foresee the country levying additional tariffs on sensitive and important products such as soybeans and airplanes", said Gao Qi, Singapore-based strategist at Scotiabank. American soy farmers depend heavily on China.

But investors see a bigger fight looming over President Donald Trump's approval of possible higher USA duties on $50 billion of Chinese goods in response to complaints that Beijing steals or pressures foreign companies to hand over technology. The U.S. economy has been humming along with a strong job market, while Brazil just past year emerged from its punishing recession and growth in the euro area has reached its highest level in a decade. The probe is to be completed by February 4, 2019. "It gives both sides time to negotiate, which I think is the strategy for both the US and China". China was the top destination after Vietnam. That was 57 per cent of total USA soybean exports.

Mr Trump banged China with $60 billion-worth of catalog- after his administration declared that Head of state Xi has actually been making "state-led, market-distorting lead to drive, compel, and also scouse obtain United States used scientific researches and also highbrow items".

Experts had previously warned the United States administration's move to penalise China with the tariffs could prompt Beijing to retaliate and lead to higher prices for USA consumers.

-With assistance from Manisha Jha.

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