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Brazilian Agribusiness Assesses Gains from Trade War between USA and China

08 April 2018

That leaves the USA government with a lot more Chinese exports to potentially target with tariffs. China may respond by selling U.S. Treasuries, currency devaluation, or seeking a rare earth ban.

On Wednesday, China imposed US$3 billion worth of tariffs on USA fruits, nuts, wine and pork, just hours after the Trump administration proposed duties on 1,300 Chinese industrial, technology, transport and medical products.

In light of China's "unfair retaliation" against earlier U.S. trade actions, Mr Trump upped the ante on Thursday by ordering United States officials to identify extra tariffs, escalating a high stakes tit-for-tat confrontation with potentially damaging consequences for the world's two biggest economies.

President Donald Trump said on Thursday he had instructed US trade officials to consider $100 billion in additional tariffs on China, again intensifying up tensions with Beijing.

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Trump threatened an additional US$100 billion in tit-for-tat tariffs on Beijing yesterday, in the latest step in an escalating trade dispute. President Donald Trump has said that China must shave $100 billion off that goods deficit.

Senator Chuck Grassley said China had ignored the rules of the World Trade Organization (WTO) for too long and aggressively pursued practices that unfairly undermine American ownership, innovation and entrepreneurship.

USA stock index futures fell in reaction to Trump's latest statement.

USA citizens will pay plenty for it. The U.S.is the second-largest supplier of soybeans to China, after Brazil, and soybean farmers a year ago sent $14 billion worth of the crop to China.

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One industry that was spared in the first round is apparel.

"We pay the highest tariffs on average of any product", Steve Lamar, executive vice president of the American Apparel and Footwear Association, told CBS MoneyWatch last week.

The public has until May 11 to submit comments on the proposed list of US tariffs, with a hearing scheduled for May 15.

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Brazilian Agribusiness Assesses Gains from Trade War between USA and China