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China will counterattack United States tariffs

10 July 2018

If China is cheap, they go to China.

In the meantime, Brazil, the world's top exporter, will likely pick up the slack, although a trade association warned on Thursday the South American country may need to import the oilseed from the United States this year to satisfy demand from local processors.

"U.S. measures are essentially attacking global supply and value chains".

The US on Friday imposed tariffs on $US34 billion worth of Chinese imports and warned it may ultimately target over $US500 billion worth of Chinese goods, or roughly the total amount that the US imported from China past year.

The two countries are now holding about $15 billion to $16 billion in goods in reserve for a second round of tariffs.

China's soymeal futures fell more than 2% on Friday afternoon before recovering most of those losses, amid market uncertainty over whether China had implemented tariffs on a list of USA goods, including soybeans. US soybean farmers have been particularly concerned, and the price of soybeans has plunged 17 percent over the past month on tariff fears.

Trump ran for the White House on a vow to reverse decades of USA policy by scrapping deals that he said put American manufacturers at a competitive disadvantage and by forcing US trading partners to shrink their trade surpluses with the United States.

Economic Development Minister Maxim Oreshkin said in a statement Friday that additional tariffs ranging from 25 to 40 percent have been applied to some road construction equipment, oil and gas equipment, metal processing instruments, drilling equipment and optical fiber.

President Donald Trump's trade battle with China will exacerbate relations with Beijing that are already fraying on several fronts as the USA takes a more confrontational stance and an increasingly powerful China stands its ground. USA exports grew at a steady pace from zero sales to $30 million in sales in just six months, he said. He noted that the new Russian tariffs will only allow a partial compensation of $87.6 million.

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"It is granted for China to fight back when its legitimate rights are undermined", Lu said.

Noting reports that the United States could add a tax on essentially every product shipped from China, Gao said that using the tariff stick to bully on trade runs against the trend of the times.

However, China stopped short of actually saying it had implemented tariffs, stirring market confusion. No exact date was given. The higher U.S. tariffs went into effect just after noon in Beijing.

Trump this month said he doubted he could achieve a deal he likes until after the US midterm elections in November. The European slammed the move as protectionism and slapped counter-measures on USA products.

There was no evidence of any last-minute negotiations between USA and Chinese officials, business sources in Washington and Beijing said.

A member of China's central bank monetary policy committee, Ma Jun, said Friday that the first punches will have a "limited impact" on the Chinese economy.

Duties on a range of Chinese goods imported into the United States took effect on Friday and were immediately countered by measures from China, with Beijing accusing the United States of triggering the "largest-scale trade war".

The dispute has roiled financial markets including stocks, currencies and the global trade of commodities from soybeans to coal in recent weeks. "Our position remains consistent and very clear", he added.

Stocks edged higher in Europe, with the pan-European FTSEurofirst 300 index closing 0.2 percent higher. Beijing has announced reforms this year including ending limits on foreign ownership in its auto industry, but none directly addresses complaints that are fueling its conflict with Washington.

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China is a big market for Alaska, worth up to a billion dollars a year, with half of that figure being sent directly to China for home consumption.

Trump vowed to impose levies on more than 1,000 Chinese products back in June.

That equates to 700,000 barrels per day, 8 percent of China's daily imports and a large volume for the United States, a newcomer to the Chinese market.

Chinese officials reject accusations they steal or force foreign companies to hand over technology.

Other companies have said little publicly along those lines, but Brzytwa said there are active discussions.

It's a small market, but USA beef was doing a good job in taking market share from competitors.

"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.

Forecasters say global economic growth could be reduced by up to 0.5 percentage points in 2019-20 if both sides wind up raising tariffs on $250 billion of imports. China received some support from an unlikely quarter, the American Chamber of Commerce in China, which expressed concern over Trump's moves.

He says: "If someone insists on waging a trade war, it would hurt others as well as themselves". However, investors said a significant escalation intension would cause worries to set in.

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China will counterattack United States tariffs