U.S. pork to feel further chill from China tariff threat

Mar 25, 2018, 01:45
U.S. pork to feel further chill from China tariff threat

The request comes a day after US President Donald Trump announced that he was directing the USTR to pursue dispute settlement in the WTO to confront China over its policies that result in unfair treatment for US companies and innovators trying to do business in China.

Wine imported from the U.S.is displayed at a supermarket in Beijing in 2011.

The Chinese Ministry of Commerce on Friday said it was considering raising tariffs on 128 U.S. products bound for China, including fruits, nuts, wines, pork, and recycled aluminium, according to a statement on its website.

Because Canada is a nation that depends on exports of commodities, a weaker Chinese economy would also hurt the Canadian economy by reducing sales and prices of raw materials, added Conference Board of Canada chief economist Craig Alexander.

"Last year, we lost Dollars 500 billion on trade with China".

"The Chinese side urges the USA side to resolve the concerns of the Chinese side as soon as possible", it said.

In a harshly worded statement, the Chinse Embassy in Washington said Beijing was "not afraid of and will not recoil from a trade war".

The fact that China responded with tariffs of only 3 billion dollars on United States goods is testament to his policy.

Kevin Lin (林成蔭), vice president of investment consultancy Caizischool Co (財子學堂), said that while a trade war between the U.S. and China would impact the Taiwanese stock market, it is unlikely to immediately cause record fluctuations in the local market.

The U.S. argues it needs a strong steel and aluminum industry to reinforce domestic production of warships, fighter planes and other national defense requirements.

The United States today dragged China to the World Trade Organisation, accusing it of unfair technology practices that run counter to the WTO rules.

But what worries USA agriculture is the threat of retaliation that could reduce demand for US agricultural products.

Countries affected by the measures, like China, can under WTO rules retaliate with tariffs on USA goods worth a sum equivalent to the trading loss they would suffer from the US tariffs. The value of US wine exports to China alone increased 450 percent in the past decade, the industry group said.

Secondly, American companies that export to China will be exposed to retaliation in the form of tariffs on USA -made goods.

The White House also invited other countries to negotiate their own exemptions, raising the possibility that Japan, the fifth-largest supplier of steel to American companies, could also get a break.

Non-Chinese companies, including those based in Taiwan, accounted for more than 40% of China's $2.26 trillion in exports previous year. "We will certainly take that into account", the official said. Washington reports different figures that put the gap at a record $375.2 billion.

"The import was 390.4 billion US dollars", Fu said. He noted Beijing began a probe of US sorghum in February after Trump announced the steel and aluminum tariffs.

Li said Beijing would "fully open" manufacturing, with "no mandatory requirement for technology transfers".