Are we in a trade war yet?

Workers load imported soybeans onto trucks at a port in Nantong in China's eastern Jiangsu province
Workers load imported soybeans onto trucks at a port in Nantong in China’s eastern Jiangsu province
Author

05 April, 2018

Wall Street certainly is anxious he has.

Fears of a trade war between the world's two largest economies returned to haunt markets on Wednesday, sending us stocks tumbling and sinking European and Asian equities.

"However, imposing taxes on products used daily by American consumers and job creators is not the way to achieve those ends".

The broad-based S&P 500 gained 30.25 points (1.16 per cent) to 2,644.69, while the tech-rich Nasdaq Composite Index jumped 100.83 points (1.45 per cent) to 7,042.11.

China retaliated by hiking tariffs on 128 US products, including pork and fruit.

Adams, of PNC Financial, said the tariffs would be especially painful for companies in agriculture: machinery makers in the US would pay more for imported components, and they wouldn't sell as much food in China because their products would be more expensive.

Beijing imposes tariffs on USA imports worth around $3 billion, including a 15% duty on 120 American products including fruits, nuts, wine and steel pipes and a 25% tax on eight others, like recycled aluminum and pork.

The emerging trade war between the USA and China is spooking stock markets.

"We have to export".

Similarly, retailers such as Walmart, Macy's and Levi's also sent a letter to the White House expressing fears that new China tariffs would result in undue harm.

Administration officials, however, said they saw no reason to panic.

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Europe's stock markets slid on Tuesday as trade war fears and technology sector woes took their toll, while Wall Street managed small gains after a massive sell-off the previous day.

"Agriculture, that's one area where it's pretty evident China would use to hit back at Trump", he said.

To minimize the cost to China, regulators picked products for which replacements are available, such as soybeans from Australia or Brazil, said Tu Xinquan, director of WTO studies at the University of International Business and Economics in Beijing.

Zarit said he still hopes Washington and Beijing will not follow through on their threats. "This is about holding to the laws and the customs of free trade and holding violators to account", he said.

The United States isn't embroiled in a trade war, President Trump said Wednesday, even though it sure looks like one.

President Donald Trump responded Wednesday to the escalating trade fight between the United States and China, saying any trade war between the two countries was already over. "We can not let this continue!" he continued in his tweet. That gives them an incentive to reach a settlement to avoid damaging many businesses on both sides.

"I think we've got to get tough on China".

China's list of 106 U.S goods have been released and for the Republicans, not only will the prospect of falling demand for U.S autos and Boeing aircraft weigh heavily, but also the impact on farmers, with the mid-West having been a strong Republican stronghold in the 2016 Presidential Election.

Aircraft maker Boeing Co BA.N closed down 1 percent, weighing the most on the Dow Jones Industrial Average .DJI as documents from China's Ministry of Commerce and the USA manufacturer showed the move would affect some older Boeing narrowbody models. People do not seem willing to have such consultations to address the issues in a constructive way, in a mutual and beneficial way.

"There was no real letup this Tuesday, the European indices continuing to play catch-up with Monday's value-sapping trade war developments", said Spreadex analyst Connor Campbell.


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