05 April, 2018, 01:02 | Author: Priscilla Morrison
Shares in USA exporters of everything from planes to tractors fell after China retaliated against the Trump administration's tariff plans by proposing duties on key U.S. imports, including soybeans, planes, cars, beef and chemicals. The United States exported $15 billion of aircraft to China in 2016, ranking the sector equally with agricultural products like soybeans, according USA trade data.
China isn't wasting any time striking back at USA trade barriers.
Christopher Balding, an associate professor at the HSBC Business School in Shenzhen, said that comparing the USA and Chinese lists showed China's willingness to target products like soybeans, automobiles and planes that could create political problems for Trump.
"While we are pleased that many everyday products such as clothing and shoes are not on the list, we remain concerned that other goods such as consumer electronics and home appliances are targets", said Matthew Shay, president of the National Retail Federation. "The trade implications between the US and China are far from complete". "People from American industries may exert pressure on the USA government and influence final policy implementation".
U.S. President Donald Trump'snew tariffs on Chinese-made cars brought into the United States will not cause much pain for GM, according to James Chao, Asia-Pacific head of consultancy IHS Markit. The U.S. government is inviting public comment on its trade sanctions through May 11 and will hold a hearing on the plan May 15.
It may thus take until the end of May or early June for the tariffs to come into force.
Shares in U.S. aerospace giant Boeing Co were last down 3.3 per cent, making it the biggest drag on the Dow, although it was not immediately clear how much the tariffs would affect Boeing's newer products.
Japan was also hit with these tariffs, while most countries got a temporary exemption. He added that some USA punitive action against Beijing has been "coming for a while" over what the United States calls China's predatory behavior involving technology.
On Wednesday, Trump said intellectual property theft has cost the USA economy $300 billion annually.
But the impending trade war between the Trump administration and China has been building up for nearly a year.
In New York, the Dow Jones industrial average fell over 2pc at opening as investors continue to worry about the prospect of a full-blown trade war between the United States and China.
After plunging 501 points at the open, the Dow Jones industrial average finished with a gain of 230 points, or about 1 percent.
That was an amount which was "appropriate both in light of the estimated harm to the U.S. economy and to obtain elimination of China's harmful acts, policies and practices", it said. Analysts surveyed by The Wall Street Journal had expected a rise of 1 million barrels.
His move sparked concerns over a trade war between the two largest economies of the world.
Tariffs on steel and aluminum, announced last month, are more likely to have a deeper impact on consumers. Beijing's list reflects its sensitivity to American complaints that it pressures foreign companies to hand over technology.
The announcement triggered further heavy selling in global stock markets and commodities, with US stock futures sliding 1.5 per cent, soybean futures plunging 3.7 per cent and the dollar briefly extending early losses.
Keeping score: After a flat open, European markets fell sharply once the China tariffs were announced. As well, furniture and shoes-two other big categories of Chinese imports-are not included. Germany's DAX fell 1.2 percent while France's CAC 40 was down 0.9 percent.
This is the second wave of tariffs imposed by the US.
"China is a huge market for our soybean growers", he said.
Chinese policies "coerce American companies into transferring their technology" to Chinese enterprises, said a USTR statement.
USA business groups mostly agree that something needs to be done about China's aggressive push in technology.
Kudlow, speaking to Fox Business News, repeated the negotiation claim, and even denied there was a trade war at all, saying that "There's no trade war here".
The tariffs can make the agricultural equipment and inputs that farmers rely on, more expensive.
"Business is business. We should analyse the challenge we face and the way we deal with it from the perspective of the economy", he said.
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