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Escalating trade war worries farmers

10 April, 2018, 19:17 | Author: Priscilla Morrison
  • New US-China tariffs point to need for bilateral negotiations

Speaking at the Boao Forum for Asia in Hainan province, Xi vowed to open China's economy, protect intellectual property of foreign firms and he criticized isolationism in his first public comments since the trade dispute with U.S. President Donald Trump's administration erupted.

Washington and Beijing have exchanged tariff threats in recent weeks.

"If during the course of the negotiation they want to hit the farmers because they think that hits me".

A researcher with China's state planning agency said China's economy will see little impact from the trade dispute, as the country's vast domestic market can compensate for any external impact. "They are just as nervous as we are". But he declared the US would emerge "much stronger, much richer". "China dialogue at the WTO to find a deal on intellectual property rights", said economist Rajiv Biswas of IHS Markit in a report.

Chinese state researchers and media talked down the likely impact of US trade measures on the world's second largest economy and described the Trump administration's posturing on trade as the product of an "anxiety disorder". Beijing responded with its own $50 billion list of US goods for possible retaliation. Goldman Sachs said on Monday morning that it expected an eventual compromise between the US and China.

"China will safeguard the principles of free trade and oppose protectionism", Wang said.

Top members of Trump's economic team, speaking on Sunday morning talk shows, defended the US threats to impose tariffs on Chinese imports and framed the moves as part of a longer-term strategy for growth - while suggesting a trade war can be averted.

Among low and middle-income countries, China indeed has some of the highest tariffs imposed on imported medicine.

Risk aversion in the market subsided with stocks rising and the safe haven Japanese yen retracing its gains after Chinese President Xi Jinping, speaking at the Boao forum in Asia said that his country doesn't seek trade surplus and have a genuine desire to increase imports and achieve greater balance global payments under the current account.




Also Tuesday, China filed a WTO challenge against Trump's earlier tariff hike on steel and aluminum in a separate dispute.

Trump has threatened to raise tariffs on Chinese goods worth $50 billion in response to complaints Beijing pressures foreign companies to hand over technology in violation of its market-opening pledges.

Fan Gang, an influential economist and adviser to China's central bank, on Sunday flagged the possibility of a US trade war as the USA economy faces pressure from China's rapid development.

Leeds adds, "It is our hope that USA and Chinese officials will quickly transition from politics and posturing to resolving this escalating trade dispute for the benefit of American farmers and our Chinese customers".

"This is a problem caused by China, not a problem caused by President Trump", Kudlow said on Fox News Sunday. China's commerce ministry, for its part, said it would "fight back with a major response" if provoked.

"China's opened doors will not close".

"Xi explicitly did not continue the trade war rhetoric so this is going to be risk friendly and the market will be relieved", said Kit Juckes, a macro strategist at Societe Generale.

The Chinese Communist Party's official newspaper described US trade policies as a populist tilt by Trump ahead of the USA mid-term elections, but that the steps would ultimately end up hurting US households through higher consumer prices. The U.S. exports $1.16 billion worth of pork products to China per year.

Earlier in the year, the USA imposed tariffs on imported solar panels, as well as steel and aluminum imports.

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