Sunday, 22 July, 2018

China issues warning for citizens traveling to US

GETTYThe US President has escalated tensions that could lead to a trade war GETTYThe US President has escalated tensions that could lead to a trade war
Priscilla Morrison | 11 July, 2018, 20:28

"From the perspective of USA businesses and farms, this is a self-inflicted wound".

Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum from several countries. By one measure, business confidence has fallen in six of the past seven months in Germany, where exports are nearly half of annual economic output.

Washington is poised Friday to impose new tariffs on $34 billion in Chinese imports, with Beijing pledging to hit back immediately dollar for dollar.

China rejected "threats and blackmail" ahead of a threatened US tariff hike, striking a defiant stance Thursday in a dispute companies worry could flare into a full-blown trade war and chill the global economy.

China's reciprocal tariffs took an aim at soybeans, which accounted for $14 billion of USA exports into the Asian country past year, the Wall Street Journal reported.

These consumer impacts are not lost on the Trump Administration.

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Growth past year was the strongest in a decade, since before the global financial crisis.

Chinese state media have slammed the protectionist policies of US President Donald Trump and on Friday likened his administration to a "gang of hoodlums", but the trade conflict has gained little traction on China's tightly controlled social media. Many businesses count China as a major export destination, but the retaliatory tariffs placed by the Chinese government on USA products will similarly increase prices in China and hurt sales.

China's commerce ministry says Beijing has "no choice but to fight" as U.S. prepares for enforcing tariffs on more than $34 billion in Chinese imports from Friday. Newell Brands, which owns Rubbermaid, says Americans may face higher costs for its imported FoodSaver vacuum sealer products, which are used to store and preserve food. "Simply put, the United States is opening fire on the whole world, and also firing at itself", China commerce ministry spokesman Gao Feng said on Thursday. The products would, of course, be significantly more expensive and the range probably more limited. Of those, 81,000 - worth $2.37 billion - went to China.

"Also, in terms of reducing the U.S". The tariffs were issued on the basis of combatting unfair Chinese trade practices.

Mexico is also studying how to reduce the economic strain of an escalating trade spat, an action that China has also adopted. "But Trump obviously wants us to lose this partner". European companies like BMW, Daimler's Mercedes-Benz, Volkswagen's Porsche and Audi divisions, and Fiat Chrysler send $46.6 billion worth of vehicles every year to the U.S. Some 13.3 million people, or 6.1 percent of the employed population of the EU, work in the automotive sector, according to the European Automobile Manufacturers Association. The company said in a Securities and Exchange commission filing that the tariffs "would have an immediate and lasting detrimental impact to its business in the region". The EU and China agreed last month to deepen commercial ties and support trade rules. The U.S. has already levied tariffs on steel and aluminum imports from Canada, Mexico, and the European Union, angering those allies and prompting them to retaliate. While Trump's duties do not apply to food products, Souhrada pointed that NAFEM member Henny Penny expects the tariffs to increase the price of their pressure cookers.

Trump says the measures are aimed at levelling the playing field for American companies, which he says will become more competitive. China's imports of American oil have surged over the past year and a half, climbing from $100 million per month at the beginning of 2017 to almost $1 billion per month.

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