China says it is 'shocked' by United States actions in trade dispute
China says it is 'shocked' by United States actions in trade dispute
Canola is an “imperfect substitute” for soybeans
Mike Drew Postmedia
11 July, 2018, 22:43
US stocks fell on Wednesday and looked set to snap their four-day winning streak after Washington's threat to impose tariffs on an additional $200 billion worth of Chinese goods raised fears of an escalating trade war. "What's next is not so much a trade war or even a cold war as the dawn of an ice age in relations between China and the United States". In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, take the necessary counter-measures.
U.S. officials issued a list of thousands of Chinese imports the Trump administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. The US omitted some high-profile items like mobile phones.
These new suggested levies won't take effect until after a public comment period which runs through August. "The U.S. side ignored the progress, adopted unilateral and protectionist measures, and started the trade war".
Although the trade war obviously remains front and centre in the minds of investors, another factor at play is the nagging worry that Trump may want to pull the U.S. out of NATO (the North Atlantic Treaty Organisation) - a move that would represent a fundamental upheaval in the global order, and have a huge impact on markets.
China's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate.
"There certainly is going to be pronounced risks mainly because we've now moved on to the tit-for-tat-for-tit phase of it", said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore. They have given no indication when they might meet again.
A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.
The move marked the latest escalation of the ongoing trade war between Washington and Beijing.
China implemented the tariffs in retaliation for a previous package of USA tariffs implemented by the Trump administration to combat what it said was intellectual property theft and other unfair trade practices. Chinese tactics, the administration says, include outright cybertheft and forcing United States companies to hand over technology in exchange for access to the Chinese market.
'TARIFFS ARE TAXES' Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach".
"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", David French, the group's senior vice president for government relations, said in a statement.
"Concerns over trade and trade wars are really having an adverse effect, less so on the USA markets than the global markets, but it is certainly taking a bite".
U.S. officials released a list of 6,031 Chinese product lines the administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. That came four days after Washington added 25 per cent duties on $34 billion of Chinese goods and Beijing responded by increasing its own taxes on the same amount of American imports.
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Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum from several countries. The products would, of course, be significantly more expensive and the range probably more limited.
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