China: The United States Has ‘Launched a Trade War’

China: The United States Has ‘Launched a Trade War’

But a recent study published by the Agricultural and Applied Economics Association predicted a $2 billion to $3 billion annual hit to US economic welfare if the Chinese retaliate to new USA tariffs with a 25 percent tariff on USA soybeans.

"While the United States semiconductor industry shares the Trump administration's concerns about China's forced technology transfer and intellectual property practices, the proposed imposition of tariffs on semiconductors from China, most of which are actually researched, designed, and manufactured in the U.S., is counterproductive", the group said in a statement. "If there was ever a time for the US seafood industry, restaurants and retailers to come together to work towards a common goal of market access and supporting good American jobs and healthy sustainable American seafood, it is right now".

"The United States has kept changing its mind and now launched a trade war", China's Commerce Ministry said in a statement.

"US-China trade tensions will be long-lasting", said Yifan Hu, regional chief investment officer and chief China economist at UBS Wealth Management told a briefing in Beijing.

On its website, it said: "China is unwilling to have a trade war, but the Chinese side has no choice but to strongly oppose this, due to the United States' myopic behaviour that will harm both parties". And that's what has our trading partners so unnerved. "China is a powerful guardian and has enough ammunition to defend existing trade rules and fairness".

The $34 billion targeted by China is in retaliation to almost $50 billion Trump targeted for product's entering the United States on an annual basis. Most consumer goods from China such as smartphones and TVs were left off the list.

Beijing appeared to be trying to minimise the impact on its own economy by picking USA products that can be replaced by imports from other suppliers such as Brazil or Australia.

The tariffs will also be applied to autos and aquatic products, the ministry said. It said a decision would be announced later.

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The 5-time major champion then struck the ball back at the hole, saw it lip out, then marked it before playing his next shot. Mickelson's shocking display in the third round earned him a two-stroke penalty and led to a 10 on the hole, an 81 overall.

The first wave of U.S. tariffs, affecting $34 billion worth of Chinese goods across 818 product categories, goes into effect on July 6.

The tariffs are the latest chapter in the ongoing trade conflict between the two countries. Other companies say the approval process for licences has slowed down.

A spokeswoman for grain trader Archer Daniels Midland also said bilateral dialogue should be pursued, adding that China "continues to be an important export market for American food and agriculture".

Trump released a statement on the new tariffs, calling them a retaliation against Chinese intellectual property graft.

Companies also are watching the fate of ZTE Corp, a Chinese maker of telecoms equipment that ran afoul of U.S. regulators after it violated restrictions on exports of American technology to Iran and North Korea. "It's like competing in an Olympic race wearing lead shoes", replying to Trump's earlier tweet on wanting China to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States.

The Global Times, a tabloid run by the People's Daily, called the USA move "an irresponsible act on behalf of the White House to disrupt worldwide trade just to appeal to American voters who are convinced their president is fighting for them".

As expected, the tariffs target farmers in America's heartland who rely on commodities prices to increase or at least remain stable as they prepare to sell their agricultural goods to vendors who then export much of America's farm production overseas.

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