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Amid trade war tensions, US stocks hold up better than Chinese

22 June, 2018, 20:28 | Author: Lawrence Cooper
  • President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year

The United States had already announced it will impose 25 percent tariffs on $50 billion in Chinese goods beginning in July to punish China for what Trump says are unfair trade practices.

China's Commerce Ministry criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community".

China's commerce ministry reacted swiftly, saying: "If the U.S. acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures".

As the United States trade war with China looks set to escalate, Dr Tony Syme, expert in macroeconomics and global finance at the University of Salford Business School, comments on what the impact might be and how it could reach much further than just the two countries involved. At a combined $450bn worth of goods tariffed, the USA will have placed tariffs on all but 10% of the $505bn worth of goods imported from China in 2017.

Analysts warned that the risks are growing of an increasingly damaging clash that will ripple around the globe. But last week, Trump unveiled a revised list that included several categories of chips, raising fears that tariffs could impact the USA technology sector.

The Chinese Commerce Ministry responded that it would "strike back hard" with "measures that match the United States move in quantity and quality".

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"Everyone knows. China is the main perpetrator", he said.

The Commerce Ministry criticized Trump's order to prepare tariffs on $200 billion of Chinese goods as blackmail.

"Beijing will have to ensure that Washington is aware that there will be heavy price to pay every action it strikes against China if it is to avoid being a victim of the Trump administration's growing blood lust".

"I have an excellent relationship with President Xi (Jinping), and we will continue working together on many issues".

The Canadian dollar averaged 75.32 cents United States, down 0.39 of a USA cent, as it continues to face the twin pressures of rising U.S. rates and trade fears, especially related to NAFTA. The US imported $2.7bn worth of Chinese seafood in 2017 compared to the $1.3bn worth of seafood it sent to China, based on data from the National Oceanic and Atmospheric Administration. The Chinese government said it would "strike back", presumably with tens of billions of dollars of tariffs of its own.

The tariffs announced by the White House on Friday hit more than 1,100 Chinese products with 25 percent levies. He added that China is a "predatory economic government" that is "long overdue in being tackled", matters that include IP theft and Chinese steel and aluminum flooding the USA market.

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