It's Tariffs at 20 Paces in Trump-Xi Trade War

It's Tariffs at 20 Paces in Trump-Xi Trade War

The early declines followed an announcement by the Chinese government that it plans to impose tariffs of 25 percent on a list of US goods worth $50 billion, including soybeans and aircraft.

It said that China's economic dependency on the US fell from 6.3 percent of GDP in 2006 to about 3.0 percent in 2017, while USA economic dependency on China rose steadily from 0.1 percent of GDP to 0.7 percent during 2000 and 2014.

The US kicked off this round of the fight Tuesday when the Office of the US Trade Representative announced tariffs on 128 Chinese goods, particularly in emerging technology, transportation, and machinery.

A few hours later on Tuesday, China responded in kind by announcing tariffs of its own targeting soybeans, automobiles, and chemicals.

The planned US tariffs are the result of an investigation ordered by US President Donald Trump into China's intellectual property practices.

It's a strategy that might just work.

The American Soybean Association on Wednesday called on the Trump administration "to reconsider the tariffs that led to this retaliation".

China and the US both imposed tariffs on each other’s goods as trade tensions escalate. Soybeans are of particular importance since they are the largest U.S. agricultural export to China, with just over $14 billion worth heading to China in 2016.

However, experts warn that 2018 could be a different story, calling a trade war between the two gargantuan economies increasingly likely.

Stocks are opening sharply lower on Wall Street as an escalating trade dispute between the US and China poses a threat to global economic growth and corporate profits. "Investors believe a trade war will hurt both countries and their economies eventually".

AUS vs SA: Mentally, we weren't quite there, says Tim Paine
Australia started the day on 88 for 3 and lost their remaining seven wickets for 31 runs inside 17 overs. We are always incredibly proud to be a part of this Trust which has a proven track record for success".

"China's response was tougher than what the market was expecting - investors didn't foresee the country levying additional tariffs on sensitive and important products such as soybeans and airplanes", said Gao Qi, Singapore-based strategist at Scotiabank.

The United States and China are in the middle of a trade tiff.

The Chinese action was, in turn, in response to the Trump administration's own $50-billion list of Chinese products that face United States tariffs over Beijing's alleged theft of intellectual property and technology.

The Chinese government says its tariffs are specifically in response to the United States trade measures against steel and aluminum.

The fear is that neither Chinese officials nor President Trump seem keen to back down from their positions.

Boeing and Caterpillar led a slide in big US manufacturers and technology companies that bore the brunt of the deepening U.S. A full-fledged trade war could slow global commerce.

Beijing's announcement followed Washington's publishing of a list of 50 billion dollars worth of Chinese imports that could be subject to punitive tariffs.

"We hope that the USA side, with sense and long-term picture in mind, refrain from going further down the wrong path", the Chinese Embassy in the United States said in a statement on Wednesday.

Activity in Japan's service sector also grew at its slowest pace in 17 months last month, British shop prices dropped at the fastest pace in more than a year while Australian February building approvals fell 6.2 percent.

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