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Trump fights trade dispute with phony number

07 April, 2018, 01:08 | Author: Shawna Walton
  • A Chinese butcher sells US pork

In a statement, Trump said the U.S. Trade Representative had determined that China "has repeatedly engaged in practices to unfairly obtain America's intellectual property". China lashed out at the U.S. over the decision, saying it impacted the global trade.

Exports form a major part of CHINA's ECONOMY and as the U.S. buys so much from the CHINESE it is but natural that Washington can buy many more ways from the CHINESE economy. Annual U.S. soybean exports to China total roughly $13 billion of the $20 billion in the nation's total yearly agricultural sales to China, he noted.

Then the Trump administration announced 25 percent duties on more than 1,300 Chinese products worth some $50 billion. The protections on the $50 billion of goods announced on Wednesday, together with those on the $3 billion worth of products that Beijing unveiled earlier this week in retaliation for American tariffs on global steel imports, account for about a third of China's American imports.

Boeing, which delivered one-fourth of all its planes to China past year, fell as much as 5.7 percent early on and finished with a loss of $3.38, or 1 percent, at $327.44.

Geng Shuang, Chinese Foreign Ministry Spokesman, said that China was ready to put and end to the trade conflict between China and the United States through negotiation.

"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. In an interview on CNBC, he said China's reaction "shouldn't surprise anyone" and the US isn't entering "World War III". And China has included soybeans on its list of 106 products that would be hit by retaliatory tariffs.

The trade tensions brewing between the world's two largest economies hit global markets, with shares of industrial companies with exposure to Chinese markets, such as Boeing Co and Deere & Co, among the hardest hit.

US stock index futures fell in reaction to Trump's latest statement. "I don't care what the president tweets, no one wins".

Kamiyama notes that the US tariffs are still small compared to total imports from China, which came to $433 billion in 2017, according to Chinese data. "But, I think we're real close".

Therefore, he imposed the tariffs to help the country reduce the deficit.

A Standard Chartered report estimated that U.S. GDP could fall 0.2 percent if China retaliates by banning U.S. food and transport imports, and 0.9 percent if all imports are banned.

Asian stocks were mainly higher during the opening skirmishes Thursday, taking their cue from a stronger session on Wall Street as investors judged recent trade war fears were overblown.

Investors are rethinking the odds escalating tariff threats from President Donald Trump and top Chinese officials will result in concrete action, analysts said.

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