Trade War With China


The two countries have threatened each other with tens of billions of dollars of tariffs, but officials in President Donald Trump's administration have stressed the tariffs are not yet in place and the dispute could be resolved through talks.

Trump also warned China that threats to raise tariffs on American agricultural products, in an attempt to hurt a constituency that provided some of his strongest political support, would backfire.

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"One out of every three rows of soybeans raised in the state of Missouri go to China", said Buchanan County MOFB board member Vernon Hart. China is using what would be akin to pinpoint bombing to take out strategic targets in Republican red states, as it slaps tariffs on Harley Davidson products and cranberries, from Speaker Matt Ryan's home state, peaches from Georgia, and Kentucky bourbon. Trump responded in a tweet saying he was "thankful" for Xi's remarks on tariffs and access for USA automakers, and said both countries would "make great progress together". Trump's publicly-stated premise that China needs to be slapped with tariffs on its steel and aluminum exports to the US because it is destroying these USA industries is a fallacy. -China trade relationship In any case, both sides appear to be attempting to feel each other out on trade issues by firing tariffs at each other.

By charging these initial tariffs, Trump and his economic team have carelessly ignited the flames of what is becoming a global trade war, which will close economic doors and leave the American people with little more than worldwide strife, less export profit and higher consumer prices. The U.S. bought more than $500 billion in goods from China a year ago and now is planning or considering penalties on some $150 billion of those imports. "Blame China, not Trump". "However, according to Praveen Kumar, executive director of the University of Houston's Gutierrez Energy Management Institute, if the trade war escalates to broader energy related machinery classes, then Houston will be more exposed". The U.S. sold about $130 billion in goods to China in 2017 and faces a potentially devastating hit to its market there if China responds in kind. Underlying the study is the oft-assumed, rarely interrogated idea that the United States can retain its technological advantage if it can enforce a fair playing field on Chinese technology companies.

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"When the United States put the tariffs on Chinese steel inputs, China immediately went to the WTO and tried to seek discussions with the U.S.", he said.

A trade war would result in American consumers having fewer choices and paying higher prices.

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Despite this, U.S. Treasury Secretary Steven Mnuchin said Sunday he doesn't expect the enter a trade war with the Asian country, which is the largest purchaser of American soybeans and a critical market for Chicago-based airplane maker Boeing. The United States now accounts for less than 5% of China's imports of the commonly used plastic, the bank's analysts said, but that number is expected to triple over the next two years if the tariffs aren't imposed.