Trump's tariff war threatens to erode support of farmers


Asian shares were mostly lower Monday amid worries about trade tensions as the USA and China both started putting tariffs in motion. But if trade relations get worse, it could be much less politically appealing for the USA and China to collaborate on North Korea.

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

US President Donald Trump on Friday announced 25% tariffs on Chinese goods worth USD50bn within tech products and warned that the US would impose additional tariffs should China take retaliatory measures. "They need soybeans. China needs soybeans, and they have to buy some USA soybeans because there's not enough soybeans in the world without it".

Pompeo said he raised the issue with Chinese President Xi Jinping.

Two decades ago, China's economy was largely fuelled by exports, but it has made progress in rebalancing towards domestic investment and consumption since the global financial crisis erupted last decade - limiting the damage trade tariffs could inflict on Beijing. The largest USA industrial companies that have extensive market penetration in Chinese markets are struggling amid the potential trade war.

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"Canadians have no real reason to "smuggle" their shoes because their government is already helping lower their costs through proper trade deals".

Trump said the tariffs will go into effect if China refuses to change its unfair trade practices and insists on going forward with recently announced tariffs.

The world's most valuable publicly traded company does almost all of its manufacturing and assembly in China, the culmination of a long and complicated electronics supply chain that stretches around the world and ends with the Chinese-made iPhone you may be reading this story on. Trump claimed that unilateralism in trade is good for the US.

The President has said that he had ordered US Trade Representative Robert Lighthizer to identify a second tranche of goods imported from China for tariffs of 10 per cent. Surely, a US-China trade war will have an adverse impact among their trading partners, including the Philippines. "And as a USA soybean farmer with the prices below break even now, it's definitely not good for us, either". "China has been taking out $500 billion a year out of our country and rebuilding China", Mr Trump said yesterday in his address to the National Federation of Independent Businesses.

Western governments, which share Washington's concern about Chinese trade abuses if not Trump's threat of hefty tariffs against China, have urged Chinese officials to match their anti-protectionist talk with action. Chips from non-Chinese wafer fabs sold to American companies that pass through those facilities likely would not be hit.

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The Chinese Commerce Ministry reacted quickly to Trump's announcement, accusing the United States of "extreme pressure and extortionist behavior" and warning it would "strike back hard".

"First, the tariffs on $200 billion of imports would affect a wide array of business sectors including some with significant supply chain multipliers (i.e. sectors where each dollar of activity generates more than a dollar of activity in other sectors)", Daco said.

"We will be using that feedback to modify the list", she said.

On April 3, the White House released a list of 1,300 Chinese products worth $50 billion that could be hit with potential tariffs.

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