Published: Fri, July 13, 2018
Global | By Shelia Dennis

Global stocks rebound but trade war fears remain

Global stocks rebound but trade war fears remain

Stephen Innes, head of Asia-Pacific trade at OANDA, said, "nothing is written in stone and the tariffs are not set to take effect until September" but the move was still "a very sobering reality check as to just how fragile sentiment around trade war rhetoric is".

The latest escalation in the trade dispute sent markets lower.

Connelly called the United States and China strategy of "placing unwarranted tariffs" on seafood products "misguided", and warned that it will "only hurt workers and consumers in their own countries".

The Australian dollar, often seen as a proxy for Chinese economic fortunes, fell 0.6 per cent as did South Korea's won and Mexico s peso, which also faces the threat of Trump ditching the NAFTA trade pact.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.

"It looks like the U.S. just took the scale of the trade frictions to another level", Li said at a forum in Beijing.

The U.S. has long criticized China, accusing it of unfair trade practices and appropriating intellectual property.

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"The trade dispute between China and the U.S.is a big deal, and to the extent that it goes to a full scale war that potentially is recessionary basically for the global economy so we have to be careful here", Tal said.

In a statement, U.S. Trade Representative Robert Lighthizer said that the new 10 percent tariffs were in response to what he called China's "retaliation and failure to change its practices".

China gave no details but earlier threatened "comprehensive measures" if Washington took more action.

"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chairman Orrin Hatch in a statement.

The spiralling conflict stems from Washington's complaint that Beijing steals or pressures companies to hand over technology and concerns that plans for state-led development of Chinese champions in robotics and other fields might erode American industrial leadership. - Donald J. Trump (@realDonaldTrump) July 11, 2018 " Other countries' trade barriers and tariffs have been destroying [farmers'] businesses.

The new round would be a 10 percent tariff on another $200 billion in Chinese goods.

The latest action from the Trump administration was caused by China's retaliation of imposing tariffs on $34 billion in USA exports to China and threatening tariffs on another $16 billion.

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Additionally, they cover bags and boxes; building products, luggage and include some categories of plastic machinery and molds apparently not covered in previous tariffs.

China immediately retaliated with duties on the same value of United States goods, including soybeans and cars.

In addition, another $16 billion worth of tariffs proposed by the Trump administration on Chinese goods is already undergo further review in a public notice and comment process, including a public hearing.

The U.S. Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but does not back Trump's aggressive tariff policies.

While Korean-made autos are exempt from USA duties under the bilateral trade pact implemented in 2012, market watchers say new tariffs of 25 percent could deal a heavy blow to local manufacturers and parts makers.

Analysts say a full-blown trade war with China could wound the U.S.in several ways. But according to economists, Beijing is unlikely to do so.

Chinese tactics, the administration said, include outright cybertheft and forcing US companies to hand over technology in exchange for access to the Chinese market.

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While China does not export enough goods to the USA to match the value of the announced tariffs, combining U.S. corporate revenue inside China with exports would give America a trade surplus of US$20 billion, according to research from Deutsche Bank cited by Bloomberg.

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