China blasts USA tariffs

Trump Proposes $100 Billion More in Tariffs on China

The country's tax agency gave no date for the 25 percent increase to take effect and said it will depend on what President Donald Trump does about USA plans to raise duties on a similar amount of Chinese goods.

Though the tariffs are not in place yet, the news had an immediate impact on markets, including the soybean market. Wall Street was poised for big losses at the open with Dow futures and the broader S&P 500 futures 1.4 percent lower. "The trade implications between the US and China are far from complete".

The U.S. had a $337 billion trade deficit with China last year, 9 percent larger than the year before.

"China is a huge market for our soybean growers", he said.

At a news conference on Wednesday, Chinese officials did little to stem talk of "war", but stressed that Beijing is willing to work with the White House.

Rural America has been especially anxious about the risk of a trade war.

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US Commerce Secretary Wilbur Ross said in an interview with CNBC that it would not be surprising if the US and China trade actions led to negotiations, although he would not speculate on when this might happen. "They will wash out those cargoes (if the duties are implemented soon)", said the trader, who works for an worldwide firm and declined to be identified.

Trump tweeted his own take on the news.

"The main risk is that China's response leads to a counter retaliation by the USA and a process of escalating tariffs that leads to a sharp slowing in trade between the two countries", said Mr Oliver. 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.

China ran a $375 billion goods trade surplus with the United States in 2017, a figure that Trump has demanded be cut by $100 billion. In March, representatives from the Iowa Soybean Association visited him in China to plead their case, according to a Chinese report.

USTR developed the tariff targets using a computer algorithm created to choose products that would inflict maximum pain on Chinese exporters but limit damage to U.S. consumers. US companies have until May 22 to raise objections.

The Alliance for American Manufacturing - a coalition made up of USA steel manufacturers and the steelworkers union - was more encouraging. Farm states generally backed Trump in the 2016 election and their exports could be hurt.

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The latest U.S. move heightened trade tensions with China, which on Monday had slapped taxes on three billion dollars-worth of United States products in response to earlier USA tariffs on steel and aluminium imports. Asian stocks fell for a second day Tuesday amid jitters about U.S.

Soon after the announcement, an editorial in the widely read Global Times newspaper warned that if the United States had thought China would not retaliate or would only take symbolic counter-measures, it could "say goodbye to that delusion". But the decision indicates China is willing to match USA threats, despite the risk.

Many US business groups support Trump's efforts to stop the theft of US intellectual property but have questioned whether tariffs are the right approach.

US authorities say Beijing denies foreign companies the right to block use of technology by a Chinese entity once a licensing period ends.

"We have done everything to prebvent this from happening, but we are still calling for a resolution", said Zhang Xiaoping, China director of the US Soybean Export Council told Reuters.

The question now is if Trump will move ahead with the tariffs as announced or change course, potentially going to the table.

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Still, economists say that the clash could escalate quickly if the two sides fail to find a way to quickly resolve their differences, threatening a commercial relationship that is essential to the world economy.

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