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11 July 2018, 10:04 | Devin Moran
The unintended consequences of Trump’s trade war with China
Earlier on Friday, before the 0401 GMT deadline for tariffs was set to take effect, China's state media lashed out at President Donald Trump, accusing the White House of behaving like a "gang of hoodlums" as the world's two biggest economies headed toward outright trade war on Friday.
Trump has railed against Beijing for intellectual property theft and barriers to entry for USA businesses and a $375 billion US trade deficit with China.
Beijing insists it's the injured party.
Washington-based think tank the Peterson Institute for International Economics (PIIE) expects USA tariffs on Chinese goods, which it says particularly target computers and electronics, to hurt multinationals more than China as well as other firms in Asia.
China also has other ways to retaliate by going after US companies such as Apple Inc. and Walmart Inc., which operate in its market and are keen to expand.
China has been urging the European Union to issue a strong joint statement against Trump's trade policies at a summit scheduled for this month, Reuters reported Tuesday. "Soybean demand is there, and it's really, really big as soybeans go into different channels".
In a further move to escalate tensions between the world's two largest economies, U.S. President Donald TrumpsaidWashington could ultimately raise tariffs on more than $500 billion in Chinese products - almost the total value of U.S. imports from the country past year.
But Trump has said his administration will respond to retaliation from Beijing with much bigger waves of tariffs, raising the prospect of worsening tit-for-tat reprisals.
"Then you have another 16 [billion] in two weeks and then as you know we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. OK?"
"We're certainly hoping that this trade dispute is temporary", said Brian Watkins, a 56-year-old farmer from Kenton, Ohio. Those threats were followed by promises from both nations to tax even more imports.
"Soybeans are the top agriculture export for the United States, and China is the top market for purchasing those exports", Heisdorffer said in the statement.
The Trade Partnership, a US-based economics research firm, suggests that the impact will be worse than initially expected, with around 400,000 jobs affected.
There are already signs within the USA that companies are pausing decisions on investment and hiring and input costs flowing from the earlier increase in duties on steel, aluminium and washing machines are flowing through to higher end-prices. It also is rooted in the clash between American notions of free trade and Beijing's state-led development model.
Those retaliatory tariffs are slated to take effect Friday, after Trump's tariffs go into effect.
The Trump administration has already threatened to raise the stakes.
For the time being, analysts say it's hard to see Washington or Beijing backing down in the dispute.
Some Republican lawmakers lashed out at Trump, saying his trade war will hurt farmers and others.
The two giant economies appear ready to see which side can endure the most pain.
USA companies that do a lot of business there have seen steep drops in their stock prices over the past few weeks.
The president has said trade wars could be good for the economy - and "easy to win".
"At that point, the United States will be more interested in negotiations, and the Chinese side will also want to come to the table".
China has said it would respond with tariffs on hundreds of USA goods, including top exports such as soybeans, sorghum and cotton, threatening US farmers in states that backed Trump in the 2016 US election, such as Texas and Iowa.
"We have to remember China is a developing country". If Trump were to realise his ambitions there would be more domestic plants producing goods that China or Europe used to provide, and more jobs created in those plants.
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