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13 July 2018, 01:57 | Devin Moran
Soybean prices have fallen dramatically in recent weeks.
Daniel Acker Bloomberg
On Wall Street, the Dow Jones Industrial Average fell more than 200 points to end at 24,700.45 after the administration announced plans to impose 10 per cent tariffs on thousands moreChinese products, drastically escalating the trade war that has been simmering for months. Chinese indexes also slid.
In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said at a forum in Beijing that the latest USA proposals interfered with the globalisation of the world economy and that China's support for a multilateral trade system would not change.
Officials also announced that Beijing had leveled another complaint against America's "unilateralist behavior" to the World Trade Organization, marking China's 12th such filing against the United States.
"As relations with the United States become increasingly hard, the other economic giant will inevitably become more important to us", said Volker Treier, the deputy chief executive of Germany's Chambers of Industry and Commerce. What confuses China the most about Trump's actions? "You tax soybean exports at 25 percent, and you have serious damage to United States farmers".
"Farmers have done poorly for 15 years". China, on the other hand, implemented counter tariffs on the USA afterward.
The proposed tariffs come just days after the Trump administration imposed 25 percent tariffs on more than 800 Chinese products worth about $34 billion, citing what it calls China's unfair trade practices and intellectual property theft.Beijing followed suit with an equal amount of levies on US goods.
"Special Report" panel reacts to the strategy behind the Trump administration's new charges on Chinese products.
If the proposed tariffs go into effect after public consultations end on Aug 30, duties implemented by the administration aimed squarely at China will cover almost half of all U.S. imports from the Asian nation.
Analysts say a full-blown trade war with China could wound the U.S.in several ways.
And in recent statements, Xi's government hasn't insulted Trump directly.
The Retail Industry Leaders Association, a lobbying group, said U.S. businesses and consumers will lose from the administration's trade battle.
"It'll force you to put your oil somewhere else, and it'll cost you more" to attract more buyers, said Ron Gasser, vice president at Texas-based Mammoth Exploration.
SUN: But we also know that in practice, that is a very common practice.
The comments came after President Donald Trump's administration threatened fresh tariffs on another $200 billion in Chinese goods and Beijing vowed to retaliate, the latest salvo in the escalating tariff battle.
"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen.
"As a result of China's retaliation and failure to change its practices, the President has ordered USTR to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports". However, Beijing has other ways to disrupt American companies' operations.
"If you are Trump, you basically want to go after China only after you make sure that NAFTA is a go".
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