Cost of Possible US-China Trade War Becomes More Apparent

China announces tariffs on certain US products

The White House is now threatening China with tariffs on $150 billion in imports, $100 billion more than its initial proposal. As a result, trade war between the United States and China must be seen as one of the biggest risks to the global economy and commodity prices in 2018 and 2019.

"If the U.S. side disregards opposition from China and the worldwide community and insists on carrying out unilateralism and trade protectionism, the Chinese side will follow through, at any costs, till the end", the Ministry of Commerce said in a statement yesterday.

We spend trillions of dollars on wars and destruction all around the world; China is spending trillions of dollars all over the world creating better infrastructure to promote trade and globalization.

Beijing has responded with a target list of 106 items imported from the United States worth a similar amount that would be hit by the same ad valorem tariff ("China retaliates for USA tariffs", Reuters, April 4). China wasted no time in firing back with 25-percent tariffs on imports of 106 USA products. China shot back 11 hours later with a list of proposed duties on $50 billion of American imports, including soybeans, aircraft, cars, beef and chemicals.

On Wednesday, China unveiled a list of 106 USA goods - from soybeans and whiskey to frozen beef and aircraft - targeted for tariffs, in a swift retaliatory move only hours after the Trump administration proposed duties on some 1,300 Chinese industrial, technology, transport and medical products.

"We absolutely are willing to negotiate and not get into a trade war". The Dow fell more than 570 points, or 2.3 percent. That is likely to cause President Trump political problems in farm states, but it also risks raising food costs within China.

"I'm not saying there won't be a little pain", Trump said Friday during an interview on 77 WABC Radio's "Bernie & Sid in the Morning" program. We make them worse off if we stand between them and say "thou shalt not".

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The administration later stressed that any additional tariffs first would be subject to a 60-day public comment period. Meanwhile, as Undercurrent News recently reported, the United States imported seafood from China worth $2.6bn in 2017.

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The Eurasia Group believes this could lead to a technology cold war and fragmented tech space in which China and countries in its sphere of influence will seek to "control the flow of information" while the U.S. "guards against foreign investment in American tech companies". "We now have a trade deficit of 500 billion Dollars per year, and the theft of intellectual property for another 300 billion USD".

China also urged the European Union to join it in taking a clear stance against U.S. protectionism, calling for Brussels and Beijing to "jointly preserve the rules-based multilateral trade order", said Zhang Ming, head of the Chinese mission to the EU.

Trade wars, by contrast, are sure to cause economic harm in the short run - including higher prices to consumers, lost sales to farms and factories, and a drag on the USA economy.

Though the USA tariffs target Chinese drug makers, those on the losing side may be American pharmaceutical companies that make generics such as Mylan NV.

Kudlow, who has repeatedly sought to soothe markets with mention of possible talks, told Bloomberg Television there were always ongoing bilateral discussions on trade but that negotiations on tariffs had not begun. Those tariffs have yet to go into effect.

The secretary tried to assure investors that Trump's willingness to fight for United States interests would be a "long-term positive" for American companies.

Mnuchin said the United States doesn't intend to "lay out our negotiations in the public domain".

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