MA businesses fearing impact of U.S.-China trade war

09 July, 2018, 05:34 | Author: Charlene Valdez
  • China EU USA trade war alliance Donald Trump President Xi

After the US imposed 25 percent tariffs on $34 billion worth of Chinese goods, China retaliated by imposing tariffs on the same amount of USA products.

The American tariffs are the result of President Donald Trump's bid to protect USA jobs and stop "unfair transfers of American technology and intellectual property to China".

OSA cited an Ohio State University study that suggested these tariffs could lead to a 59 percent decrease in Ohio farmers' net income, and a Purdue University study suggesting total USA soybean exports to China could drop by 65 percent.

He has said the tariffs are aimed at stopping the "unfair transfers of American technology and intellectual property to China" and protecting jobs. China's Commerce Ministry accused the USA of "bullying" and igniting "the largest trade war in economic history".

When the USA on Friday implemented tariffs on $34 billion worth of Chinese goods, China swiftly hit back with its own tariffs on goods imported from the US, including a 25 percent tariff on soybeans.

Chinese Commerce Ministry spokesman Gao Feng said that the proposed USA tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work. "The countdown is on as to what Trump will do next".

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White House Press Secretary Sarah Sanders said while Xi's response was encouraging, the Trump administration needs to see "concrete actions from China".

US President Donald Trump said last week that he supports Congress to pass legislation to protect key technologies from acquisition by foreign entities.

The US trade deficit in goods with China now stands at about $375bn.

Underpinning the dispute is Trump's anger at America's $376 billion deficit in goods trade with China.

Foreign companies accounted for $20 billion, or 59%, of the $34 billion of exports from China that would be subject to new USA tariffs, with USA firms accounting for a significant part of that 59%, Gao said.

The ongoing trade war between USA and China, the two largest economies of the world, will affect Bangladesh's global trade in the long run along with some immediate negative impacts on its economy, economists say.

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"More multinational companies, SMEs and ordinary consumers will be impaired and many industries in the U.S. have realised that it is them that will bear the consequences".

"If what the USA wants is to escalate a trade war with China, then so be it".

"The markets had already sold off the prior two weeks", US Bank Wealth Management national investment consultant Dan Heckman said.

Beijing is also taking a hard-line stance, vowing never to surrender to Washington as far as the trade issue is concerned. Of the total, those on 818 products, such as cars, aircraft and industrial robots covering $34 billion, went into effect on Friday.

The escalating fight between the world's two biggest economies meant that it could "take economic and political pain to get these two parties to the (negotiating) table", Scott Kennedy, head of China studies at the Center for Strategic and International Studies in Washington told Reuters.

Distillers are anxious that retaliatory tariffs, not only from China but Europe and Canada as well, could stunt their sales and slow expansion and hiring plans.

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