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techkenyot.com November 18, 2018


Trump’s trade war: what is it and which products are affected?

09 July 2018, 03:37 | Hattie Nash

Trump’s trade war: what is it and which products are affected?

A US flag is seen during a welcoming ceremony in Beijing China

On Friday, China's foreign ministry in Beijing immediately retaliated by imposing additional tariffs for US products worth about $34 billion.

Beijing insists it's the injured party. This is the time of year, he said, when Chinese soy product producers switch from American soy to Brazilian soybeans as they are further along in their growing season.

The negotiations began in August but have stalled over US demands created to discourage investment in Mexico and to shift auto production back to the United States.

Dennis Riggs, 63, who farms south of Sidney, said numerous investments he has been wanting to make on his farm are now "out of the question", because China launched its own set of tariffs on American goods like soybeans, corn, pork and poultry in retaliation.

Trump's tariffs on the EU, Canada and Mexico are for as much as 25% on imports of steel and aluminium, which the United States has imposed on grounds of national security.

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"John Heisdorffer, an Iowa soybean farmer and president of the ASA, warned of the impact of the tariffs on farmers".

Trump has enraged such USA allies as the European Union, Canada and Mexico by hitting them - and just about everyone else - with a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

American companies doing business in China are particularly anxious. "Soybean demand is there, and it's really, really big as soybeans go into different channels".

He described the potential escalation to reporters aboard Air Force One: "Thirty-four, and then you have another 16 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?"

Trump also said the USA is ready to target an additional $200bn in Chinese imports - and then $300bn more - if Beijing does not yield to U.S. demands and continues to retaliate. What galls them most is the president's justification: Using a little-used weapon in US trade law, he has declared that the imported metals are a threat to America's national security.

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Among the American goods affected are soybeans.

Why is the United States imposing tariffs?

When it comes to China, Trump believes Beijing is using "unfair" trade practices to gain an advantage on the United States, including lax observation of intellectual property law. "China trade war, and let's hope it's not Fort Sumter", the piece began. Trump has added to the tension by threatening new tariffs on cars.

Beijing hit back on Friday with tariffs worth $34bn and has said it will match Trump's $50bn threat. The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments. "At that point, the U.S. will be more interested in negotiations, and the Chinese side will also want to come to the table". "You tax soybean exports at 25-percent, and you have serious damage to US farmers".

Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy.

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In January 2018, the Trump Administration found that China's overproduction of steel and aluminum, and the resulting impact on global markets, is a circumstance that threatens to impair America's national security. "And so I'd expect the two sides to pursue some sort of face-saving deal that looks good on paper but is not enduring".



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