Soybean farmers, apple growers and auto workers are among the USA workers bracing for fallout from a trade war between the United States and China. Soybeans are among the American goods targeted by Chinese tariffs after the U.S. implemented duties earlier in the day and President Donald J. Trump threatened more action.
The duties slapped by the U.S. will make Chinese cough an additional 25 per cent on products such as industrial machinery, medical devices and auto parts.
"The United States has waged the biggest trade war in economic history against the rules of the World Trade Organization", China's Commerce Ministry said in a statement, describing the us tariffs as "textbook trade hegemony".
It added that instead of "serving the interests of USA companies and people, the move will prove to be counter-productive and damaging". Beijing lodged an additional complaint with the World Trade Organization over tariffs under Section 301.
"The United States has blatantly violated WTO rules", said Hu, the foreign ministry spokesman. "Hinders the pace of global economic recovery, triggers global market turmoil and will affect more innocent multinational companies, general companies and consumers".
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Most companies likely have a 30-day supply of products they import from China on hand, the spokesperson said.
United States indices rose today (see table below) as investors looked past President Trump's just-initiated trade war with China to positive employment data.
"But of course, the talk of a trade war already depressed the market for about 1,000 points in the past month".
The North American Food Equipment Manufacturers: The tariffs could even trickle down to the cost of fast food, Charlie Souhrada, a vice president of the North American Food Equipment Manufacturers, told The Associated Press. "Trade wars are bad and not easy to win", he said via Twitter.
On Thursday, Trump said that he is willing to slap tariffs on up to $550 billion, which actually exceeds the current value of Chinese imports to the United States by $46 billion.
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He added the United States is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate.
Still, Heitkamp said "no one should be surprised by this" because "this is what (President Donald Trump) said he was going to do".
"They need a lot of it, we have a lot of it, so hopefully everyone comes to their senses", he said.
The benchmark Shanghai Composite Index fell by as much as 1.52% in the morning before finishing the session up 0.45% on Friday.
What's worse is that the Trump administration has paved no way out of this situation, said Matthew Gold, former deputy assistant USA trade representative for North America.
In addition to the tariffs, the White House is placing restrictions on investment and on visas for Chinese nationals. If China is cheap, they go to China.
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American apple growers are also concerned about the new export tariffs.