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U.S. pork, wine on China list for tariffs

Time:2018-03-25 21:47wine - Red wine life health Click:

Wine china U.S. list pork

China prepares to strike back in trade spat, aims tariffs at S$3.95b of US goods

China prepares to strike back in trade spat, aims tariffs at S$3.95b of US goods

"We could end up replacing the U.S.as a supplier to China if China imposes restrictions on USA products".

The Trump administration's move to impose tariffs on countries like China undermines the rules-based system of global commerce that the United States itself helped create after World War II, experts and trading partners say.

In a retaliatory move, China unveiled plans yesterday to impose higher tariffs on Dollars 3 billion worth of American goods including pork and pipes in retaliation to U.S. tariffs on steel and aluminium imports from Beijing. Beijing, if officials deemed it worthwhile, could also place 25 percent tariffs on American-made goods such as pork and aluminum.

Europe and the United Kingdom are among key trading partners to America that are exempted for now as negotiations continue - with the exemptions due to be reviewed at the beginning of May.

"With a global network of over 15,000 suppliers in over 40 markets, we are well-positioned to absorb in any shock from trade uncertainty", Li & Fung said in a statement.

US farm groups have long feared that China, which imports more than third of all USA soybeans, could slow purchases of agricultural products, heaping more pain on the struggling USA farm sector.

The Trump administration insists it is not trying to spark a trade war with China.

The administration is also trying to find a way to reduce the USA trade deficit with China, which was about $375 billion past year.

Taiwanese companies are involved in every step of the supply chain in China, with some making their products in China before exporting them to the United States or Europe and others exporting semi-finished products to China before selling them to other countries, Wu said.

Chinese Foreign Ministry spokeswoman Hua Chunying added, "We don't want a trade war, but we are not afraid of it".

China has noted strong reactions from many US trade partners over the steel and aluminum tariffs. However, Chinese officials already insist companies aren't required to hand over technology, so it was unclear how policy might change.

Littler added that lower USA demand for Chinese-made goods could help Canadian retailers to drive better bargains from Chinese factories looking to replace lost sales.

Shares of USA pork suppliers Tyson Foods Inc. and Hormel Foods Corp. were little changed Friday after China announced the proposed tariffs, but WH Group Ltd. plunged.

It's unclear how the regulations will affect the U.S. However, representatives on Capitol Hill maintain a positive outlook, and are standing firmly behind the president and U.S. workers.

The order also directs the US Treasury to develop new proposals to increase safeguards against Chinese investments in the US that could compromise national security. "I have tremendous respect for President Xi", Trump said. There's a plausible scenario where Trump fires off an angry tweet to pile on more tariffs, and the situation escalates quickly.

At a time when USA wine exports have been slipping overall, there's been growth in exports to China, where a rapidly growing middle class is adopting many Western tastes.

The Commerce Ministry urged Washington to negotiate "to avoid damage to overall Chinese-US cooperation".

About 350,000 Chinese students study in the US, and Chinese tourists spend more money here than those from any other country, noted Wang Huiyao, president of the Center for China and Globalization, a Beijing-based think tank.

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