What Is the Endgame for the Trump Trade Wars?

Soybean prices have fallen dramatically in recent weeks.
Daniel Acker  Bloomberg

China slammed the USA threat to expand tariff hikes to imports including apples, fish sticks and French doors as a "totally unacceptable" escalation of their trade battle and vowed Wednesday to protect its "core interests". His determination to renegotiate trade deals has targeted not only competitors on the world market such as China, but longtime friends and allies such as the European Union or Canada.

China has seven weeks to make a deal or dig in and try to outlast the US leader. It stems from Washington's belief that Beijing steals or pressures companies to hand over technology and worries that plans for state-led development of Chinese champions in robots and other fields might erode American industrial leadership.

The first USA tariff list focused on Chinese industrial products, an attempt to reduce the direct impact on American consumers.

"Rather than address our legitimate concerns, China has begun to retaliate against USA products". The moves followed an initial raft of 25 percent tariffs announced Friday by the USA on $34 billion in Chinese exports, which was reciprocated by China. China has vowed to retaliate dollar-for-dollar to any further USA tariffs.

The proposed new round of USA tariffs mark a sharp escalation in a trade war between the world's two largest economies, which each began levying 25 per cent tariffs on US$34 billion worth of goods against the other on July 6, with tariffs on another US$16 billion in goods on the cards.

This most recent maneuver follows a threat President Trump made last month, and comes days after the USA and China imposed tit-for-tat tariffs on more than $30 billion in goods.

Senate Finance Committee Chairman Orrin Hatch, R-Utah, responded to Lighthizer's announcement with dismay.

According to the Wall Street Journal, China began to shift their purchases away from U.S. farmers to Brazilian soybeans in the spring.

Analysts have warned that a spiralling trade war between the world's two financial powerhouses could have a damaging impact on the global economy.

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Beijing imposed its tariffs on Friday in retaliation for United States tariffs on Chinese goods.

Market drops started in Asia overnight, where all of China and Hong Kong's share indices lost more than 1%, and has spread to Europe as markets open here.

The U.S. Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but does not back Trump's aggressive tariff policies.

China' s Ministry of Commerce said that the tariffs are "totally unacceptable" and it is hurting the entire world, as well as China.

Global markets in turmoil as Trump intensifies trade war once again.

"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products", Lighthizer said in a statement.

"Concerns over trade and trade wars are really having an adverse effect, less so on the US markets than the worldwide markets, but it is certainly taking a bite".

The United States complained China used predatory practices in a push to challenge American technological dominance.

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