China Hits the US With Tariffs on $3 Billion of Exports

The steel tariffs could cause a rise in the cost of machinery for farmers

Economist Taimur Baig with DBS Group said the sanctions are "not very substantial" when considering the $150 billion worth of goods the USA still ships to China, including $20 billion in food supplies.

The Ministry of Commerce said then that it could impose tariffs in two stages: first, a 15 percent duty on 120 products, including fruit and wine, and then, after further assessing the impact of the United States' tariffs, a 25 percent tariff on eight other products, including pork, an important moneymaker, especially in farming regions in states that voted for Trump.

America's steel and aluminum tariffs were imposed after an investigation into the risks posed to US national security, an inquiry known as a "section 232 investigation". Eastern time. The Standard & Poor's 500 index fell 64 points, or 2.8 percent, while the Nasdaq also lost 2.6 percent.

"China's suspension of some of its obligations to the United States is its legitimate right as a member of the World Trade Organization", it said, adding that differences should be resolved through negotiation.

The U.S. exported $20 billion worth of farm products to China past year, including $1.1 billion worth of pork.

China wants to approach any negotiation with the US on solid footing. It is clear that the Trump administration is targeting perceived trade imbalances not only with China but with other Asian countries as evidence of the import tariffs on washing machines and solar products earlier in the year.

Ricketts said he has talked with Agriculture Secretary Sonny Purdue and Commerce Secretary Wilber Ross about the potential for retaliation and urged them to manage the trade situation.

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According to Heimerl's group, the United States exported $1.1 billion of pork to China, making that country the third largest market for US pork.

National pride was also on the line.

According to a letter signed by Outdoor Industry Association and other industry groups opposing the tariffs, China in 2017 accounted for about 41 percent of all apparel, 72 percent of all footwear and 84 percent of all travel goods imported into the U.S. But some public comments urged an even tougher response. Several countries were exempt, including Canada, Mexico and the European Union (EU), but China was not included in the exemption list.

China might lead the digital future if the USA drops the ball, but it won't become the dominant global power simply because it has a larger population. The agreed upon tariffs apply only to a small fraction of US imports. Trading in France, Germany and Britain was closed for Easter.

Chinese Vice Premier Liu He (劉鶴), the top economic official, last month told US Secretary of the Treasury Steven Mnuchin in a telephone call that the IP investigation violated global trade rules and Beijing was "ready to defend its national interests".

President Trump has repeatedly criticised China against its huge trade surplus over the USA and also promised to slash the deficit during his election campaign.

Currently, stocks are continuing to fall in response to the ongoing trade feud between the USA and China. They could also lead to more retaliatory measures by Beijing.

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