China says won't weaken currency to boost exports, as U.S. tariffs mount

A container ship sails past the skyline of Qingdao in China’s Shandong Province on Sept. 13

Past year alone, the United States imported 78 percent of the rare earths it used domestically from the Asian nation. The US also has begun a $12bn programme to bail out farmers hurt by China's and other countries' retaliatory tariffs on US exports of soybeans, corn and other crops.

The new United States tariffs will begin on September 24 at 10 per cent and will increase to 25 per cent by the end of 2018, with Bank of America Merrill Lynch forecasting a 0.5 percentage point decline in Chinese gross domestic product (GDP) growth for 2019 to 6.1 per cent.

The monthly manufacturing index by the Institute of Supply Management noted that some companies have expressed concern about tariffs despite an otherwise robust USA economy.

"After a thorough study, the USTR concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property - such as forcing United States companies to transfer technology to Chinese counterparts", he said.

Despite the escalating trade tensions, Washington last week asked China for a new round of trade talks led by US Treasury Secretary Steven Mnuchin.

That month, both the U.S. and China placed 25% tariffs of $50bn worth of each other's exports. At Air China Ltd., freight to the U.S.is booming. "I don't think China is winning this, and I don't think we've felt the costs yet, but it will start soon enough...or imminent".

China's No. 2 leader appealed Wednesday for support for free trade and promised to improve conditions for foreign companies following tit-for-tat US and Chinese tariff hikes in a battle over Beijing's technology policy.

The result could be higher prices for American consumers, because most companies are expected to pass on the cost to their customers.

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-China trade war, a setback in one high-profile effort for deeper cooperation between the world's two largest economies.

China, the world's biggest importer of soybeans - used in cooking oil and animal feed - bought about one third of its beans from the U.S. past year.

With Trump's approval rating going down, a full-fledged trade war will hurt more United States industries and cause loss of jobs, and the resulting popular resentment against the U.S. administration will lower his rating further.

Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts. By 5 April 2018, Trump announced via Twitter that the U.S. was considering "whether $100bn of additional tariffs would be appropriate".

China's policies on trade facilitation and investment liberalization, in sharp contrast to the US strategy, have been well received around the globe. He said that trade is not a weapon and shouldn't be used for wars.

"This has become a kind of US routine", he said. China swiftly announced that it would impose tariffs on $60 billion of US exports. China could also retaliate against the USA in non-trade matters. But the longer the dispute goes on, the more both sides will see casualties. "And that's what China did", he said. That escalation could spur USA companies to pre-emptively load up on those goods, too, Deutsche Bank said in a report this week.

Some economists and trade analysts suspect that Trump has bigger goals than just getting China to change its aggressive high-tech industrial policies.

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