Ag industry pans Trump's China tariffs

Trump is getting tough on China trade, but will his strategy work?

Trump is getting tough on China trade, but will his strategy work?

-China trade war ranked as the most-read topic Friday.

China's Commerce Ministry announced Friday that close to 80 fruit and nut products from the United States face higher tariffs, as Beijing prepared to boost duties on as much as $3 billion of USA imports. He also issued a third proclamation exempting Argentina, Australia, Brazil, Canada, Mexico, EU member countries and South Korea from the tariffs through May 1, "pending discussions of satisfactory long-term alternative means to address the threatened impairment to USA national security".

Business Roundtable said unilaterally imposing tariffs or other restrictions without a long-term strategy to bring about reforms in China will only raise prices in America, make American companies and products less competitive, and harm USA workers and consumers. "We have a tremendous intellectual property theft situation going on", Trump said as he signed the new trade order, which could include duties as high as 25 percent.

In announcing the planned tariffs, the commerce ministry said China would also "take legal action within the framework of the World Trade Organisation".

China said it would raise tariffs in two phases, slapping an additional 15 ideal on 120 goods worth almost $1bn if the U.S. fails to reach a "trade compensation agreement" within an unspecified timeframe.

China's foreign ministry spokeswoman, Hua Chunying, indicated those goods could be on the hit list when she said during a press conference in Beijing that "China's market receives the largest number of U.S. planes and soybeans and the second largest number of USA cars and cotton". "Our past presidents should never have allowed this to happen".

The country's regulatory regime is still highly restrictive, says Atlanta-based UPS, which entered China 30 years ago through a joint venture agreement and took ownership of its business there in 2005.

Trump campaigned on promises to bring down America's trade deficit, which stood at $566 billion a year ago, by rewriting trade agreements and cracking down on what he called abusive commercial practices by United States trading partners.

Farmers voted overwhelmingly for Trump in 2016.

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Dairy Queen said it raised $300,000 for the charity on the same day previous year . Free cones will be available during regular business hours all day long.

A commentary published by the official Xinhua news agency said the United States had adopted a "Cold War mentality", and "panic" over China´s economic rise was driving Washington´s confrontational approach.

"If I were in the government, I would probably hit soybeans first, then hit autos and airplanes", said Lou, now chairman of the National Council for Social Security Fund. On Amazon, more than half of product listings come from smaller businesses that source from China, which Huang said would be hit hard.

"I think it's important to realize that China has said this, but it hasn't been implemented", said David Preisler, CEO of the Minnesota Pork Producers Association.

"The government will continue to work closely with the European Union and the US Administration for a full exemption, and to ensure United Kingdom companies are not negatively impacted, either directly or indirectly". Broad-based tariffs would nearly certainly translate into higher sticker prices in stores across the U.S.

"The tariffs as they're now announced is a negative but you're really anxious about is how this can escalate".

US President Donald Trump had earlier this month imposed heavy tariffs on imported steel and aluminium which he said were necessary to boost the US industry suffering from "unfair" business practices. The U.S.is a major supplier of apples, cherries, walnuts and almonds, much of which is produced by growers in California, Florida and MI. Beijing told Washington that US export restrictions on some high-tech products are to blame.

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 threat of Chinese retaliation raised fears of a US-China trade war. Two people briefed on bilateral discussions said Chinese officials had asked for a to-do list they could work with, but the administration has not provided one.

In 2007, the USA filed a complaint through the WTO's dispute-settlement mechanism, according to Dr. Fragkiskos Filippaios, who holds the title of "reader" in worldwide business in the Kent Business School at the University of Kent in the UK.

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