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US Lost Its Trade War With China

US Lost Its Trade War With Chinaā€¯

The Dow Jones industrial average plunged 501 points after the opening bell but made it all back, and more. While industrial and chemical companies remain sharply lower, consumer goods makers and some retailers are up.

United States business groups have urged the two sides to try to resolve the issues through talks, expressing concern that threatening tariffs could lead to a dispute that hurts the USA economy.

Beijing has responded with a target list of 106 items imported from the United States worth a similar amount that would be hit by the same ad valorem tariff ("China retaliates for US tariffs", Reuters, April 4).

"We have been saying that China wouldn't start a trade war", a Chinese Foreign Ministry spokesperson said in Beijing.

Here are some of the businesses affected on both sides of the Pacific.

'Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion.

South Korea, Japan, and Taiwan could all lose out if the trade war results in Beijing changing its semiconductor suppliers.

"The rhetoric is different this time around", said Jay Bryson, global economist with Wells Fargo.

On Wall Street, the stock market buckled on the prospect of an all-out trade war between the world's two biggest economies.

China's foreign ministry spokesman Geng Shuang said Beijing had hoped talks would resolve the issues and blamed the USA for the trade dispute.

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China is a relatively insignificant supplier of steel and aluminum to the United States. A trade war is not inevitable, but the risk of sleepwalking into a damaging conflict that nobody really wants is there.

On Wednesday, both of those things appeared to happen in the same day. The S&P 500 index rose 1.3 percent to 2,614.45. The Russell 2000 index of smaller-company stocks gained 19.51 points, or 1.3 percent, to 1,531.66.

China strongly condemns and firmly opposes the United States tariff proposals and is ready to take countermeasures on US products, the Ministry of Commerce (MOC) said Wednesday.

The new tariffs will increase the total fees - tariffs and taxes - paid on a bottle of USA wine imported into China from 48 percent to 63 percent of its value, according to the Wine Institute, the trade group that represents California wineries.

"My view is this is more trade poker than it is trade policy", he said. Gold prices jumped as much as 0.9 percent early on, but finished up just $2.90, or 0.2 percent, at $1,340.20 an ounce. Futures for Soybeans, a big USA export to China, fell 2.2 percent on the CBOT.

However Adams said that there was good news for food producers, as the Chinese government proposed duties on imported beef, but not pork or chicken. 5 percent and 1.

Europe's reaction was sour, too, with London's FTSE and Paris's CAC40 down around 0.5 per cent, while the export-heavy German DAX was more than 1.3 per cent weaker as the nervousness spread.

Shares of Boeing, the single largest US exporter to China, fell 2.0 percent.

Investors are wondering whether one of the worst trade disputes in many years could now turn into a full-scale trade war between the world's two economic superpowers. The global economy is expected to grow 3.9 percent this year, which would be its strongest showing in seven years, according to the International Monetary Fund. Technology stocks have turned higher.



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