How a Trade War Could Impact Employment in the US

How a Trade War Could Impact Employment in the US”

China's new tariffs included many that were carefully targeted at the US agriculture sector, including soybeans, beef and cranberries.

The specter of a large-scale trade war between the world's two biggest economies - an event unprecedented in modern times - has people scrambling to anticipate the effects.

Technology companies, banks, industrial and health care stocks sank.

"The market was weak from get-go".

Hours later, China fired back with an equal amount of tariffs on USA cars, planes and soybeans.

"Markets are forced to confront the idea that rates are going up and the stock market is not going to derail that process", McMillan said. "We're not quite sure what the long-term strategy is".

Since Trump lobbed the first volley in this war of words and tariffs on March 1, the S&P 500 index of US stocks has fallen around 4%. The Russell 2000 index of smaller-company stocks dipped 29.63 points, or 1.9 percent, to 1,513.30. The clash mirrors tension between promises made by Trump to narrow the American trade deficit vis-a-vis China.

The latest declines came on the heels of President Trump saying he's considering tariffs on an additional $100 billion worth of Chinese goods as a response to that country's "unfair retaliation" to his initial tax proposal.

"What this is is an attempt to right some of the wrongs with respect to China", he said. Though India can not remain unaffected by the tariff war, it needs to tread carefully, given its economic stakes in two of the most powerful countries in the world and the need to promote multilateral trading system. This is in addition to the proposed 25 per cent import tariffs worth Dollars 50 billion on some 1,300 Chinese products being imported into the US. "It's been much more volatile in trying to understand what they're trying to tell us". It fell 0.7 percent for the week.

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US Lost Its Trade War With China
On Wall Street , the stock market buckled on the prospect of an all-out trade war between the world's two biggest economies. A trade war is not inevitable, but the risk of sleepwalking into a damaging conflict that nobody really wants is there.

American giants Boeing and Caterpillar both lost 3.1 percent and 3.5 percent of their value respectively.

Jason Pride, chief investment officer for Glenmede's private client business, said Mr Trump's latest order caught investors off guard.

KUHN: Well, I think the Chinese side expects this to go to negotiations.

Markets dropped precipitously on Friday amid fears of a growing trade war between the United States and China.

Senator Chuck Grassley said China had ignored the rules of the World Trade Organization (WTO) for too long and aggressively pursued practices that unfairly undermine American ownership, innovation and entrepreneurship.

European shares followed their Asian counterparts into the red but the falls were limited, and the broader ups and downs for markets this week suggest investors are not yet convinced the row will escalate into a full-blown trade war that threatens global economic growth.

The strength among treasuries also came following the release of a report from the Labor Department showing USA job growth slowed by much more than anticipated in the month of March. "The risk is that the threat-for-threat process spins out of control and we end up in a position in which leadership on both sides find it hard to negotiate to a suitable outcome", he said.

Brazil and Argentina are the main competitors to US growers in the market for soybeans and corn. Oil prices fell nearly 5 percent this week as investors wondered if an increase in trade tensions will reduce demand for oil by slowing down the global economy. The lower yields mean banks cannot make as much money from lending, and that sent bank stocks lower. Silver edged up 1 cent to $16.36 an ounce.

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