China should target USA soybeans, says former finance minister

24 March, 2018, 16:37 | Author: Mable Gonzales
  • China's President Warns Taiwan on Moves to Split

American consumers will be the biggest losers if a full-fledged US-China trade war breaks out, Beijing has warned, after President Donald Trump signed a memorandum to impose new tariffs targeting over $50bn of Chinese imports.

Kennedy said a deal to cut China's $375 billion USA goods trade surplus by $100 billion is far easier to achieve with additional purchases of US soybeans, beef, liquefied natural gas, Boeing (BA.N) aircraft and other equipment.

"If we really want to counter, the strongest response would be to target soybean and automobiles", said Xu.

"Any actions and tricks to split China are doomed to failure and will meet with the people's condemnation and the punishment of history", Xi said. The legislation is meant to make it easier for USA officials to travel to the island and meet with Taiwanese officials.

US companies "are beholden to shareholders, not to the United States", he said.

That could help blunt the economic impact of Beijing's higher tariffs on Chinese households. EU Trade Commissioner Cecilia Malmstrom said that the economic bloc - which is the largest trading partner of the U.S. - is "always willing to engage with our American partners, but we do not negotiate anything under pressure or threat".

In 2015, Xi told top officials if China does "not raise its own voice" the country will be perceived as weak and subject to humiliation, South Korean news agency Yonhap reported.

So far, there was no official explanation of the difference between the numbers provided by the White House official in the briefing and Trump's 60 billion.

Trump is planning to impose the tariffs over what his administration says is misappropriation of USA intellectual property.

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The Commerce Ministry called on Washington to negotiate a settlement as soon as possible but set no deadline.

Sleight said his organization expects US tariffs against China to "almost certainly prompt immediate and painful retaliation against USA agriculture and which have already complicated our global efforts to promote sales of USA grains and grain products".

"With regards to the Section 301 investigation, China has expressed its position on many occasions that we resolutely oppose this type of unilateral and protectionist action by the USA", the Commerce Ministry said in a fresh statement on Thursday.

Remember when Trump was going to impose tariffs on steel and aluminum imported from anywhere?

Meantime, China showed readiness to retaliate by declaring plans to levy additional duties on up to $3 billion of USA imports including fresh fruit, wine and nuts in response to imports tariffs Trump announced earlier this month on steel and aluminium, which were due to go into effect on Friday. The U.S. Trade Representative recently noted that some 900,000 American jobs depend on U.S. Was it an order imposing tariffs on US$60 billion of imported Chinese products, annually, as headlines would lead you to believe?

"Tariffs of $30 billion a year would wipe out over a third of the savings American families received from the doubling of the standard deduction in tax reform".

"Day to day business could become more hard".

Trump has accused the Chinese government of forcing US companies to transfer their intellectual property to China as a cost of doing business there.

"At the moment, it's very hard for the two sides to sit down and talk because the Trump administration seems determined to go this way regardless of China's manoeuvres", said He Weiwen, a senior fellow at the Center for China and Globalization, a Beijing-based think tank. The Dow Jones industrial average sank 724.42 points, or 2.9 per cent, to 23,957.89.

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