Midwest soybean farmers brace for impact of trade war

11 July, 2018, 10:04 | Author: Sheila Harris
  • Trump's Trade War Officially Begins - Hit & Run : Reason.com

Washington-based think tank the Peterson Institute for International Economics (PIIE) expects United States tariffs on Chinese goods, which it says particularly target computers and electronics, to hurt multinationals more than China as well as other firms in Asia. Given that Beijing has kept its word to retaliate, the ball is in Trump's court again now.

"You saw with China, $50 billion and another $200 billion frankly is waiting", he said at the rally in Great Falls, Montana, referring to envisaged additional 10 percent tariffs on $200 billion in Chinese imports. China said it will immediately put on his own similarly sized tariffs on an unspecified clutch of American goods.

"If it weren't for trade right now, the USA economy would be hitting on all cylinders", Bullard said.

The list avoids direct tariffs on consumer goods such as cellphones and footwear. Part of his plan is to radically change how USA trade deals work and to focus on protecting the domestic economy.

A model by Pictet Asset Management reckons a 10 per cent tariff on USA trade fully passed on to consumers could tip the global economy into stagflation and knock 2.5 per cent off corporate earnings globally.

The Dow Jones Industrial Average gained 3.7% in the first two weeks of June, for instance, before pulling back on news that a portion of the tariffs would go into effect in early July. Because products that are made in China - from Apple products to Nike ones - are going to get expensive, and be more expensive on the shelves of Walmart for everyday American consumers.

However, it's important to remember that there are national security and intellectual property issues at the heart of this dispute - with China, anyway. The drop might reflect a deliberate devaluation by Beijing to signal its "displeasure over the state of trade negotiations", according to a report from the Institute of International Finance, a banking trade group.

In other words, it was about forming what Trump's economic adviser Larry Kudlow might term a "trade coalition of the willing" against China.

While the USA tariffs aim to cut down the trade deficit, there are worries about how China's retaliatory tariffs will hit the USA economy.

As part of the talks, the two countries signed a raft of commercial agreements worth some €20 billion ($23.5 billion).

States such as Louisiana export about $5.7bn of goods to China.

Meghan Markle Goes for Green at Prince Louis’ Christening
Meghan Markle wore a knee-length forest green Givenchy skirt and blouse as Prince Harry wore a classic suit earlier in the day.

Businesses around the United States told the central bank that spending plans had been scaled back or postponed and they also warned of further adverse effects from the trade conflict, according to a Federal Reserve survey. The dollar and Treasuries edged lower as traders looked ahead to the release of U.S. jobs data.

Despite dire warnings about the impact on the US, Trump believes the robust American economy can outlast its rivals in the current battle.

Companies in industries that use metal, electrical components and construction products will have to pay more for raw materials, and possibly charge more for their work, or cut or move jobs. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case", said Rob Carnell, chief economist at ING, in a note to clients.

China's retaliatory measures were expected to hit back largely at agricultural products created to hurt Trump supporters.

Midnight Eastern Time on Friday marked the moment the administration's tariffs on Chinese imports went into effect.

The lists of goods to be hit by tariffs have been updated several times by both administrations.

Moscow also announced Friday it had slapped 25 percent tariffs on some United States goods, joining the global push-back against Trump's offensive.

Gerard Bottino/CrowdSpark/NewscomBegun, the trade war has.

This also risks a chain reaction as countries start clamping down on partners, which then retaliate.

Doug Goehring, the Republican state agriculture commissioner, said the Chinese tariffs are causing some anxiety, but he advocated taking a "deep breath".

Recommended:

  • Croatia star Modric expects a tough game against a 'strong' England

    Croatia star Modric expects a tough game against a 'strong' England

    Harry Kane has to lead the group from the front, and now has a great chance of ending the tournament as the golden boot victor . England also have the World Cup's top-scorer in Harry Kane , who has six to his name so far.
    In full-page ad, WhatsApp urges users in India to fight fake news

    In full-page ad, WhatsApp urges users in India to fight fake news

    India has witnessed several lynching cases triggered by fake messages circulated on WhatsApp. WhatsApp is taking steps to put a stop to spam circulation on its platform.
    Croatia qualify at expense of hosts Russian Federation

    Croatia qualify at expense of hosts Russian Federation

    When they face England, both sides will already know whether France or Belgium have reached the final. "We think it worked well". This World Cup has seen unexpected teams taking their position in the semi-finals with their determination and skill.
  • One killed, 20 injured in South Africa plane crash

    One killed, 20 injured in South Africa plane crash

    The plane had the words "Martin's Air Charter" painted on it, which was a previous name of Dutch cargo airline Martinair. The plane was likely on its way to Wonderboom airport in north Pretoria , the Tshwane Metro Police Department said.
    Trump pardons OR  ranchers who set fires on federal land

    Trump pardons OR ranchers who set fires on federal land

    President Donald Trump on Tuesday signed full pardons for two OR ranchers serving federal prison time for setting fire to public land.
    Man jumps from moving auto  after witnessing crash that killed 5

    Man jumps from moving auto after witnessing crash that killed 5

    A GoFundMe page set up to assist with funeral costs and Mary Rose's recovery had raised more than $113,000 as of Sunday afternoon. A New Jersey wife and mother was the only survivor of a crash in DE that took the lives of her husband and four daughters.
  • Apple iOS 11.4.1 arrives with USB Restricted Mode

    Apple iOS 11.4.1 arrives with USB Restricted Mode

    It operates like this: if an iPhone or iPad is not unlocked after one hour, data access through the Lightning port will shut down. At first we thought we would have to wait until iOS 12 this fall to see this feature, but here it is.
    Trump's Supreme Court nominee Kavanaugh woos Senate

    Trump's Supreme Court nominee Kavanaugh woos Senate

    Kavanaugh was a frequent opponent of President Barack Obama's EPA and sought to limit or throw out many environmental regulations. He graduated with a Bachelor of Arts in 1987, and received his Juris Doctor from Yale Law School in 1990.
    Wimbledon | Goerges sets up Wimbledon semi-final date with Serena

    Wimbledon | Goerges sets up Wimbledon semi-final date with Serena

    It may be that today, for the first time, Serena Williams does not manage to intimidate her opponent before a ball is struck. Goerges, seeded 13th, faces seven-time Wimbledon champion Serena Williams on Thursday for a place in Saturday's final.
  • Sixers unwilling to spend too much for Kawhi Leonard

    Sixers unwilling to spend too much for Kawhi Leonard

    According to Bontemps, the Philadelphia 76ers have consistently remained atop the list of teams expected to land Leonard . He was clearly a favorite for the team and years later, he could be in the mix yet again.
    African players in France's World Cup team

    African players in France's World Cup team

    We saw them against Argentina perform the way they did and it was a different type of performance tonight. But Deschamps was only interested in talking about France vs.
    4 rescued from Thai cave | Front Page

    4 rescued from Thai cave | Front Page

    Cave rescue experts have said they consider an underwater escape to be a last resort, especially with people untrained in diving. An hour before the rescue mission began, officials ordered the media and "non-essential personnel" out of the immediate area.


Popular

Johnson and Davis resignations 'matters for Theresa May'
But she said: "We do not agree about the best way of delivering our shared commitment to honour the result of the referendum". Britain is "truly headed for the status of colony", he said, adding that the "dream" of Brexit "is dying ".

Team spirit can carry Belgium to World Cup final, says Martinez
Both Deschamps and Henry were both Les Bleus players when the French side won its first and only World Cup title in 1998. Petersburg, after both teams booked their spots among the most talented in the 2018 staging of the soccer World Cup.

President Donald Trump poised to announce US Supreme Court nominee
According to the Associated Press , "Kavanaugh is likely to be more conservative than Justice Kennedy on a range of social issues. Widespread shock and outright hysteria quickly followed the news that President Trump would within two years get a second U.S.

EU official criticizes Donald Trump over attitude toward allies
Here are some of the key talking points around this year's summit. We pay far too much and they pay far too little". Dialogue is a sign of strength".

United States steps up China trade spat with $200bn new tariffs
The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. China has vowed to retaliate dollar-for-dollar to any further USA tariffs.

Cave rescue hailed as Thailand's 'mission impossible'
The youth soccer team rescued from a cave in Thailand will be unable to accept FIFA's invitation to attend the World Cup final. British divers found them grouped together in complete darkness on a muddy bank several kilometres inside the cave on Monday.

Del Potro sets up quarter-final showdown with Nadal
The 28-year-old Nishikori is the first Japanese man to reach the quarterfinals at Wimbledon since Shuzo Matsuoka in 1995. If his big serve - which has blasted 96 aces in four matches - kicks in, Federer could be in trouble.

Carmelo Anthony met with Rockets, Heat
Houston Rockets General Manager Daryl Morey announced today that the team has re-signed free agent guard/forward Gerald Green . Last season, his first with the OKC Thunder, Anthony averaged 16.2 points and 5.8 rebounds per game.

Supreme Court nominee Brett Kavanaugh "sticks to the law", former clerk says
This issue may not get as much buzz as abortion or health care, but it's probably the one that's directly relevant to Trump. Another Democrat representing a conservative state, Doug Jones (Ala.), was not in the Senate to vote on Gorsuch.

George Clooney reported hurt in motorcycle crash in Italy
Calls and emails to Clooney's spokesman in regards to the accident weren't immediately returned, according to Associated Press. The A-list couple are believed to have brought their parents to the island to help care for the children while George works.