US-CHINA TARIFFS: On Friday, the U.S.is set to impose a 25 percent tariff on $34 billion worth of Chinese imports.
U.S. tariffs on $34bn in Chinese imports took effect as a deadline passed on Friday, and with Beijing having vowed to respond immediately in kind, the world's two biggest economies took a high-stakes turn towards all-out trade conflict.
China, for its part, has promised at each step of the way to retaliate in kind. "We are un-willing to fight, but in order to safeguard the interests of the country and the people, we have to fight if necessary".
Bloombergreports that Peak Pegasus is scheduled to arrive in Dalian at 1pm today, the same day that the United States and China are expected to slap a new round tariffs on each other's imports. The company said in a Securities and Exchange commission filing that the tariffs "would have an immediate and lasting detrimental impact to its business in the region".
China is the world's fastest growing beef importer and holds tremendous potential for US beef.
Soybeans are among the agricultural products that will see at 25% tariff penalty in the latest escalation of the trade war between the United States and China.
Chinese shares, which have been battered in the run-up to the tariff deadline, reversed earlier losses to close higher, but the yuan remained weaker against the dollar.
Sino-US tensions could also end up "delaying or preventing" Tesla's ability to release its full potential in China, according to Silk Road Research.
And enduring the pinch isn't going to pay off. Protectionism has historically proven to be destructive for the global economy and won't achieve what the Trump administration is trying to accomplish, said Hsu.
Under the banner of his "America First" policy, Trump has also targeted other traditional trade partners of the USA, such as the European Union, Japan, Mexico and even Canada.
The trade dispute between the USA and China escalated Friday, but Wall Street focused on a solid jobs report instead.
Economists have for months warned of the potential damage to the US and global economies from aggressive trade policies and protectionism, which would raise prices and upend global supply chains.
Since 1996, when the US exported only $414 million worth of soy to China, the crop has sprouted an exponential growth in trade. (NYSE: F) said on Thursday it has no plans now to hike retail prices of its imported Ford and Lincoln models in China, despite the steep additional tariffs on imported US vehicles set to come into play on Friday.
The dispute has roiled financial markets including stocks, currencies, and the global trade of commodities from soybeans to coal in recent weeks.
Asian markets largely fell yesterday in anticipation of the trade tariffs, with the Shanghai Composite Index shedding 0.9 per cent and closing at a two-year low, and Hang Seng falling 0.2 per cent.
"This is not economic Armageddon".
But a manufacturing survey from the Institute for Supply Management shows they are not alone, while other companies say uncertainty is delaying investment plans.
The list avoids direct tariffs on consumer goods such as cellphones and footwear. But some products, including thermostats, are lumped into intermediate and capital goods categories.
Earlier, Chinese Foreign Ministry spokesman Lu Kang said China was ready to act, though he did not confirm the start date for Chinese tariffs.
Forecasters say a full-blown conflict could knock up to 0.5 percent off global economic growth through 2020 if Washington and Beijing impose tariff hikes on $250 billion of each other's goods.
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