Acadiana soybean farmers brace for worst after China imposes tariffs

U.S. tariffs take effect, China warns of 'counterattack'

Some central IL farmers said they are wary about making any big investments in the near future after fears of a trade war with China became reality Friday, with President Donald Trump imposing 25 percent tariffs on $34 billion worth of goods from that country.

The Foreign Ministry in Beijing said retaliatory measures "took effect immediately", with state news agency Xinhua confirming they involved 25% tariffs on an equal amount of goods.

China's decision to impose its own tariffs means USA goods including cars, soya beans and lobsters are now subject to additional taxes. "No one wins in a trade war, and it is America's manufacturing workers and working families who will bear the brunt of continued tariffs".

If China goes ahead with tariffs on USA plastics, it "could have a very clear negative effect on resin producers and others here to support the huge increase in production - railroads, truckers, pallet manufacturers and ocean carriers", Levine said.

"This makes us less competitive in the global market and with 61 percent of all our current soybean exports going to China, it means that we're likely to see negative effects on soybean prices and farmers' incomes", he said. "Our view is that trade war is never a solution", Chinese Premier Li Keqiang told reporters during a trip to Bulgaria.

Thus, the core of the global trading system progressively built up over the past 70 years and the global supply chains and financial system developed over recent decades to facilitate global trade and investment are under threat, along with the still-fragile recovery in the global economy from the financial crisis.

"Our baseline forecast assumes only a modest further escalation in the trade "war" this summer", Bank of America Merrill Lynch said in a Friday note.

In the past, the United States used its economic clout to win trade skirmishes with developing countries, said James Boughton, a senior fellow at the Centre for International Governance Innovation in Waterloo, Ontario.

US stocks were little changed and the dollar extended losses in early trading in NY.

President Trump's Administration has successfully litigated WTO disputes targeting unfair trade practices and upholding Americans right to enforce United States trade laws. Asian equities wobbled but also managed to end up.

When it comes to China, Trump believes Beijing is using "unfair" trade practices to gain an advantage on the USA, including lax observation of intellectual property law.

"The bigger the size (of imports facing tariffs), the bigger the potential that the GDP impact is larger than a linear extrapolation would suggest", said Aidan Yao, senior emerging Asia economist at AXA Investment Managers in Hong Kong. "'Cause China - and I have great respect for President Xi, and for China - they've been killing us".

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"Soybeans are the top agriculture export for the United States, and China is the top market for purchasing those exports", Heisdorffer said in a statement.

That could include "a wide range of products as diverse as tool sets, batteries, remote controls, flash drives and thermostats", he said, adding, "a strategy based on unilateral tariffs is the wrong approach, and it has to stop".

"The Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China", said an English-language article in the China Daily.

President Donald Trump's trade showdown with China is underway after the president officially slapped new tariffs to the tune of $35 billion on Chinese imports.

Trump may suddenly find China less accommodating on this explosive dossier if the trade war expands.

"You have another 16 [billion dollars] in two weeks, and then, as you know, we have $200bn in abeyance and then after the $200bn, we have $300bn in abeyance. OK?"

Previously, the White House had limited tariffs to an additional $200 billion of imports from China.

The direct impact on China's economic growth in 2018 is estimated at 0.1-0.3 percentage points while the drag on its export growth is expected to be 1 percentage point.

That would bring the total of targeted Chinese goods to potentially $550 billion - more than the $506 billion in goods that China shipped to the United States previous year.

"This is not economic Armageddon".

Tom Cruise films, Starbucks coffee, the iPhone X and the Buick are all best-sellers in China and authorities could find all sorts of ways to make life hard for them, says Louis Kuijs, Asia analyst at Oxford Economics.

"But it is applying the brakes to a global economy that has less durable momentum than appears to be the case".

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