Economy

China ready to win at 'any cost' in trade war

China ready to win at 'any cost' in trade war

Let's look at Trump's tweet in its entirety, which Trump posted at 7:22 a.m. ET, a little more than two hours before the stock market was set to open down sharply after China's latest response to the tariffs Trump made a decision to slap on the country.

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Bring on the trade war, or at least the volatility that comes with it, says one Australian stock picker.

"Don't overreact", President Donald Trump's chief economic adviser told investors on Wednesday, when USA stocks were deep in the red over worries about the administration's plan for $50 billion of import duties aimed at China.

China responded with penalties on $50 billion of USA goods ranging from soybeans, cars and chemicals to whisky, cigars and tobacco with its Vice Finance Minister stressing the country had never given in to external pressure.

On Wednesday the FTSE 100 slumped back to below 7,000 as the markets responded to the Trump administration's plans to impose a 25% tariff on 1,333 Chinese products in the industrial technology, transport and medical sectors - a trade worth about $50 billion a year.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump said, calling Beijing's reaction "unfair".

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Larry Kudlow and Wilbur Ross said Trump's tariffs on China were a negotiating tactic.

Minnesota U.S. Senator Tina Smith told Ag leaders in Moorhead she's anxious about how President Trump is dealing with the heated tariff exchange.

"I'm not saying there's not going to be any pain", he told WABC radio in NY, but "we're going to be much stronger for it".

The latest round of proposed USA tariffs target several specific categories of steel and aluminum made in China. We can only hope that his trade and financial policies falls within this category and that he is not actually willing to risk a breakdown of global trade. He argued that the situation could be a "win-win" for China and the USA if Beijing opens up its economy.

"I would call China a critical market", said Elaine Lidholm, spokeswoman for the Virginia Department of Agriculture and Consumer Services. So, a tough USA response to China is long overdue.

China will fight "at any cost" and take "comprehensive countermeasures" if the United States continues its unilateral, protectionist practices, a spokesperson with the Chinese Ministry of Commerce said Friday.

He warned that any threat to multilateralism would severely imperil the global economic recovery. But for that to be true, there needs to be negotiations, something U.S. officials have said is taking place. An aggressive move by the USA followed by an aggressive Chinese answer.

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According to the report, European Commission spokesman Daniel Rosario only reiterated the belief that "free and fair trade is one of the most powerful engines for growth, supporting millions of jobs and contributing to prosperity".

Sputnik: Now do you think there's a chance that tensions will decrease between the two nations or will there be more tariffs? The agency said it chose products to minimize the impact on the USA economy and consumers.

As late as the U.S. Civil War, the important market for cotton produced in the U.S. South by slave labour remained the fabric mills of the British Midlands. Market moving events next week include Wednesday's release of Federal Reserve minutes, which could provide fresh clues on the timing of future rate increases, and Chinese export data on Friday, an indication of global demand for the world's No. 2 economy.

After the Trump Administration laid down the law on intellectual property, China threatened a 25 percent penalty to imports of American soybeans.

Trump himself bragged back in early March (also on Twitter, naturally) that trade wars were no big whoop.

But economic analysts said the situation - which some US news outlets have already branded a "trade war" - could change rapidly, especially given the nations' ongoing war of words.

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