US soybean farmers say China tariffs could result in 'serious damage'

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Just hours after the United States introduced 25 percent trade tariffs on $34 billion worth of Chinese goods, Beijing has retaliated with mirror measures against American imports.

The tit-for-tat trade showdown has already impacted soybeans farmers in the Midwest. China has said it would respond by imposing higher levies on an equivalent amount of goods ranging from American soybeans to automobiles, which may in turn prompt Trump to raise trade barriers even higher. It said American companies want fairer treatment but will be hurt by U.S. It accused the USA of igniting "the biggest trade war in economic history".

The total value of the United States tariffs on China amounts to $50bn, though they will come into effect in two tranches, with the first round covering 818 products worth about $34bn having come into force on Friday.

US President Donald Trump began the trade dispute when he imposed 25 percent duties on approximately $34 billion (€29 billion) in Chinese machinery, electronics and high-tech equipment including autos, computer hard drives and LEDs.

China's tariffs on hundreds of U.S. goods include top exports such as soybeans, sorghum and cotton, threatening USA farmers in states that backed Trump in the 2016 USA election, such as Texas and Iowa. "Generally, these things are lose-lose propositions for both sides in a trade war".

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

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The report, which shows that unemployment has dropped, also included some numbers that might not be worth the all-caps tweet, including slowed hiring in small businesses and a lack of qualified applicants in some fields, owing, possibly, to wage stagnation.

Anthony Rinaldi, a Forks Township farmer, has about 20,000 bushels of soybeans, but nowhere to take them.

Al Jazeera's McBride said that the looming trade war has not played well "to the general business sentiment".

Throughout the escalating conflict, China has sought to take the high road, positioning itself as a champion of free trade, but state media increased criticism of Mr Trump today. In other words, the U.S. and China are likely to impose penal tariffs on their entire imports from each other.

The tariffs on USA and Chinese goods come after months of posturing by both countries.

The tariffs would mark a significant escalation in the trade dispute between the world's two biggest economies.

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"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.

And if Trump extends the tariffs to up to $550 billion in Chinese imports, consumers won't be able to avoid getting caught in the crossfire: The taxes would hit products like televisions and cellphones.

The Trump administration is confronting China over tactics it says include stealing technology or pressuring foreign companies to hand it over.

Beijing earlier released a target list of $34 billion worth of imported U.S. goods, including automobiles and agricultural products that also faced 25 percent tariffs. Gregory Daco, head of USA economics at Oxford Economics, has calculated that they would pare growth in both countries by no more than 0.2 percent through 2020. "In the most extreme case China could undermine the ability of the Trump administration to conclude a nuclear deal with North Korea", Peterson added. "So we have 50 plus 200 plus nearly 300", he said.

Trump told reporters on the Thursday Air Force One trip to Montana, "Ok?"

The US tariffs announced so far would affect the equivalent of 0.6 percent of global trade and account for 0.1 percent of global GDP, according to Morgan Stanley.

China Trade War Starts
Still, Heitkamp said "no one should be surprised by this" because "this is what (President Donald Trump) said he was going to do". But eventually those costs will take their toll on the average wallet - and it likely won't be simply because of these tariffs .

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