China trade war could affect pork and feed
- Author: Zachary Reyes Apr 06, 2018,
Apr 06, 2018, 16:46
Mr Trump said in a White House statement that the new tariffs were being considered "in light of China's unfair retaliation" against earlier U.S. trade actions. We're going to continue to worry about that, and hopefully come to a resolution on that. "We have done everything to prevent this from happening, but we are still calling for a resolution", said Zhang Xiaoping, China Director of the U.S. Soybean Export Council said. Wall Street stocks opened sharply lower today as China's vow to slap steep retaliatory tariffs on US$50 billion in U.S. goods raised fears of a trade war.
On Monday alone, China raised tariffs on pork, apples and other USA products to balance steel and aluminum tariffs.
"Washington will eventually see what they have lost", Global Times wrote, arguing, "Now, as China deploys its counterattack, the pleasure that the United States achieved from those tariffs will now cause them suffering as their financial and political gains diminish to zero". "I am much closer to President Trump on China than I was to President Bush, Republican, and President Obama, Democrat, because they let China get away with everything", he said.
AHDB Pork analysts Rebecca Oborne said: "In 2017, China produced 53.5 million tonnes of pig meat and consumed 55 million tonnes, according to the USDA". US officials said they'll hold hearings on the administration's proposed target list of 1,300 products in mid-May and haven't set a deadline for when the tariffs would take effect.
The tit-for-tat escalation of tariff announcements unfolded surprisingly rapidly.
This isn't a U.S. But the president has been clear, the administration has been clear, we're not trying to start a trade war. Almost all clothing sold in the USA - 97 percent- is imported, and China is the top import partner by far, responsible for 41 percent of US imports.
There are few winners in a trade war, and IL in this war has as much or more to lose than any other state.
Beijing's list of 25 per cent additional tariffs on United States goods covers 106 items with a trade value matching the $US50 billion targeted on Washington's list, China's commerce and finance ministries said.