White House criticizes China for trade practices, tariff increases

White House criticizes China for trade practices, tariff increases

Jay Timmons, President and CEO of the National Association of Manufacturers, said in a statement that while China's unfair practices remain a threat to USA manufacturers' competitiveness, any actions must be "well crafted".

These tariffs also come after US President Donald Trump announced that a list of Chinese-made products will be imposed with tariffs, worth up to a total of $50 billion Dollars, in regards to "China's discriminatory technology licensing practices".

But it is far from clear whether the trade actions will get out of hand. China could also retaliate in other ways, by slowing investment in the USA or selling American debt, says Garcia-Herrero.

It remains to be seen if it would impact US manufacturers that rely on Chinese supply imports, because many of those are already going to other countries such as India and Vietnam.

This might just be the beginning for the U.S.

Expected to be hit particularly hard are USA cherry growers. However, the new tariffs will have a serious impact on American farmers, producers and manufacturers, many of whom live in areas that helped to elect Trump.

Another said metal price jumps "will begin to impact our company's performance".

"Possible Chinese tariffs on US pork could have a significant negative impact on rural America", the National Pork Producers Council said in a statement on March 23. "Farming itself, without all the political things mixed in there, is already a very volatile market".

In early March, Trump said he planned to apply steep tariffs on steel and aluminum imports.

The United States ran a US$375.2 billion deficit with China a year ago.

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That amounted to more than $14 billion in soybean exports to China in 2016, according to the American Soybean Association.

The levies are in response to tariffs of 10 percent on aluminium and 25 percent on steel that have also angered United States allies. Without competitive pricing, losing access to such a large market could put many small farms, with thin profit margins, into financial jeopardy. The US Trade Representative's office has criticised the Chinese government's policies, saying they demand the "uneconomic" transfer of intellectual property to Chinese firms. Before that, the S&P 500 rose 2 percent last week in choppy trading.

"Even though China and the USA have not publicly said they are in a trade war, the sparks of such a war have already started to fly", the editorial said.

"We're kind of caught in the crossfire", he said. China has reduced its need for imports because domestic hog prices are slumping, and Smithfield, the top USA pork producer, has had to seek customers elsewhere, according to Reuters, and is exporting more pork products to Mexico, Japan and South Korea. That might be enough to push China to negotiate with Trump, but a trade war is unlikely to be as straightforward or as easy as Trump seems to think. But it's also carefully targeted to inflict maximal damage on a selection of niche industries rather than having a diffuse effect on the United States economy as a whole.

The duties imposed on Chinese steel and aluminum have caused Beijing to retaliate with sweeping tariffs of its own, and American agriculture is a big target: There's a 25 percent tax on American pork and fruit, and a 15 percent tax on apples and almonds.

But the new tariffs will close the arbitrage again, pushing up the price of USA ethanol to around 6,300 yuan ($1,003.58) per tonne after taxes, on par with domestic prices, the market sources said.

Rempe noted declines in farm income in recent years.

Regardless of political tensions, "the trees keep producing and you keep harvesting", Mr. McInerney said.

-Charles Hutzler in Beijing and Natalie Andrews in Washington contributed to this article.