Impact of tariffs on China soybean supply being closely watched - ag ministry

Impact of tariffs on China soybean supply being closely watched - ag ministry

During an eagerly awaited speech at a development conference on the tropical Chinese island of Hainan, Xi billed the planned cut in vehicle tariffs and a series of other measures as "a new phase of opening up."But numerous steps he outlined are ones Beijing has already proposed in some form".

Trucks transport containers at a port in Qingdao, Shandong province, China April 8, 2018.

A Chinese vice finance minister said last week that China is a responsible investor of its foreign exchange reserves and that it follows market rules in investing its reserves.

The bulk of Xi's 40-minute speech was devoted to China's vision for economic development and its global role following a ruling party congress in October that confirmed him as the most dominant Chinese leader since at least the 1980s.

"I think it's so clearly in the interest of both countries that we have a constructive trading relationship and that we have substantive talks to redress these issues".

"We'll take a little while to get there, but it could be very quick, actually", Trump said of a possible agreement with China.

In the United States, Mark Zandi, chief economist of Moody's Analytics, said the dispute could wipe out half the economic benefits of the tax cut Trump signed into law with great fanfare in December.

In 2015, China-U.S. trade and investment created about 2.6 million U.S.jobs and contributed 216 billion dollars to the economic growth of the United States, according to the Chinese Ministry of Commerce.

China stepped up its attacks on the Trump administration on Monday over billions of dollars worth of threatened tariffs, saying Washington is to blame for trade frictions and repeating it was impossible to negotiate under "current circumstances".

The move prompted Trump to threaten duties on an additional $100 billion in tariffs on Chinese goods.

Snow in the Forecast, Little Accumulation Expected
It could be, as there are some signs of some much warmer weather lurking for later next week and into the following weekend. The light snow looks to linger into Monday morning, then a scattered rain/snow mix is possible for the rest of the day.

Foreign business groups welcomed Xi's commitment to reforms, including promises to strengthen legal deterrence on intellectual property violators, but said the speech fell short on specifics.

"The door of China's opening up will not close, it will only open wider and wider". -China trade tariffs, and many have come to an unexpected conclusion: the United States' tariffs might end up being beneficial to the Chinese economy.

"Our exported products used materials and parts imported from other countries, so not all of the exported value is added in China", said Bai Ming, researcher with the Chinese Academy of International Trade and Economic Cooperation.

"However, recent weeks have shown us that volatility is likely to remain a key part of the trading landscape, with daily shifts in tone from USA and China driving huge swings in stocks of late". This is the way trade has been for years.

Nearly by definition, trade wars are negative-sum games and, as such, the chief antagonists would suffer, according to Dr. James Jingdong Wang, associate professor at City University of Hong Kong. Mr. Xi has sought to bulk up state-run companies and kept China's internet isolated behind its Great Firewall.

Mr Geng indicated, however, that China was not budging for now.

Trump has often slammed China's huge surplus in the trade of goods with the United States, which reached $375 billion past year, according to USA data.

Since Trump's election, Xi has presented himself as a champion of the existing global trading system, comparing protectionism to "locking yourself in a dark room" during a speech past year at the World Economic Forum in Davos, Switzerland.

"Asian markets are happy, U.S. and European markets are likely to be happy too, but it's unlikely to generate the same optimism in Washington", said Christopher Balding, a Peking University economics professor.