Monday, 14 October, 2019

A look at where the US-China tariff war stands

According to President Trump the first stage of the accord will open markets up to about $7 billion in U.S. agricultural products China not interested in playing ‘Game of Thrones’ with Washington, Beijing says
Robin Buchanan | 28 September, 2019, 01:14

Trump said Wednesday he hoped to sign a "very comprehensive deal" with Japan soon that means "really big dollars for our farmers and for our ranchers".

President Donald Trump, who is seeking re-election next year, on Wednesday hailed the "phenomenal" agreement as a "huge victory for America's farmers, ranchers, and growers", with Japan opening access to up to US$7.2 billion (S$9.9 billion) worth of USA farm goods.

Energy: Benchmark U.S. crude rose 22 cents to $56.71 for each barrel in electronic trading on the New York Mercantile Trade.

"Because they are losing jobs, because their supply chain is going to hell and companies are moving out of China and they are moving to lots of other places, including the United States".

Lighthizer said it was not the U.S. intention to impose additional vehicle tariffs, which would be based on the results of a Commerce Department study that has found auto imports to threaten national security.

The limited trade deal will eliminate tariffs and expand market access on farm industrial and digital products

"As long as the agreement is implemented faithfully, Section 232 will not be applied".

"We invite others to join the worldwide effort to demand and compel an immediate end to China's horrific campaign of repression", Sullivan said.

A senior White House official on Thursday said he believed China was "absolutely committed" to cooperating with the United States to curb illicit fentanyl, a drug which has played a major role in a devastating USA opioid crisis. But they fear the USA trade deal will put much greater pressure on them.

Wang Yi said at the National Committee on US-China Relations that the trade war has caused unnecessary damage to the two countries, raising the cost to American companies, pushing up consumer prices, and weakening the growth potential of the United States.

The two sides had agreed that no auto tariffs would be imposed during the first rounds of talks.


Trump and Japanese Prime Minister Shinzo Abe signed the deal on the sidelines of the U.N. General Assembly.

The deal could provide some limited relief for US farmers, who have been battered by China's retaliatory tariffs against USA soybeans, pork and other products in the 15-month-long trade war between Washington and Beijing.

In the August meeting between the two leaders, Trump said Japan would buy all surplus corn that would have been sold to China.

Beijing accused Donald Trump of making "untrue remarks" over Hong Kong and Chinese trade commitments on Wednesday, hitting back after the usa president ramped up pressure on China at the United Nations.

Trump has sought a bilateral agreement with Japan, the world's third-largest economy, since pulling out of the Trans-Pacific Partnership trade deal after he took office.


Japan, which imports USA farm products worth $14 billion, is America's third largest market. However, numerous products gaining new access will still face tariffs that phase out over several years.

Those comments fueled the positive mood after Trump on Wednesday praised the Chinese purchases, saying a trade deal could come sooner than people thought.

U.S. Treasury prices traded little changed after U.S. data was weaker than expected and as month- and quarter-end rebalancing increased demand for safe-haven U.S. debt.

Motegi said he had also confirmed with Lighthizer that no quotas or voluntary restraints would be imposed on Japan's auto sector, either.

Abe needs to fulfill his responsibility to answer these and other questions about the trade agreement, which he has failed to do so far, during the autumn extraordinary Diet session that will start next month. He stressed, however, that Beijing is not vying to replace the United States as a world power.


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