Metals prices recovered after a meltdown following Trump's threats on Tuesday for 10 percent tariffs on another $200 billion of Chinese goods. Somebody said are you friends or enemies?
"The American administration has made a decision today that we deplore, and obviously is going to lead to retaliatory measures, as it must", Canadian Prime Minister Justin Trudeau said in a statement, denouncing the decision by the Trump administration while announcing retaliatory tariffs on USA steel, aluminum, as well as an array of other products.
"There is no question that Texas agriculture is going to feel the impact of this trade dispute", said Gene Hall, spokesman for the Texas Farm Bureau. If a country like Ireland, with a population of five million, tried to be self-sufficient in all goods, its income would be a fraction of today's level.
"You couldn't have picked a worse possible time for agriculture to have a trade dispute".
Texas politicians, including Gov. Greg Abbott, also have reservations, and they're not limited to the impact on the state's agriculture sector.
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Trading with the European Union is unfair, according to US President Donald Trump, who warned the bloc would pay a high price if it does not remove trade barriers.
"Our country's steel and aluminum workers are a vital part of the national workforce, and creating jobs in that industry must be a top priority", Abbott wrote. He claims to have sold hundreds of thousands of the hat. If the new tariffs continue to drive up the cost of oil and gas production, America's quest for global energy dominance could be significantly hindered.
The conflict with Washington, coupled with weaker global demand, adds to challenges for Beijing as economic growth cools after regulators tightened controls on bank lending starting a year ago to rein in surging debt. Hannah Anderson, global market strategist at J.P. Morgan Asset Management, commented recently that "the majority of the value in the imports from China the USA has imposed tariffs on so far comes from other countries besides China".
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 11, 2018.
American food producers, many of which aren't doing particularly well to begin with, are sounding the alarm over the tariffs.
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Mike Davis, an economist at Southern Methodist University, said that for now the trade conflict is "a relatively minor skirmish", but that the tariffs represent a "radical" departure, with sobering implications for Texas. Kevin Brady, the Republican chairman of the House Ways and Means Committee, recently commented, with a hint of exasperation, that "today there are no serious trade discussions occurring between the USA and China, no plans for trade negotiations anytime soon, and seemingly little action toward a solution".
There are fears that such a "war" could lead to economic problems for a lot of countries, including the Philippines which has significant economic ties with both the United States and China.
"We put a modest amount of tariffs on China", as a result of their policy of forced technology transfers, Mnuchin told committee.
From the General Agreement on Tariffs and Trade (Gatt) in 1948 to the World Trade Organisation (WTO) in 1995, the establishment of a rules-based, transparent, non-discriminatory and open multilateral trading system has seen countries all over the world working together, making the multilateral trading system a success.
Trump has launched a barrage of "Section 301" trade tariffs, punishing what he says is China's theft of intellectual property and unfair industrial policies. Investors fear a prolonged trade battle with the United States could harm business confidence and investment, disrupting global supply chains and harming growth in China and the rest of the world.
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Indian firms are looking to fill gaps in Chinese demand for generic drugs, software, sugar and some varieties of rice, trade officials in New Delhi said. Extra tariffs have been imposed on Indian steel and aluminium as well.