Chinese customs clears some US goods as new tariffs take effect

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Chinese customs clears some US goods as new tariffs take effect

Washington has "ignited the biggest trade war in economic history", said a Commerce Ministry statement.

As the day dawned across the USA on Friday, a new economic reality dawned with it: The tariffs long threatened against billions of dollars in Chinese goods took effect just at midnight ET while many Americans were sleeping - but Beijing was ready immediately with a wake-up call of its own.

What's worse is that the Trump administration has paved no way out of this situation, said Matthew Gold, former deputy assistant US trade representative for North America. These tactics include cyber-theft and requiring American companies to hand over technology in exchange for access to China's market.

Trump is doubling down on his promise to put "America First" in the nation's foreign and economic policies.

US-CHINA TARIFFS: On Friday, the U.S.is set to impose a 25 percent tariff on $34 billion worth of Chinese imports.

And he has promised that Friday's package of economic penalties will not be the last.

"Poor little soybeans. Try to become a bean sprout, maybe it's not on the tariff list", the user said. US stocks edged higher on Thursday, lifted by technology shares, amid hopes that American trade tensions with Europe may ease after German Chancellor Angela Merkel said she would back a reduction of European vehicle tariffs if Washington abandons its threatened higher auto levies.

Disputes between the United States and its trading partners have roiled financial markets ranging from stocks to currencies to commodities for months.

"There are no winners in a trade war", the chamber's chairman, William Zarit, said in a statement.

Right. The first shot in President Trump's trade war with China is about to be fired. The Dow Jones industrial average has shed almost 1,000 points since June 11. He also acknowledged the multi-hundred billion dollar USA trade deficit with China.

"The threat of additional duties comes at a fragile time in the development of the Chinese market for USA beef ... importers and distributors are still at a nascent stage of building sales and distribution channels for US beef", USMEF said.

Throughout the escalating conflict, China has sought to take the high road, positioning itself as a champion of free trade, but state media ramped-up criticism of Trump on Friday. Mounting tariffs could raise costs across the board for consumers and businesses, slowing growth and investment and hurting companies that rely on imported parts to make their goods.

"The market has already digested (the news of tariff implementation)", said Ken Cheung, senior Asian FX analyst at Mizuho Bank in Hong Kong. If Trump were to realise his ambitions there would be more domestic plants producing goods that China or Europe used to provide, and more jobs created in those plants. Chick-fil-A uses the cooker for its sandwiches. "I just don't think we've had any clear signs of the resolution he wants".

After that, the hostilities could intensify: Trump said Washington is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing does not yield.

Consider what happened to the price of washing machines that were subjected to a separate series of Trump tariffs in January.

One study said the losses could reach as high as 400,000 jobs.Iconic American motorcycle brand Harley Davidson announced plans to move production overseas to evade the EU's retaliatory tariffs, drawing a barrage of attacks on Twitter from Trump. "And students could pay more for the mini-refrigerator they need in their dorm room as they head back to college this fall. a strategy based on unilateral tariffs is the wrong approach, and it has to stop".

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