US Farmers Caught in Between Tariffs on China and Foreign Retaliatory Tariffs

Canola is an “imperfect substitute” for soybeans
Mike Drew  Postmedia

'It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating, ' it said.

Krier said the major impact right now is just fear within industries.

The dollar dropped to 110.85 yen in early Asian trade from around 111.25 yen in late USA trade. On Friday, China accused Trump of trade bullying and setting off a chain of possible adverse effects for US consumers, as well as those overseas.

The president made good Tuesday on his threat to hit an added $200 billion in Chinese products with 25 percent tariffs, including clothing, televisions, bedsheets and air conditioners.

ACC does not believe the tariffs will change China's trading practices.

John Connelly, president of the National Fisheries Institute, the USA seafood industry's most influential trade group, is calling on U.S. president Donald Trump and China to pick up a children's book and end their trade dispute.

"As an industry that touches 96 percent of all manufactured goods and which has much to gain from a productive, respectful trading relationship with China, ACC and our members remain hopeful that the USA and China can resolve their differences and prevent further harm to US manufacturers, farmers, and consumers".

China hit back with its own levies - targeting USA products such as mixed nuts and whiskey. Within four days, the trade war had escalated: a second round of tariffs is already on the horizon. "China cheats, and manufacturers want to see China held accountable".

"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", David French, the group's senior vice president for government relations, said in a statement.

The USTR, the federal agency that oversees global trade policy and negotiations, said it is responding to Beijing's decision to retaliate instead of changing its policies.

The US said that was in response to Beijing's failure to change its policies and to retaliate for last week's US tariff hike by increasing its own duties on American goods.

Washington chose to impose the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement, senior administration officials said on Tuesday.

U.S. Trade Representative Robert Lighthizer late on Tuesday accused China of retaliating to its tariffs "without any worldwide legal basis or justification".

Beijing warns of "necessary countermeasures" as Washington announces 10 percent tariffs on Chinese goods, upping the ante in its trade dispute with the Asian economic giant.

"We will remain vigilant in defending the ability of our workers and businesses to compete on a fair and reciprocal basis", he said. China has repeatedly denied accusations by the Trump administration of unfair trade policies.

Flooring products included on list are vinyl; plastic; wood-both engineered and solid; bamboo; cork; carpet-tufted and woven; tile; and ceramic-glazed and unglazed. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites. If China bans Apple - which it has not threatened to do - the company would lose 33 billion euros, which is around 19 percent of its revenue, as well as access to the world's largest consumer market.

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