Chinese customs clears some USA goods as new tariffs take effect

A US flag is seen during a welcoming ceremony in Beijing China

Trump's Trade War Officially Begins - Hit & Run : Reason.com

Because frankly, Trump is right to criticize China. Trump has declared trade wars as "easy to win" and bet the skirmish will prompt American companies to return operations to the U.S.

"The Trump administration is confronting Beijing for tactics like stealing USA technology", Rhonemus noted. Whoever can take the pain better will not be the one to blink first. Eastern time Friday on $34 billion worth of Chinese imports, a first step in what could become an accelerating series of tariffs.

Lobbying efforts are now focused on convincing President Donald Trump to not put tariffs on a second list of mainly energy, plastics and chemicals worth about $16 billion, said industry officials. It could also result in other countries raising protectionist barriers. So, it's doing two big things.

Trump has threatened to significantly raise the ante by eventually taxing up to $550 billion in Chinese products, which is actually more than the $506 billion in goods China shipped to the United States a year ago. Trump's attempt to use the steel and aluminum tariffs to pry concessions from the Mexicans and Canadians proved futile. That's no accident. China wants to be seen as a counterpuncher, rather than the aggressor in this dispute.

China's Commerce Ministry said it would be "forced to make a necessary counterattack".

Politically, the get-tough-on-China campaign is aimed at helping score points with the voters who propelled Trump to the White House even though some members of his Republican party - particularly those in farming states that could be hit by retaliation - urged a retreat.

Other analysts added the political relationship between Washington and Beijing is expected to worsen, possibly affecting security policy in Asia, as the United States and China have been at odds over Taiwan and the South China Sea. Some economists question the accuracy of the official figures, yet the US Census Bureau shows America bought $376bn more of Chinese goods than the total value of all US goods sold in the Asian country previous year. "Okay? So, we have 50 plus 200 plus nearly 300", he told reporters on Thursday.

"On one hand, the United States hopes to attract foreign investment, which brings jobs". Surprisingly, the people taking the brunt of the economic hit still largely agree with him, NBC News reports, but how long will that last? His Administration's actions responded to injurious trade practices by China and other countries, including attempts to avoid legally imposed anti-dumping and countervailing duties. Some have responded by hiking their own tariffs on US goods.

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And so they formed the Trans-Pacific Partnership. "Bloomberg Economics' base case remains more trade skirmish than trade war, but the risks are increasing".

Beijing had earlier released a target list of $34bn worth of imported USA goods including autos and agricultural products also faced 25 percent tariffs.

In Beijing, the Ministry of Commerce issued a statement shortly after the U.S. tariffs kicked in accusing the United States of igniting "the largest trade war in economic history". "We also make flags for Trump for 2020". Since then, he has done his darnedest to alienate pretty much everyone, through insults and misdirected tariffs, as well as threats of further escalation.

Chinese port officials have already started upping inspections of American pork and cars, causing severe delays.

With its enormous currency reserves, China holds some $1.2 trillion in USA treasury bonds and officials have reportedly started to slow or halt their purchases.

Had Trump confined the trade assault to China, the European Union and other traditional allies would probably have ganged up with it.

"They have a sizeable feed industry that's dependent on soybeans, the largest swine herd in the world, the largest global aquaculture industry, and are rapidly modernizing their poultry, egg, dairy, and beef industries", Heisdorffer added.

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