Global 

Chinese buyers look to delay soybean cargoes from American suppliers

Chinese soybean buyers are asking sellers in the United States to delay cargoes due to be shipped in July until August, two sources familiar with the matter said, raising fears of cancellations like ones that roiled the market last year.The contract renegotiations come as the world’s top two economies remain locked in a protracted trade war that prompted China to sharply cut purchases of the oilseed from its second-largest supplier starting from the middle of last year.Soybean imports from the… Source link

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Donald Trump’s tariffs are big, fat American snake oil meant to win re-election, not solve real problems

It has become clear that tariffs are the “snake oil” of salesman Donald Trump and his US administration. I am reminded of the endearingly eccentric father-in-law in the 2012 film My Big Fat Greek Wedding, who spent much of his time dispensing a spray of glass cleaner as a cure-all for every minor medical complaint. Except that the US president’s obsession with tariff snake oil is anything but endearing. Trump is now unsatisfied with a big, fat ugly trade war with China that looks set to… Source link

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China 

Can Trump cut off Chinese companies from US capital markets without damaging American capitalism?

As the White House continues to put pressure on Beijing to reach a deal on trade, concerns are growing the Trump Administration may try to shut Chinese companies out of capital markets in the United States.It would mark a stark shift in policy and politicise what has been one of the key tenets that has fuelled massive gains in the US financial markets for decades – the free flow of capital.Any move to restrict Chinese access to US markets would also be a dramatic escalation of a trade war… Source…

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Huawei orders employees to cut meetings with US, sends American workers home, Financial Times reports

Tech giant Huawei has ordered its employees to cancel technical meetings with American contacts and has sent home numerous US employees working at its Chinese headquarters reported the Financial Times on Friday.The moves come amid growing US-China tensions over trade and technology in which Huawei has been a main target.The newspaper quoted Huawei’s chief strategy architect, Dang Wenshuan, as saying that American citizens working in research and development were repatriated two weeks ago, after… Source link

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US consumers set to bear burden of Trump’s tariffs as American retailers such as Wal-Mart, Target and Best Buy weigh price hikes

American retailers are increasingly warning consumers to brace for higher prices as the United States prepares to put tariffs on nearly all goods made in China, in the latest escalation in the trade war between the world’s two largest economies.Over the past three weeks, some of the biggest sellers of everything from apparel to electronics in the US have expressed concern over how higher duties will affect their bottom lines and said they are preparing to pass along the increased cost to their… Source link

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Global 

US tariffs on Chinese imports to cost American households US$831 a year, says research

The latest round of US tariffs on Chinese imports will cost the typical American household US$831 a year, according to researchers, as the Trump administration faces growing political pressure over its trade war with China.Washington this month increased existing tariffs on US$200 billion in Chinese goods from 10 per cent to 25 per cent, prompting Beijing to retaliate with its own levies on US imports, as talks to end a 10-month trade war between the world’s two largest economies stalled… Source link

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Global 

American consumers are ‘unequivocally the losers’ in US-China trade war, says IMF

Consumers in the United States “are unequivocally the losers” from the trade war with China, according to new research by the International Monetary Fund, which outlines the damage the long-running dispute is doing to both sides.The research, published on Thursday, found that “tariff revenue collected has been borne almost entirely by US importers”. Extrapolating that further, the International Monetary Fund (IMF) found that “some of these tariffs have been passed on to US consumers”,… Source link

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US-China trade war hurting American companies in China as tariffs cut into demand, survey finds

Three-quarters of US companies operating in China said the escalating trade war between Washington and Beijing was hurting their business, according to a new survey by the American Chamber of Commerce in China and its sister organisation in Shanghai.More than half of respondents said that higher tariffs imposed by both countries were cutting into demand for their products and 42 per cent said they were experiencing higher manufacturing costs. Of those surveyed, 38 per cent said they were seeing… Source link

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Donald Trump’s trade tariffs on China are neither a one-off nor unique among American presidents

“Give us a protective tariff and we will have the greatest nation on Earth.” That’s not a tweet from US President Donald Trump but a quote from Abraham Lincoln. In truth, historically, the United States has never been shy about setting tariffs when policymakers deemed it to be compatible with the national interest.  Trump is just the latest US president to like tariffs, and not just as a negotiating tactic.Undeniably, Washington was a key driver of the 1947 General Agreement on Tariffs and… Source link

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China scrapped import shipment of American pork in the biggest cancellation in more than a year as US-China trade war escalated

The same week US President Donald Trump announced sweeping increases on tariffs against Chinese goods, Chinese buyers dropped orders for 3,247 metric tonnes of US pork – the biggest cancellation in more than a year, according to US Department of Agriculture data released on Thursday.The cancellation came during the week ended May 9, a blow to the US$6.5 billion export market for American pork, vital to the burgeoning US meat industry.Prior to the trade war, China and Hong Kong combined were the… Source link

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