The Only Way to Win a Trade War is Not To Fight

Opinion: China shows no one wants a trade war, really

Mr Trump, in light of what he called China's "unfair retaliation" against earlier U.S. trade actions, had upped the ante on Friday (Thursday local time) by ordering U.S. officials to identify extra tariffs, escalating a tit-for-tat confrontation with potentially damaging consequences for the world's two biggest economies.

The U.S. and China played down the prospect of a diplomatic breakthrough to resolve their escalating trade dispute as the White House considers what demands it will present to the Chinese.

China's Commerce Ministry spokesman, Gao Feng, calling the USA action "extremely mistaken" and unjustified, said the spat was a struggle between unilateralism and multilateralism and that no negotiations were likely in the current circumstances.

The tit-for-tat trade war between the United States and China may well mean a throwback to the protectionist past.

The Americans put tariffs on steel and aluminum; China responds by taxing American pork.

China responded with proposed tariffs on fresh fruit, pork and recycled aluminum, accounting for $3 billion of United States exports previous year. "If the United States announces an additional $US100 billion ($130 billion) list of tariffs, China has already fully prepared, and will not hesitate to immediately make, a fierce counterstrike". This came after China said on Wednesday that it would impose 25 per cent tariffs on 106 U.S. products worth US$50 billion, ranging from soya beans to cars to aeroplanes.

"Economic data and forecasts from the IMF, OECD, World Bank and others have been revised steadily upwards over the past year, which would tend to indicate a sustained recovery of trade in 2018 following strong trade growth in 2017", Agah said.

Furthermore, if China shifts a significant portion of its demand to Brazil and Argentina, two other major exporters, those countries' usual customers will have to buy USA beans. When trade between the two countries falls, Chinese producers would nearly certainly suffer more than American ones.

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Al Jazeera's Gabriel Elizondo reports from New York, US.

That was backed up by Trump's chief economic adviser, Larry Kudlow, who said tariff negotiations with China had not started. Over time, it will improve if there's less talk and rhetoric but if they're going to say anything, this is sort of thing is probably fine: it's not inflammatory and it's clear the USA just wants to negotiate.

The president accuses China of stealing USA intellectual property and other violations of global trade rules.

He said he had also instructed agricultural officials to implement a plan to protect U.S. farmers and agricultural interests.

And while some American business executives have begun to worry about how a possible trade war with China could affect inflation, leaders at the Fed have not fully engaged in the tariff battle just yet.

Are the two superpowers now destined for a full-blown trade war? Also at risk are foreign firms that produce in the U.S. Germany-based BMW sends 89,000 vehicles annually from the U.S.to China, the Associated Press reported, while Daimler AG's Mercedes-Benz ships 65,000. The move came in response to United States levies on Chinese goods. In a speech at the Economic Club of Chicago on Friday, Fed chair Jerome Powell said it was "too early to say" what the result of a trade war would be on the USA economic outlook.

"We are exporting out pipes and tubes to the U.S., but we are not dependent on America as we have got other markets, which we are been developing for the last few years". Both sides have been careful to leave time for further negotiations in an effort to prevent the tariffs from taking effect. There is still time for negotiations and opportunities for a mutually face-saving deal, though the uncertainty in the meantime is likely to be extremely damaging.

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