China trade battle kicks off; markets take it in stride

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Without those restrictions, USMEF projects USA beef exports to China could reach $4 billion annually in the next five years, he said.

To what extent the trade tensions bleed into other aspects of the U.S.

Asian markets appear to have taken in stride the US move to raise tariffs on billions of dollars of Chinese products.

Companies seeking product exclusions from tariffs on Chinese goods imported into the United States will get 90 days to file such requests, the US Trade Representative's office said onFriday. In June, China said it would put 25% tariffs on United States goods, including pork, soybeans, rice and corn, on 6 July.

Just after the increase was due to take effect at midnight Friday Washington time, major benchmarks in China, Hong Kong, Japan and South Korea were steady. However, German automaker BMW said it is unable to "completely absorb" new Chinese tariff on imported US-made models and will raise prices.

U.S. tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday, with Beijing saying it had no choice but to respond in kind, as the two trading giants escalated a bitter row.

"If the U.S.is going to engage in a trade war, which is very troubling for China, politically, it's going to reduce their willingness to cooperate on North Korea", he said.

Trump has railed against Beijing for intellectual property theft and barriers to entry for U.S. businesses and a $375 billion U.S. trade deficit with China.

"We have to be aware that we are only one tweet away from much broader tariffs becoming a reality", she said, adding that investors were trimming broad exposure to riskier assets.

SEAFOOD companies in the United States are waiting anxiously this week to see what impact the growing trade war between Washington and Beijing will have on their businesses.

The two countries are now holding about $15 billion to $16 billion in goods in reserve for a second round of tariffs.

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European pork will gain some ground over the USA, which shipped nearly $500 million worth of pork to China past year. These would hit USA energy exports, such as coal and crude oil, among other areas.

Beijing said that it has put into action a series of retaliatory actions against USA trade which became effective the moment Trump's decision was enforced.

"The key questions during that time are what will happen to financial markets, how will U.S. voters react and will China's economy start to wobble", Kennedy said in a telephone interview.

Signs of nervousness about the trade outlook were evident elsewhere in global markets with the Japanese yen and the Swiss franc firm against the dollar while core USA and German bonds were in demand. Crushers may not pass on the inflated cost at least in the short term, further eroding their already low margins, the bank said in a research note.

China lodged a case with the World Trade Organization against the United States, its commerce ministry said on Friday.

USA crude rose 1.22 percent to $73.83 per barrel and Brent was last at $77.07, down 0.41 percent on the day.

Tokyo closed 1.1% higher, but Hong Kong fell 0.5% in late trading.

The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict.

Taken together, the goods are worth some 34 billion dollars.

A ministry statement said, "the Chinese side promised not to fire the first shot, but to defend the core interests of the country and people, it is forced to make a necessary counterattack". For example, my auto is from America.

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