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Meanwhile the U.S., Canada and Mexico continue to hold talks about potential changes to NAFTA.
Donald Trump's trade war with China is heating up as Beijing imposed tariffs of its own on US imports into the country, following similar tariffs Trump announced on Chinese goods entering the USA last month, CNNMoney is reporting. Tim Walz, who represents one major USA pork producing county and is running for governor, said in a statement prepared for Roll Call.
Ginseng and almond growers, for instance, may not have that much political clout or economic heft, but they are substantial players in their regional homes - ginseng in central Wisconsin, almonds in central California.
"It seems to be pretty measured and proportional", agreed Wendy Cutler, a former US trade official who is now vice president at the Asia Society Policy Institute. It's also imposing a new 15 percent tariff on 120 imported US commodities, including fruits. Apple earned more than 20 percent of its total sales from China in the most recent quarter. Since then, he has exempted numerous countries, but has not waived the impact on China. Shares of Amazon slumped 5.21 percent in the late trading on Monday after U.S. President Donald Trump tweeted on Saturday that Amazon was scamming the U.S. Postal Service, adding the service loses "billions of dollars" delivering packages for the e-commerce giant. Boeing CEO Dennis Muilenburg told CNBC in mid-February that he wanted a "balanced approach to China".
"We are certainly close to the brink of a trade war, but it does not mean there will be trade war".
The refinery manager said prices in Brazil, the world's top ethanol producer, are now too high for exports to China, but could be an option in future.
"With Vice Premier Liu He, I had an extensive discussion about how China's trade-distorting measures end up hurting American workers", Warren wrote on Twitter.
"These retaliatory tariffs will disproportionately affect hard-working American pork packers and producers, who will bear the main burden of these measures in the form of lost revenue and restricted market access, particularly as US pork production is slated to rise this year", Barry Carpenter, president and CEO of the North American Meat Institute, told FOX Business.
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Treasury Secretary Steven Mnuchin said in an interview with Fox News that the administration is not afraid of a trade war although "that's not our objective".
And Beijing has not yet responded to White House plans announced March 23 to impose tariffs on US$60 billion worth of other Chinese exports in retaliation for the alleged theft of U.S. intellectual property.
One of the largest USA pork producers hit by this change is Smithfield Foods - which is actually owned by Chinese company WH Group.
It remains to be seen if it would impact USA manufacturers that rely on Chinese supply imports, because many of those are already going to other countries such as India and Vietnam.
It's the latest move in escalating tensions between the world's two largest economies, which some experts fear could turn into a trade war. "Multinationals and their suppliers would look for alternative facilities outside China, some would probably decamp from the mainland altogether for cheaper climes", Bloomberg said.
"China is a very important market for us".
One major example is China's new 25 percent tariff on American pork.
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