In US-China tariffs, there are far more losers than winners
After firing the opening shots of a trade war, China and the USA have entered what is likely to be a protracted standoff as they jockey to win concessions from each other and avoid hurting their respective economies.
Washington has called for the $50 billion in extra duties after it said a probe determined Chinese government policies are created to transfer US intellectual property to Chinese companies and allow them to seize leadership in key high-technology industries of the future.
In a tit-for-tat response to the Trump administration's plan for 25 percent duties on $50 billion of Chinese imports, China hit back with its own list of similar duties on key American imports including soybeans, planes, cars, beef and chemicals.
Here are some of the businesses affected on both sides of the Pacific.
Oil prices have remained in a relatively tight range in 2018, in spite of surging American production, thanks to confidence that strong economic growth across the world will keep demand humming along.
A small portion of Massachusetts' exports will be touched by China's targeting of the USA aerospace industry. Soybean prices dropped as much as 5.3 percent in Chicago, the most since July 2016.
Another factor that pressured markets was the March jobs report, which showed the USA economy far fewer jobs last month than expected. They'll be eager to pick up any lost business, but they won't be able to completely replace US trade.
CPO could benefit from US-China trade war
The US tariffs will not come into effect until after a public comment and consultation period that should take about two months. The government later estimated that such theft by China made the USA lose between $225 billion and $600 billion each year.
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Over the past two decades, China has, for the most part, exerted a giant deflationary force on prices in the US and elsewhere.
China's threatened tariffs on US imports include soybeans, planes, cars, whiskey and chemicals. In 2016, almost three-quarters of the $7.5 billion in aircraft under the category now at risk of Chinese tariffs came from the United States (presumably made by Boeing).
But China has other ways to retaliate.
China held around $1.17 trillion of Treasuries as of the end of January, making it the largest of America's foreign creditors and the No. 2 overall owner of US government bonds after the Federal Reserve. Batteries for items like power tools, watches and smoke alarms were hit instead. Apple, Intel, Boeing, Cisco and Nike rank among companies with the highest volume of sales to China.
Like Japan in the 1990s, China is in transition to a more advanced economic state in which developing and protecting intellectual property will be crucial.
White House press secretary Sarah Huckabee Sanders said Wednesday that if China doesn't give in to the USA, the proposed tariffs will lock into place. "As a result, they might demand retaliation against USA exports or subsidies of their own". They'll face having to pay more for raw ingredients, such as insulin used by diabetics and the anti-allergic-reaction drug epinephrine. Secondly, for the U.S.to boost farmer subsidizes would bring third parties into the dispute - especially large producers such as the E.U., Brazil and Australia - who at the very least would complain to the WTO.
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