How Trump's trade war could affect Florida

Chinese factory claims it's making Trump's 2020 campaign flags amid trade war talk

A spokesman for the ministry of commerce in Beijing said: "China promised not to fire the first shot, but in order to safeguard the country's core interests as well as that of the people, it is forced to fight back". It accused the United States of "typical trade bullying".

He also noted that about $20 billion of the goods that will be subject to the USA tariffs are supported by foreign investors, including many from the United States. Trump's attempts to re-balance global trade have already sent the metals world into a tizzy, and the disarray is set to increase.

American companies doing business in China are particularly anxious.

US auto manufacture giant General Motors (GM) is also eyeing a loss in the face of the trade wars Washington is waging. That conjures the image of this being a cool, calm, collected game of chess on both sides: Washington and Beijing.

Previously, Trump had threatened up to impose additional tariffs on goods worth $400 billion should China follow through on its plans to retaliate against the initial U.S. tariffs on Chinese goods including autos, computer disk drives, pump and valve parts and light-emitting diodes.

Ballpark estimates from economists show that every $100 billion of imports affected by tariffs chip away around 0.5 per cent of global trade, wiping off 0.1 percentage points of GDP growth.

Until now, only $3bn of tariffs have taken effect, but President Trump has threatened new tariffs on many occasions.

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China will also start collecting a 25 percent levy on $US34b of U.S. goods such as agricultural products and cars.

The powerful US Chamber of Commerce, a principal corporate lobby, said this week that retaliation either already in force or expected to come from China, Canada, Mexico, the European Union and others against Trump's tariffs was already affecting $75 billion in US exports. Trump said. "So we have 50 plus 200 plus nearly 300". As a countermeasure, China simultaneously introduced 25% duties on goods worth a similar amount, Xinhua agency reported referring to the statement. It's also bigger than the $506 billion of goods that the United States imported from China a year ago.

Notably, after Europe announced it would tax quintessentially American exports like orange juice, peanut butter and Harley-Davidson motorcycles, Harley-Davidson said it would move production of its Europe-bound bikes overseas to avoid the tariffs.

The shooting has begun in the U.S.

The taxes target 818 kinds of Chinese products in industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials and automobiles, according to a USTR list released previously.

Recent and proposed trade actions by the Trump administration, including those targeting Chinese imports, threaten as many as 2.6 million American jobs and will stymie the domestic economic recovery, said the U.S. Chamber of Commerce, the country's largest business group, which represents 3 million businesses.

About 800 Chinese products, from boilers to industrial robots and cars, will have a 25% tariff imposed when imported into the US.

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What is President Trump threatening?

"The first round's impact is not that big, but the key is whether there will be more - a second round of revenge and retaliation and a third round, " said Shi Yinhong, a professor of global relations at Renmin University in Beijing.

The administration started imposing tariffs at 12:01 a.m.

"Generally speaking we're not going to get caught up in the tariffs the USA is applying to China because we have a different export profile", said Jacobi, who is executive director of the NZ International Business Forum. The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments. "We've generally seen freer and freer trade since World War II, and now we seem to be reversing that", David Dollar, senior fellow at the Brookings Institution in Washington and a former U.S. Treasury attache in Beijing, said in a Bloomberg Television interview on Thursday. For example, the USA government wants China to rein in government subsidies for policies like "Made in China 2025", which seeks to pump hundreds of billions of dollars into industries such as robotics, electric cars and computer chips with the aim of becoming a global leader.

Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy.

Gerard Bottino/CrowdSpark/NewscomBegun, the trade war has.

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