India Among Countries to Benefit From US-China Trade War: United Nation

07 February, 2019, 13:12 | Author: Mary Valdez
  • American soybean farmers Trump trade war China

U.S. Treasury Secretary Steve Mnuchin speaks to Capitol Hill reporters after it was reporterd House Majority Leader Steny Hoyer (D-MD) would ask the Treasury Department to delay the lifting of sanctions on two companies tied to Russian oligarch Oleg Deripaska to give Congress time to review the decision in Washington, U.S., January 15, 2019.

U.S. companies would capture only 6% of the $250bn of the affected Chinese exports, while Chinese firms would retain 12%, despite the higher cost of trade, the study said. "We're putting in an enormous amount of effort to try to hit this deadline and get a deal". If they fail to reach an agreement before the deadline, the United States has threatened to hike tariffs on $200 billion of Chinese goods from 10% to 25%.

Trump said he does not blame China for taking advantage of the U.S. but "our leaders and representatives for allowing this travesty to happen". The Commerce Department on Wednesday reported the US goods trade deficit with China reached $382 billion through the first 11 months of 2018, eclipsing the $375 billion gap during all of 2017, though the deficit narrowed for the month of November from October.

A critical part of any deal, they say, would be a mechanism to verify and enforce China's follow-through on any commitments it makes. "There's no plan set at the moment but right now we're focused on next week and making more progress".

The US levied additional duties of between 10 and 25 percent on Chinese goods past year as punishment for what it called unfair trade practices. That's because economies in the bloc are globally competitive and have the most potential to ramp up their exports, the report said.

The higher cost of US-China trade would prompt companies to shift away from current eastern Asian supply chains, but the impact of the tariffs would not primarily benefit US companies, according to the report.

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"This is not a good path to go down", said Republican Senator Pat Toomey of Pennsylvania, a critic of Trump's tariffs. He said Lighthizer told senators that purchases of agricultural products looked to remain a sticking point.

Portman told Bloomberg Television that he and Senate co-sponsors including Alabama Democrat Doug Jones, Iowa Republican Joni Ernst, and California Democrat Dianne Feinstein were eager to limit the president's powers "so it's truly for instances of genuine national security".

The world's two largest economies have 24 more days in a three-month truce in their trade war before USA duty rates are due to rise sharply, which economists say could be a powerful negative shock to the global economy.

In another sign of that resistance in Congress, a bipartisan group led by Republican Senator Rob Portman of OH on Wednesday introduced a bill that would limit the president's ability to use an arcane national security statute Trump employed past year to impose tariffs on steel and aluminum, prompting retaliation from other countries. Since then, Beijing has bought 2.6 million tonnes of the product.

This includes replacing the "outdated" North American Free Trade Agreement (NAFTA) with a new trade deal known as the United States-Mexico-Canada Agreement (USMCA).

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