Boeing ETFs Tumble Due to Trump Trade War
- Author: Kelly Blake Apr 05, 2018,
Apr 05, 2018, 1:21
Stocks remain lower on Wall Street amid an escalating trade dispute between the USA and China but have pared some of their sharp early losses. The U.S. Trade Representative released a list of 1,300 product categories covered by the 25 percent China tariffs.
On March 22, Trump signed retaliatory tariffs on up to $60 billion of Chinese imports, including components used in the aeronautics, technology and energy industries.
Hours earlier, China made a move that had all the makings of an all-out commerce dispute with the U.S. "Our action is restrained".
The company urged the two countries to work towards a resolution to "limit uncertainty for farmers and avoid meaningful disruptions to agricultural trade".
Zhu warned against expecting Beijing to back down. "There isn't a hard and fast definition", said Bryson.
USA orange juice, certain sorghum products, cotton, some types of wheat, as well as trucks, some sport-utility vehicles, and certain electric vehicles, will also be subject to the new tariffs, according to the Chinese Finance Ministry.
The dispute "may compel countries to pick sides", said Weiliang Chang of Mizuho Bank in a report.
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Trump claimed there couldn't be a trade war, because the us apparently lost it years ago.
Following are some of the possible winners and losers among USA companies and sectors. Beijing's list reflects its sensitivity to American complaints that it pressures foreign companies to hand over technology.
Industrial companies were rocked.
China's foreign ministry spokesman Geng Shuang said Beijing had hoped talks would resolve the issues and blamed the USA for the trade dispute. However share markets in South Korea, Hong Kong and Shanghai dipped slightly in the wake of China's tariff announcements. That excludes high-end Boeing Co. jetliners such as the 747 and 777, leaving Beijing high-profile targets for possible future conflicts.
But as November's mid-term elections approach, the political ramifications of the current trade policy could be greater than the economic ones for Trump, he added.
National Economic Council Director Larry Kudlow has suggested the proposed tariffs may be a negotiating ploy.
Each list of products represents an estimated $50bn in annual trade, officials said.
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And Gary Shapiro, president of the Consumer Technology Association, which represents producers and retailers dependent on Chinese manufacturing, said the tariffs were a "poison pill" for U.S. industry. The trade is worth about US$14 billion. Wilbur Ross, the commerce secretary, said on CNBC that he was "a little surprised" that Wall Street was surprised by China's reaction and said that the United States could ultimately negotiate with the Chinese.
The timing of President Trump's initiation of a trade war now, by slapping import tariffs on steel and aluminum as well as by taking specific trade measures against China, would seem to be particularly unfortunate.
"Disregarding strong representations by China, the United States announced the tariff proposals that are completely unfounded, a typical unilateralist and protectionist practice that China strongly condemns and firmly opposes", according to the statement.
FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration.
Beijing has been adamant that it did not want a trade war, but that it would not not back down under United States pressure.
Washington is trying to promote technology exports to offset its imports from China and support higher-paying jobs.
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