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Farm states stand to lose big in trade war

Trump threatened an additional US$100 billion in tit-for-tat tariffs on Beijing yesterday, in the latest step in an escalating trade dispute. Any sharp escalation of the US-China trade war is likely to drag down global trade growth and hurt India.

China's Commerce Ministry spokesman, Gao Feng, calling the United States action "extremely mistaken" and unjustified, said the spat was a struggle between unilateralism and multilateralism and that no negotiations were likely in the current circumstances.

In the latest round of the trade war, the Trump administration rattled market bulls last week by calling for 25 per cent tariffs on $50 billion in imports from China. In response, China on Sunday slapped tariffs on $3 billion on agricultural products from the USA including hog parts, wine, fruit and nuts. China bought $130 billion worth of United States goods in 2017, making it the third-largest market for our exports, behind only Canada and Mexico.

On Wednesday, China announced its intentions to impose tariffs on $50 billion worth of imports from the United States as a tit-for-tat response to a similar plan announced by the American side in late-March. "There is the potential of a trade war", said Treasury Secretary Steven Mnuchin. The trade war is a cause for concern for India, though a lot will depend on the details of the USA tariff plans and the products both these countries will be targeting.

"In 2016, Limestone County produced the most soybeans in Alabama with 2.2 million bushels", according to the Alabama Farmers Federation.

Al Jazeera's Gabriel Elizondo reports from New York, US.




Wall Street stocks finished sharply lower on Friday after escalating threats in the US-China trade spat deepened fears of an all-out trade war.

"So we may take a hit and you know what, ultimately we're going to be much stronger for it", Trump said.
Taxes will become reciprocal and a deal will be made on intellectual property.

But if this spirals into a bigger conflict between the world's two biggest economies, it's worth keeping something in mind: In a trade war, the usual rules of commerce may not apply. Chinese and US officials haven't held talks "for a period of time" on any economic or trade issues, Gao said. The U.S. semiconductor industry relies on China for about a quarter of its revenue. On Friday, White House economic adviser Larry Kudlow told reporters that talks are ongoing, and disputes could be sorted out within a matter of months.

Any national preparations made now for said trade war will bring on the very catastrophic economic adjustment it seeks to hedge.

Political risk consultancy the Eurasia Group says this is shaping to be the likeliest year for the geopolitical equivalent of the 2008 global financial crisis. Beijing countered with equal levies on $50 billion of 128 US goods, notably soybeans, corn, cotton, chemicals and cars.

"We are on a risky downward spiral and American families will be on the losing end", Shay added in a statement, urging Trump " to stop playing a game of chicken with the U.S. economy". Both sides have been careful to leave time for further negotiations in an effort to prevent the tariffs from taking effect.

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