WTO doing 'detailed analysis' of Trump tariffs against China

By Canadian Press

He has signaled an openness to exempting even more countries from the steel and aluminum tariffs, and his administration has yet to announce which Chinese imports will face tariffs (or how high the taxes will be), unleashing a fresh lobbying push. "But China is not afraid of and will not recoil from a trade war", it said in a statement.

The Dow Jones Industrial Average plunged more than 700 points, while Tokyo closed 4.5 percent lower, Hong Kong fell 2.45 percent and Shanghai sank more than three percent.

China is unlikely to respond until Washington acts but might launch an investigation of imports of US corn and soybeans "as a warning shot", said Parker.

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"This has been long in the making", Trump said signing the intellectual-property order, adding that the tariffs could affect as much as $60 billion in goods.

China could slap tariffs on $3 billion worth of USA goods in the latest move to increase trade tensions between the two countries.

"The only thing we are interested in seeing from the Chinese side is action", one senior official, who was not authorized to speak on the record, told reporters.

"I think it's important to realize that China has said this, but it hasn't been implemented", said David Preisler, CEO of the Minnesota Pork Producers Association. Its ministry of commerce said it planned to impose a 15% duty on 120 types of USA products, like fruits, nuts, wine and seamless tubes, worth $977 million, and a 25% levy on other products, including pork and recycled aluminum.

China's Commerce Ministry said Beijing was considering a tariff increase of 25 per cent on pork and aluminum scrap, mirroring Trump's 25 per cent charge on steel. But if the countries granted exemptions are removed from that total - including Canada and Mexico, whose exemptions had already been announced - then less than a third of U.S. steel imports would be subject to tariffs. "It's encouraging - we would like to participate in a process that helps educate the administration on potential downstream harms of the tariffs", said David French, the chief lobbyist for the National Retail Federation, which was among a group of 45 trade associations that is urging Mr. Trump to refrain from imposing tariffs.

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Officials said they expected Jared Kushner, the president's son-in-law and senior adviser, to take part in some of the meetings. Another point of friction is the war in Yemen, where Saudi Arabia leads a coalition fighting the Iran-backed Huthi rebels.

China's newly appointed central bank head, Yi Gang, also promised to announce reforms to China's financial industry in the next few weeks.

US Vice President Mike Pence hailed the new measures, saying they made it clear "the era of economic surrender is over". "Most impacted will be the US, [South] Korea and Taiwan, as companies domiciled in these markets make up a significant portion of the global production chain of Chinese exports", Anderson said. In addition, Trump will also direct the US Treasury to propose measures that could restrict Chinese investments in the United States, Eissenstat said.

The president's new Chinese trade policies, authorized on Thursday, are the latest step taken to return the United State's to it's position as a leader in the global economy. "They won't clip the wings of China Inc", he said. The sparring between China and the US has cast a spotlight on hardware makers such as Apple, which assemble the majority of their products in China for export to other countries.

But the European Union said it would "reserve its rights" to impose countermeasures as long as the exemption remained temporary.

One is that US consumers will be hurt.

In a ramping up of his America First ethos, Trump Thursday said he had ordered tariffs on $50 billion of Chinese imports as recompense for alleged intellectual property abuses.

American industry, agriculture in particular, as well as members of the president's own Republican party have voiced strident opposition to his recent trade moves.

The first shots have been fired in a trade war between the USA and China that threatens to affect us all.

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