The U.S. Energy Industry Cant Afford A Trade War

Canola is an “imperfect substitute” for soybeans
Mike Drew  Postmedia

On Tuesday, the US Trade Representative's office announced a $200bn list of Chinese goods for possible 10 percent tariffs including fish, apples and burglar alarms. Chinese indexes also slid.

"The behavior of the U.S.is hurting China, hurting the world and hurting itself", China's commerce ministry spokesperson said in a statement, according to the BBC, before adding that Beijing will have to take "necessary countermeasures".

Economists warn this poses a serious risk to the world economy, as it will depress investment and United States growth and accelerate unemployment.

China's WTO "trade policy review" - scheduled before Washington lit the fuse on a tariff battle with Beijing - served as a new front in the widening economic confrontation between the two powers.

"This disruptive approach to trade policy endangers the gains that the $404 billion plastics industry has made as a result of this administration's achievements on comprehensive tax and regulatory reform", said Bill Carteaux, president and CEO.

China bought $130 billion of USA goods past year.

"Farmers have done poorly for 15 years".

And European officials have said Beijing is trying to woo the EU with market access in return for standing with China against Trump's trade measures, though the Europeans, who share USA criticism of China but disapprove of Trump's tariffs, have largely refrained from taking sides.

Any tariff on a foreign country's exports is ultimately a tax on your own businesses and citizens. Such a move could have a materially negative effect on U.S. stocks, Capital Economics says. He also called for Trump to sit down soon with Xi to address their differences - a move that was then echoed by House Speaker Paul Ryan. For negotiations to succeed, "no party should point a gun at the other party", he said.

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The article noted that United States industry officials had said the new tariff threats against China "were bound to be seen as a signal to Europe that the USA wouldn't back away from the trade fight" and "also could be a specific warning" to Merkel.

Across the Capitol, Senator John Cornyn (R-Texas), the chamber's No 2 Republican, said lawmakers were willing to "give the president the room he needs" to negotiate a good deal, but he said he worries that things could "escalate out of control".

"The question is less whether we can do harm to them than, which one can endure the pain the better?" "And I don't think any of us know that exactly".

The latest set of duties would not take effect until the end of August at the earliest, after the administration holds a public comment period on the affected products.

The proposal comes only a few days after the Trump administration fired the first real opening salvo in the trade war, implementing 25 percent tariffs on $34 billion in Chinese imports on Friday. This week, Trump threatened to impose an additional $200 billion worth of tariffs on Chinese-made products.

Instead, its heavily regulated economy gave Beijing tools to disrupt operations for American auto makers, restaurant chains and other companies that are looking to China to drive revenue growth. "Tariffs threaten to boomerang on the very workers they're supposed to help, and will only further undermine the confidence manufacturers need to make investments in new equipment, facilities and people".

Just as the US President arrived in Brussels, however, the United Kingdom government announced it will send an additional 440 troops to help support the North Atlantic Treaty Organisation mission in Afghanistan.

Christine McDaniel, a senior research fellow at George Mason University in Virginia, told VOA that while the Trump administration's actions have bipartisan congressional support, its strategy to date of tariffs and investment restrictions could be costly to USA manufacturers and consumers.

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