As U.S. business interests in China are much larger than what is shown by trade data, a looming trade war between the two countries would put U.S. business interests at risk, according to industry reports.
So what happened to the dreaded trade war?
Article 1 of the U.S. Constitution places the duty and authority for worldwide trade on Congress, he said. "But this is certainly how they might start". China said today it was ready to pay "any cost" in a possible trade war with the U.S., after President Donald Trump warned he was considering US$100 billion (RM387 billion) in extra tariffs.
Last month, Mr Trump said that "trade wars are good".
China appeared to be angling to inflict political costs on Trump by striking at signature US exports, including soybeans, frozen beef, cotton and other agricultural commodities produced in states from Iowa to Texas that voted for him in the 2016 presidential election.
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"Long-term, an ongoing trade dispute with China risks stoking anti-Americanism sentiment that could jeopardize the strength of trade relations between the two countries - relationships that have taken USA soybean farmers almost 35 years to develop". He asked US Trade Representative Robert Lighthizer to look into China's alleged theft of American intellectual property. So said IL farmer Aaron Wernz, speaking to a Wall Street Journal reporter after China announced it would put a hefty 25 percent tariff on US soybeans, which Wernz grows.
Beijing had made it clear last September that US soybeans could be hit in a US-China trade war, he said. We see United States as saying that it is going to wait at least 60 days to impose these tariffs and China has responded by saying they will not impose the tariffs until the United States does. "Obviously, it is a strong ploy, but a lot of our other efforts have not worked [and] everybody is at the table now".
But that saw China impose tariffs on key USA exports, including soy beans and frozen beef, sending the Dow Jones plummeting by over 500 points after the New York Stock Exchange opened. Eastern time. The Dow climbed 86 points, or 0.4 percent, to 24,120. The Nasdaq composite rose 100.83 points, or 1.5 percent, to 7,042.11. The Russell 2000 got a 1.3 percent lift.
WALL STREET: Major U.S. benchmarks ended higher. We know markets ebb and flow, " said American Farm Bureau Federation President Zippy Duvall. "Our action is restrained".
China announced retaliatory tariffs on various products from the U.S., including pork, this week, in response to Donald Trump's decision in March to introduce higher tariffs for imported USA steel and aluminium.
Neither lists have gone into effect. USTR's proposed list will be open for public comment during the review process, which won't be completed until May.
"Any attempt to bring China to its knees through threats and intimidation will never succeed", foreign ministry spokesman Geng Shuang said.