Wall Street hit by trade war fears

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Chinese officials say implementation depends on whether the USA president implements his tariff plans.

Shortly after U.S. President Donald Trump's administration issued its list, China's ambassador to the World Trade Organization urged all of the trade body's members to join with China to counter U.S. trade abuses.

"Instead of targeting fairly traded U.S. exports, China needs to stop its unfair trading practices which are harming USA national security and distorting global markets". They are meant to hit the U.S. square in the farm belt - a major section of President Trump's support but also a major supplier of what China stocks in its supermarkets.

China will impose an additional import tariff of 25% on all pork products from the USA, although no implementation date has been set.

The US on Tuesday published a list of $50 billion in Chinese imports set to be hit by US tariffs.

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The United States has published its list of products from China that would be hit with 25 percent tariffs in response to the investigation under Section 301 of the 1974 U.S. Trade Act, which authorizes the president to respond (including via retaliation) to a foreign government action that violates an global trade agreement and that burdens or restricts U.S. commerce. "It should surprise no one that China immediately retaliated against our most important exports, including soybeans".

On the Minnesota side about $2.1 billion dollars were exported with China as the top market. 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. "And if the way that we effectuate that is through negotiations, that's great", the official said.

On the data front, US private-sector employers added 241,000 workers to payrolls last month, according to the ADP Research Institute. Futures for Soybeans, a big US export to China, fell 2.2 percent on the CBOT. The duties would mostly steer clear of the billions of dollars of consumer goods that the USA imports from China, such as iPhones, toys, and shoes.

China announced plans Wednesday morning to tax US soybeans in retaliation for the trade sanctions recently announced by President Donald Trump.

In issuing its hit list, Beijing blamed the US for picking a fight. The last two options could hurt China as much as the USA, which is why Garcia Herrero thinks they are unlikely to happen.

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The United States and China - two of the world's largest economies - have locked their horns over a trade war at the moment.

The complaint is valid, but a trade war would be a reckless overreaction. The president also dismissed concern that his demands for tariffs on Chinese products have the potential of starting a trade war. Beijing is reportedly calling on the U.S.to negotiate while stating that it is prepared to fight until the end if Washington decides to fight.

March 9, 2018: The third month of the new year also saw the momentum is maintained by the U.S. on the trade war with China.

ANALYST'S TAKE: "With the expectation for talks to now take over, it does look like we have a long drawn out process ahead of us".

In March the European Union threatened to impose tariffs on USA peanut butter, cranberries and orange juice if Trump imposes tariffs on steel and aluminium.

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