Timeline of a month of escalating US-China trade tensions

Trump's trade war not playing well in pig country

The prospect of Beijing targeting soybeans was the topic of so much speculation because there's so much at stake for both sides in a trade that was worth about $14 billion a year ago.

Tech stocks have added to the recent volatility, mostly due to controversies surrounding technology companies like Facebook.

In an email on Wednesday, Paul Burke, North Asia Regional Director of the U.S. Soybean Export Council, said duties on soybeans will hurt both U.S. farmers as well as Chinese soy processing, animal producers and consumers.

China's swift but measured retaliation to the USA steel and aluminum tariffs is meant to show "that it will not be pushed around but that it does not want a trade war", said Amanda DeBusk, chair of the global trade department at the law firm Hughes Hubbard & Reed. "If someone wants to talk, our door is open", said Wang Shouwen, vice-minister of commerce. "Our action is restrained".

Q: What reasons do Washington and Beijing have for avoiding a trade war?

Zhu warned against expecting Beijing to back down.

The larger concern, Ross said, is the protection of US intellectual property.

More importantly, it is also because the Chinese economy is in the midst of a massive credit and housing price bubble of its own.




The dispute "may compel countries to pick sides", said Weiliang Chang of Mizuho Bank in a report.

Despite these latest developments, however, President Trump took to Twitter to denounce the trade war and China's response.

A senior Chinese finance official has warned that attempts by foreign countries to pressure China on trade will fail, striking a firm note as Beijing announced proposed tariff hikes on American goods in response to planned US duties.

Wang said the plan, which lays out specific targets for domestic brands' share of the market in some sectors, should be seen as a guide rather than mandatory. Also at risk are foreign firms that produce in the U.S. Germany-based BMW sends 89,000 vehicles annually from the U.S.to China, the Associated Press reported, while Daimler AG's Mercedes-Benz ships 65,000. That excludes high-end Boeing Co. jetliners such as the 747 and 777, leaving Beijing high-profile targets for possible future conflicts.

Some analysts pointed to comments by recently-installed White House economic advisor Larry Kudlow who suggested President Donald Trump's strident approach to China was a negotiating tactic to win concessions. "Nothing concrete has actually happened; these are proposals", Trump economic adviser Larry Kudlow said on Fox Business Network on Wednesday.

"China has made meticulous efforts in deciding the list of the products to make sure the impact on China's economy is controllable", said Tu. "USA producers were already at a disadvantage to many foreign competitors, and this will only exacerbate that problem", said Robert "Bobby" Koch, President and CEO of the Wine Institute.

"Trade uncertainty is the main headwind to the market", Charles St-Arnaud, an investment strategist at Lombard Odier Asset Management in London, said. Regulators have wide discretion to withhold licenses or take other action to disrupt logistics and other service businesses. Wilbur Ross, the commerce secretary, said on CNBC that he was "a little surprised" that Wall Street was surprised by China's reaction and said that the United States could ultimately negotiate with the Chinese. In response, Beijing reportedly hit a category of products manufactured in those USA states that supported President Donald Trump during his election campaign.

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