US open to talks with China, Treasury Secretary Mnuchin says

UKFinancial markets have been affected by the US-China dispute

UKFinancial markets have been affected by the US-China dispute

"I like to say that there is a pot of gold at the end of this rainbow". Together, both sides are targeting about $50 billion (Dh183.9 billion) in either USA or Chinese goods in this first round, but both Beijing and Washington have left room for manoeuvre, with the Washington tariffs not taking effect for two months to allow for a period of public consultation.

On the Minnesota side about $2.1 billion dollars were exported with China as the top market.

China has said the timing of the imposition of its tariffs will depend on Washington's future actions.

The list of USA goods affected by Chinese tariffs reportedly includes vehicles, chemicals, some types of aircraft, soybean, corn, and other agricultural products. We will resolutely fight back.

He also warned that the tariffs could affect Virginia's principal markets for tobacco products listed by the Chinese on Wednesday. China has a "Belt and Road" plan to diversify its exports.

But the immediate impact on Boeing - the world's biggest aerospace company and the largest private sector employer in Washington state - gives a worrying foretaste of what could lie in store for the millions of USA jobs that rely on exports.

"When we have the administration implementing import tariffs primarily targeted at some of the less competitive industries, what we're seeing is retaliation against the most competitive industries, the ones that are growing and creating jobs", he said.

But Trump said Friday that his predecessors already lost the trade war, and the us has nothing left to lose.

The latest actions risk putting the countries "on a slippery slope towards a trade war", they said.

U.S. President Donald Trump takes part in a welcoming ceremony with China's President Xi Jinping at the Great Hall of the People in Beijing, China, November 9, 2017.

Sputnik: One of the most powerful weapons in Beijing's trade arsenal is the specific product of the soybean, is China going to target it? On Thursday evening, Trump requested tariffs on another $100 billion worth of Chinese goods, further fuelling the trade war.

"Don't overreact - we'll see how this works out", Kudlow said.

Virginia agricultural officials were far from alone in their concern about the implications of the Chinese tariffs on soybeans and other farm products. Trump had deemed China's response "unfair", saying it could "harm our farmers and manufacturers" which, Earth to Trump, was the point.

This trade fight will benefit cotton producers, but Brazil will not replace the United States, the largest exporters in the world. They'll be eager to pick up any lost business, but they won't be able to completely replace US trade.

"I've never subscribed to the theory that this is some position to get a better negotiating stance", said Oliver Pursche, vice chairman and chief market strategist, Bruderman Asset Management in NY, who is not changing investment strategy on the basis of the recent rhetoric. Most importantly, he viewed the trade deficit as the most important thing in global trade.

China responded with proposed tariffs on fresh fruit, pork and recycled aluminum, accounting for $3 billion of U.S. exports a year ago. The U.S.is allowing 60 days for public feedback and hasn't specified when the tariffs would take effect, leaving a window open for talks.

And regardless of whether Trump is right about the larger point that the USA economy can absorb any repercussions (is that his point?), that doesn't mean individual American workers and business owners won't feel a pinch if China carries through with its tit-for-tat promised tariffs on agriculture and auto industries.

"Tariffs have been weaponized", said Malawer, a member of the new Virginia Committee on International Trade.

TRADE TIFF: Tensions in the U.S.

The result of all the tension and brinksmanship, the White House says, will be a fairer global business climate for US industries. "Ultimately we're going to be much stronger for it". In theory, this boosts the economy of the country imposing tariffs.

"What this is is an attempt to right some of the wrongs with respect to China", he said. "We'd like to be able to sell it to them without these sort of trade-distorting tariffs". And it's not just necessary for America, but perhaps the rest of the world as well.

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