Manufacturers are anxious about Trump tariffs

Audio waves displayed on a computer screen at a sound recording studio

Audio waves displayed on a computer screen at a sound recording studio

In addition to imposing additional tariffs on steel and aluminum from China and other countries, Trump has threatened to put protective duties on other Chinese-made products worth $60 billion.

Last July, U.S. Treasury Secretary Steven Mnuchin complained the Chinese government's dominant role in China's economy was to blame for its yawning trade surplus. "The only way we'll truly make lasting progress is through a strategic approach that uses both carrots and sticks to accelerate changes to Chinese policies", Timmons said.

Regardless of whether it's Trump or Chinese President Xi Jinping ordering the tariffs, Americans stand to lose. The US Trade Representative's office has criticised the Chinese government's policies, saying they demand the "uneconomic" transfer of intellectual property to Chinese firms.

Now retaliatory tariffs may cut off overseas markets for American farms and wineries.

Eight other products, including pork and scrap aluminium, will now be subject to additional tariffs of 25 percent, it said, with the measures effective from April 2. He also adds that America doesn't ship a lot of ethanol to China, unlike pork, which he says America sends a lot to China.

No wonder American producers are anxious.

"Possible Chinese tariffs on USA pork could have a significant negative impact on rural America", the National Pork Producers Council said in a statement on March 23. "No one wins in these tit-for-tat trade disputes, least of all the farmers and the consumers".

The tariffs, effective Monday, will neutralize the cost savings from importing cheaper US ethanol versus domestic supply, said three sources that participate in the market.

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China said late on Sunday it will slap an extra 15 per cent tariff on ethanol imports from the United States, part of its response to USA duties on aluminium and steel imports.

It is unclear whether the USA and China can reach an agreement on trade before the US enacts the Section 301 tariffs. In his view, what he calls flawed trade agreements and sharp-elbowed practices by China and other trading partners are in part responsible for America's gaping trade deficit - $566 billion a year ago.

Mr Turnbull looks forward to the United States and China negotiating an agreement. The levies were ordered as retaliation for President TrumpDonald John TrumpNew York Magazine cover depicts Trump as a pig GOP lawmaker: Republicans "would be well advised to get ready" for Dem wave in midterms Tech giants brace for sweeping European Union privacy law MORE's enacted tariffs of 25 and 10 percent on foreign steel and aluminum, respectively.

White House spokeswoman Sarah Huckabee Sanders said Monday on the television show "Fox and Friends" that Trump was "going to fight back and he's going to push back".

The effects are being felt on Wall Street too.

Asian stock markets indexes closed lower on Monday with Tokyo and Shanghai ending down 0.3 percent and 0.2 percent respectively.

After a month of public negotiations between the U.S. and several other countries, Monday marked the first time another country has formally placed tariffs on USA goods in response to the Trump administration's recent trade sanctions.

In an opinion article Monday, China's official news agency Xinhua warned that Trump's plans to impose further trade measures on China are a "self-defeating gamble" that will cause harm to the American economy. "We understand the fear".

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