The U.S. Energy Industry Cant Afford A Trade War

The President's latest maneuver in the escalating trade war between the world's two largest economies prompted Republican leaders to rescind their support of the Trump administration's trade policy.

He Weiwen, a former economic and commercial counsellor at the Chinese consulate in NY and San Francisco, said companies said at the time of Chen's visit that the U.S. tariffs would hurt exporters and firms may consider moving their production from China to Southeast Asian countries.

Beijing thus far has vowed to respond in kind to any US trade action.

He added: "Companies in both countries will suffer losses".

The Chinese foreign ministry said Washington's threats were "typical bullying" and described the dispute as a "fight between unilateralism and multilateralism".

The U.S. government said the new tariffs are in response to Beijing's June 15 tariffs on $50 billion in U.S. exports, which were themselves in retaliation for President Trump's initial tariffs against China.

In commodities, US crude futures inched up 0.25 percent to $70.57 a barrel after tumbling 5 percent the previous day as trade tensions threatened to hurt oil demand and news that Libya would reopen its ports raised expectations of growing supply.

The list is subject to a two-month public comment period. "Cooperation is the only correct choice between China and the United States".

Administration officials said they hoped the measures would convince the Chinese government to increase market access for United States companies and address allegations of the theft of intellectual property.


Washington's initial tariff list focused on Chinese industrial products in an attempt to limit the impact on USA consumers, but this expansion would start to hit the items regularly purchased by American households.

China hit back with its own levies - targeting U.S. products such as mixed nuts and whiskey.

But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion past year, according to USA figures) than come back in the opposite direction ($130 billion).

The US on Tuesday published a list of $200 billion (€170 billion) worth of Chinese goods that could soon be hit with tariffs.

Among the potential ways Beijing could hit back are "qualitative measures", a threat that USA businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.

Instead, its heavily regulated economy gives Beijing tools to disrupt operations for American automakers, restaurant chains and other companies that are looking to China to drive revenue growth. Regulators can deny or cancel licenses or launch lengthy tax, environmental or anti-monopoly investigations.

It wasn't immediately clear how China would respond to the new tariff list.

Senate Finance Committee chair Orrin Hatch (R-Utah) also took aim at the announced list, saying it "appears reckless and is not a targeted approach".

The Chinese state-run press has reportedly been instructed on how to report on the current trade conflict between China and the US.


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