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China says won't weaken currency to boost exports, as USA tariffs mount

China says won't weaken currency to boost exports, as USA tariffs mount”

According to the USCBC latest report, Arkansas businesses exported $910 million in goods to China in 2017, ranking only behind Canada at $1.2 billion. But in an interview with China's official news agency (Xinhua) this week, Ma said the recent waves of tariffs implemented by the Trump administration compelled him to abandon the pledge.

While the U.S. keeps accusing China of refusing to buy American products to maintain a "fair" trade balance, Beijing is complaining that Washington's protectionist practices are detrimental to the entire global economy - and has even taken up the issue with the World Trade Organization. "Now it's just a question of how the Chinese can save face and say "alright we're going to change, going to open up wider access not only to the USA but to the European Union and Japan", said Christopher Peel, chief investment officer at Tavistock Wealth in London.

In his statement, Trump noted that the tariff actions being taken are a result of the Section 301 process that the USTR has been leading for more than 12 months.

But Ma told official news agency Xinhua his vow had been made on the basis of continued cooperation and trade growth between the United States and China, and would now be hard to fulfill. "These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy".

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It would be unreasonable, however, to expect any effort to compel China to alter its unfair business practices to leave USA companies completely unscathed.

But many analysts were skeptical.

Now that Walmart's letter has failed to stop Trump's tariff hit on China, these impacts on consumers and the US economy seem inevitable.

The new US tariffs will begin on September 24 at 10 percent and will increase to 25 percent by the end of 2018, with Bank of America Merrill Lynch forecasting a 0.5 percentage point decline in Chinese gross domestic product (GDP) growth for 2019 to 6.1 percent.

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As for the impact of tariff actions on supply chains and consumers, the feedback has largely been that they will raise prices and do more harm than good at the end of the day to be sure.

Hundreds of US businesses spoke at public hearings last month in opposition to the rising tariffs, saying they would price them out of business.

In a research note, the esteemed economist explained that tariffs can have unintended consequences because global supply chains are so complex. And we will come back with more if they retaliate.

All valid points indeed. The report also highlighted support of US trade officials' efforts to try to address those issues are affecting business in ways that were expected and unexpected, officials said. It shouldn't be to shrink trade with China, much less cripple its economy.

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