Tighter supplies of staple meat deal new economic blow amid trade row with US
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Entries by Herb Cochran
Early in May 2019,, the Chinese government sent the U.S. a trade deal draft that had been slashed from 150 pages — painstakingly assembled by both sides over five months of negotiations — to 105. The move riled U.S. President Donald Trump and brought progress on the trade talks to a screeching halt, as Beijing surely
China produces and consumes two-thirds of the world’s pork, but output is plunging as Beijing destroys herds and blocks shipments to stop African swine fever. Importers are filling the gap by buying pork as far away as Europe, boosting prices by up to 40% and causing shortages in other markets.
President Xi Jinping has called for the Chinese people to begin a modern “long march,” invoking a time of hardship from the country’s history as it braces for a protracted trade war with the United States, in an attempt to rally the nation as trade tensions with the United States escalate. China’s currency is weakening.
Key USTR officials negotiating the deal with Mexico and Canada are working both sides of the Capitol in an effort to ease concerns not only over the provisions of the pact but Trump’s ongoing tariff war with Mexico, Canada, Europe and China. Speaker Nancy Pelosi and her Democratic leadership team were upbeat about the U.S.-Mexico-Canada Agreement
The Trump administration has reached a deal to lift tariffs on steel and aluminum imports from Canada and Mexico, in a move that could put the three nations a step closer to ratifying the USMCA trade deal that would replace NAFTA. Presidential proclamations were issued May 20, 2019 to remove the tariffs on aluminum,… and steel
USTR announced an increase of special tariffs to 25% on $200 billion of U.S. imports from China on May 10 (“3rd List”), and then, on May 13, announced a “4th List” of $300 billion of imports from China subject to special tariffs, so the tariffs will cover all U.S. imports from China. Contact CTRMS for
Lists of products imported from China to U.S. that are subject to special tariffs. A 4th list, covering about $300 billion of U.S. imports from China was announced on May 9, 2019, after China’s last-minute refusal of an agreement negotiated over several months. Modifications to the 4th list were announced on 08/13/2019. And modifications
Escalations in its trade dispute with the U.S. not only could dent China’s economy but also negatively impact its credit standing, according to ratings agencies. China’s faces a weakening economy and a high-stakes tariff battle with the U.S.Should the impasse linger on, the damages could become greater and start having some deeper impacts.
The U.S. Trade Representative is taking the necessary steps to impose tariffs on the remaining $300 billions worth of Chinese goods coming into the U.S. The USTR plans to hold a public hearing on June 17, followed by at least a week of discussions. This gives the White House a window of time leading up