Published: Sun, September 23, 2018
Global News | By Stacy Ballard

Donald Trump's trade war will push up prices, predicts Walmart

Donald Trump's trade war will push up prices, predicts Walmart

But the trade war really ramped up in July, when both sides announced tariffs on $50 billion worth of each other's goods.

These will apply to nearly 6,000 items, including handbags, rice and textiles. The US also has begun a $12bn programme to bail out farmers hurt by China's and other countries' retaliatory tariffs on US exports of soybeans, corn and other crops.

But Beijing is running out of room to respond to any further US tariffs on a dollar-for-dollar basis, raising concerns it may resort to other measures to weather what could be a protracted trade battle. Instead, in a bid to strengthen its negotiating position as the trade tension escalates, Beijing instead has chosen to impose greater costs on US companies operating in China and to further restrict their access.

"Many family farms are afraid they won't be able to pay the bills if this misguided trade war continues", Heitkamp said in a statement. Therefore, China's growth stands to suffer more than the United States does, again, in the short term.

Trump seems to think that China's economy is now so wobbly that the tariffs will push it over the edge, forcing it to come to the U.S. begging for mercy.

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China will not engage in competitive currency devaluations, Premier Li Keqiang has stressed, hours after China hit back with a softer punch than the one landed by the U.S. in an escalating tariff war between the world's largest economies.

The tit-for-tat blows signal that the trade fight will likely escalate further. And raising prices is not what Walmart, a company that controls 10 percent of the USA retail market (with a customer base of low- and middle-income Americans) wants to do.

Li went on to say that the world's multi-lateral trading system should be upheld, and that unilateral trade actions will not solve any problems.

The new taxes will hit a broad swath of products, including billions in Chinese-made voice data receivers, computer memory modules, data processors, and accessories for office equipment such as copiers and banknote dispensers - instantly making widely used goods more expensive.

This means the additional levies will hit more than half of United States goods from China - its largest source of imports.

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The letter comes days after U.S. President Donald Trump slapped tariffs on $200 billion worth of Chinese goods. Yet even as the conflict escalates, the Trump administration signaled it would still be open to talks as soon as next week.

Trump said he keeps a close watch on trade deficits as it was "very important".

"Trade data doesn't reflect the reality of global supply chains, and supply chains don't care about political borders", wrote Kemmsies. But our position is that China's policies need to be revised to be more like that of a modern developed economy...fair market access for all.

There's a lot to like about the USA economy, which is enjoying its second longest expansion on record. The National Retail Federation in the US warned that duties will lead to higher prices and even product shortages.

Foreign governments and security researchers say Beijing encourages and in some cases engages directly in theft of trade secrets. We have rebuilt China. Most plan to maintain or accelerate their resource commitment to China in the coming year.

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