Rabobank: Chinese seafood industry bigger loser as trade war escalates

Hua Chunying spokeswoman of China’s Foreign Ministry gestures at a regular news conference in Beijing China Jan. 6 2016

The European Union, Canada and Mexico have also responded to the USA steel and aluminum tariffs levied on them by promising punitive measures targeting billions of dollars in American products.

Brookings reported that the dip in the nation's economy symbolizes a mixture of anxieties related to trade and their drive to resolve their debt by selling their assets, as Trump has fulfilled his promise to impose tariffs on Chinese products.

"Price hikes caused by the increased tariffs would adversely affect these industries".

President Donald Trump's campaign to slap tariffs on everything from Chinese steel to German cars could set off a shock to business confidence that takes a significant bite out of global output, according to an analysis by the International Monetary Fund.

While there will be losses on both sides of the US-China trade war roiling the seafood sector at present, Dutch lender Rabobank says that Canada, Russia, Australia and others could benefit.

The five cases target duties by China on US$3bn of United States exports, the European Union on $3.2bn, Turkey on $1.8bn, Canada on $12.7bn, and Mexico on $3.6bn.

But the story won't end there.

The political impacts of the tariffs are so far unknown, but China has targeted products - like soybeans - that largely come from states relevant in the midterms.

China's economy is growing at a slower pace in the second quarter with the trade dispute between Beijing and Washington shaking the growth prospects of the world's second largest economy.

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"This is definitely a trade war", said Matt Gold, adjunct law professor at Fordham University and a former deputy assistant US trade representative for North America.

Last week, the administration announced 10 percent tariffs on $200 billion worth of Chinese goods, which won't take effect until at least September.

"The (US) tariffs are typical unilateralism, protectionism and trade bullying".

"We should let those who advocate trade war know that trade war is not something that can be easily won", China Consul General to Los Angeles Zhang Ping said. Opponents of the new trade restrictions lined up to vent as the Commerce Department held a hearing on whether auto imports pose a threat to US national security.

Trump has warned he could ratchet his measures up to $450 billion in Chinese imports - the vast majority of what China sells to the United States in a year - if Beijing continues to retaliate.

China's has hit back dollar-for-dollar, largely targeting agricultural products created to hurt Trump supporters.

Chinese foreign direct investment into the United States actually fell during the first five months of 2018, according to Rhodium data.

As Mr. deLisle read the moves, Mr. Trump expects the other countries to step forward and negotiate with him.

However, Mexico's firebrand President-elect Andres Manuel Lopez Obrador, known as "AMLO", has vowed to work with the United States to revise the trade pact and Commerce Secretary Wilbur Ross said Thursday those talks could get underway "quite quickly" given the change of rhetoric.

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