India offers soybean exports to China amid trade war with US

Erika Holt
April 17, 2018

Or is Xi merely trading his promises for relaxation of the Trump tariff position?

In the wake of a raging US-China trade war, India on Sunday offered to export soybean and other agriculture products to Beijing, which has slapped retaliatory tariffs on American products.

Trump's Twitter feed maps his lurches from tough talk to optimism and back again, a pattern that has left businesses alternately alarmed and relieved.

Only $3 billion in goods have been slapped with tariffs in the escalating spat - the U.S. targeted steel and aluminium while China took aim at pork and wine among a slew of other American products.

The 25 percent increase would turn Cixin's profits to losses in the United States market, which takes 30 percent of its exports, according to Wang Liqiang, a company manager.

"China's development has not only brought benefits to Chinese citizens, but also provided development opportunities to all other countries", the bureau said.

Making a case for China to look at Indian agricultural exports in view of the trade spat, Kumar, in his opening address, made a thinly veiled attack on U.S. and Western countries' protectionist policies.

The dispute "creates uncertainty and confusion for the business community", he told AFP, noting that some firms could be hit by a "double whammy" of higher costs for inputs from China, and higher prices for the goods they export to the country. Too bad we couldn't have done it the other way around.

"When you're $500 billion down, you can't lose a trade war", he said. "We believe that this trade friction is not conducive to China's interests, nor is it conducive to the interests of the USA".

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The President said the People's Liberation Army should work to develop its naval forces, build up modern maritime combat system and strengthen its capability in diversified military missions.

President Xi Jinping showed off China's naval might, presiding over the country's biggest-ever fleet review, while announcing live-fire military drills in the Taiwan Strait.

"Retaliation by China against USA tariffs would undercut prices received by soybean producers and further hurt the already depressed farm economy".

China's exports rode a global trade boom previous year, expanding at the fastest pace since 2013 and serving as one of the key drivers behind the economy's forecast-beating expansion.

On Tuesday, the Chinese premier promised at a news conference Beijing will "open even wider" to imports and investment as part of efforts to make its state-dominated economy more productive.

Some Chinese executives already have said they are pausing investments in the U.S. given the confusion, and concerns about the new restrictions. "He is going to get rid of a lot of the taxes or tariffs that they charge", he said.

In response to the announcement, the Taiwan Ministry of Defense issued a statement in which it said that its military forces had the situation under control and that they could guarantee the security of the autonomous island, which China claims as part of its territory. "The China initiatives, with respect to technology and barriers and autos and farming, this is all designed at the end of the process - I call it the end of the rainbow - to promote growth", he said.

"The task of building a strong navy has never been as urgent as it is today", he said.

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