State of the Union: Trump vows to end China's job 'theft'

President Trump meets with Chinese Vice Premier Liu He at the White House on Jan. 31

President Trump meets with Chinese Vice Premier Liu He at the White House on Jan. 31

"The effect of US-China tariffs would be mainly distortionary".

"I have great respect for President Xi, and we are now working on a new trade deal with China".

Of the Dollars 250 billion in Chinese exports that are subject to USA tariffs, only about six per cent will be picked up by firms in the United States, according to a report by the UN Conference on Trade and Development (UNCTAD).

Other countries would acquire an estimated 82 percent of the value of the Chinese exports and 85 percent of $85bn of U.S. exports hit by the tariffs. This will be reflected in import and export patterns around the globe.

US firms are only expected to pick up about 6% of the value of tariffed Chinese exports, while Chinese firms will pick up 5% of the value of tariffed USA exports.

It predicted that the European Union would be the biggest victor, taking home some $70 billion in additional trade thanks to the trade war.

The study found that European exports will grow by $70 billion, while Japan, Canada and Mexico will see exports increase by more than $20 billion each. For example, the approximately $27 billion of US-China trade that would be captured by Mexico represents a non-negligible share of Mexico's total exports (about 6%).

Two-thirds of Himalayan glaciers could melt by 2100
The study says that one-third of the 250 million people living in the mountains live on less that $2 a day. Air pollutants like black carbon and dust land on the glaciers , which speeds up their melting, too.

The soybean market is a case in point.

The US plans to increase tariffs on Chinese goods if the two sides fail to make progress on a trade deal by 1 March. Moreover, Brazilian firms operating in sectors using soybeans as inputs - such as livestock feed - are bound to lose competitiveness because of price rises stoked by Chinese demand for Brazilian soybeans.

The trade war between the United States and China has caused major disruptions for global businesses - but it may also bring benefits for some. It warned that "more countries may join the fray" by imposing their own tariffs and that "trade tensions could spiral into currency wars". As protectionist policies generally hurt weaker countries the most, a well-functioning multilateral trading system able to defuse protectionist impulses and maintain market access for poorer countries is of fundamental importance.

The United Nations experts said Monday that the tit-for-tat trade dispute between China and the United States may do little to protect domestic producers in either country and could have "massive" implications on the global economy unless it is resolved. Tariff increases penalize not only the assembler of a product, but also suppliers along the chain.

Such duties, in fact, are paid by USA importers, with costs in many cases passed on to consumers.

In response, China imposed tit-for-tat tariffs on billions of dollars worth of American imports. Pamela Coke-Hamilton of UNCTAD said the US increasing tariffs on Chinese goods from 10% to 25% would be a "significant difference" that would have macroeconomic impacts around the globe, particularly with respect to instability in commodity and financial markets and global growth. March 1, 2019 is the deadline for implementing the measures.

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