USA stands to lose most in trade war with China

Chinese tariffs to impact local businesses

Chinese tariffs to impact local businesses

Tariffs will be reduced effective November 1 on textiles, paper products, electromechanical equipment and more than 1,500 other items, according to the State Council, China's cabinet, which didn't provide a complete list.

The ECB study simulates a 10 percent US tariff on all imports and an equivalent retaliation from other countries.

In July, China announced cuts to tariffs on cars and other goods such as apparel and appliances.

President Donald Trump, elaborating on his charge at the United Nations that Beijing is meddling in USA elections, said in a Twitter post on Wednesday that China placed "propaganda ads" made to look like news articles in an Iowa newspaper. That was on top of an earlier duty increase by both sides on $50 billion of each other's goods.

Trump also noted that he would continue to enact billions of dollars worth of tariffs on China until they changed.

Meanwhile, experts are trying to understand what economic impact the trade war might have.

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"China is the world's largest soybean exporter and about 60 percent of USA soybean exports go to the country", the piece warned.

The research has also suggested that global trade could fall by up to three percent relative to the baseline.

The regional lender based in Manila, Philippines, said it expects economic growth in Asia to remain at a robust 6.0 percent in 2018 but to slip to 5.8 percent next year. China imported over $632 billion worth of machinery and electrical equipment in the first eight months of the year, up 19.6 per cent year-on-year, official data showed.

Alden said this was also part of China's long-term strategy.

Average tariffs for machinery and electrical equipment - one of China's biggest imports by value - will be reduced by almost a third to 8.8 per cent from 12.2 per cent, the state cabinet said.

It promised to create a "more fair, convenient, predictable and attractive" investment environment. China's overall tariff level will be lowered to 7.5% from last year's 9.8%, it said.

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