Seafood fears as Trump trade war grows

China EU USA trade war alliance Donald Trump President Xi

A member of China's central bank monetary policy committee, Ma Jun, said Friday that the first punches will have a "limited impact" on the Chinese economy.

Companies worry the dispute could chill global economic growth, but Asian financial markets took Friday's developments in stride. The tariffs on the European Union went into force on June 1.

The US and China have also issued a second batch of proposed duties on $16 billion of each other's goods. Trump said it was to protect USA security interests. It is unclear when these will come into effect.

China has imposed tariffs of 25 percent on hundreds of American products in retaliation for USA duties on Chinese goods.

Gao noted that most of those exports are actually made by the USA and global companies in China.

The vessel, Peak Pegasus, carrying 70,000 tonnes of the US oilseed for state grain trader Sinograin, was due to arrive in the port of Dalian at 5:00 p.m. (0900 GMT) on Friday, just hours after the duties went into effect.

Beijing had previously said that it would enact retaliatory duties of 25 per cent on the same amount of U.S. products as the Chinese goods affected by United States tariffs. The U.S.is effectively requiring Chinese leaders to abandon or scale back a high-tech push that they consider vital to their country's future.

Rabobank reckons China may have to buy up to 15 million tonnes of USA beans at tariff prices. He said the policies are "a bit Far West, of an eye for an eye, a tooth for a tooth".

The biggest impact will likely be seen in sales of the next US crop, which will come to market in September.

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World stock markets rose and the euro climbed to a three-week peak on Friday as the threat of tariffs by the United States and China on billions of dollars of trade became a reality, though concerns about the conflict escalating capped the appetite for risk.

"There are no winners in a trade war", the chamber's chairman, William Zarit, said in a statement. The European slammed the move as protectionism and slapped counter-measures on US products. There did not appear to be any direct instructions to hold up cargoes, but some customs departments were waiting for received official guidance on imposing added tariffs, the sources said. However, German automaker BMW said it is unable to "completely absorb" new Chinese tariff on imported US-made models and will raise prices.

Nine vessels with 26.6 million barrels of crude oil loaded in Texas and Alaska and worth about $2 billion are due to land over the next five weeks, Thomson Reuters trade flow data shows.

That would bring the total of targeted Chinese goods to $550 billion - more than the $506 billion in goods that China shipped to the United States previous year.

If enacted, the import duty would make USA oil less competitive than other crudes, likely causing a decline in Chinese purchases and forcing US oil firms to find other buyers.

China's commerce ministry called the U.S. actions "a violation of world trade rules" and said that it had "initiated the largest-scale trade war in economic history".

China would likely replace the lost USA barrels from their top sellers Russian Federation or Saudi Arabia, which have recently announced plans to raise output.

President Donald Trump's trade battle with China will exacerbate relations with Beijing that are already fraying on several fronts as the US takes a more confrontational stance and an increasingly powerful China stands its ground.

China's tariff list is heavy on agricultural goods such as soybeans, sorghum and cotton, threatening USA farmers in states that backed Trump in the 2016 U.S. election, such as Texas and Iowa.

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