The new trade war between US and China recently triggered off by the US President, Mr. Donald Trump, has started eliciting reactions from diplomatic analysts.
Only weekend, China begins enforcement of its retaliatory tariffs on U.S. goods, indicating real escalation of international trade hostilities.
Diplomatic pundits say Africa and Nigeria in particular may stand a chance to cash in from the diplomatic row which may not last for too long especially now, Nigeria had sealed a currency swap deal with China.
Experts say with the currency swap deal, Nigeria and other Africans may begin to gain from a possible re-routing of US bond goods from China on a platter of gold depending on the ability of Africans to pay for the goods and have the needed environment that really needs the range of goods currently hyper-taxed by the new US trade policy on China.
China’s Foreign Ministry recently said that Beijing has already begun implementing tariffs on some U.S. goods in retaliation for U.S. duties on $34 billion in Chinese imports, which took effect the same day.
This means $34 billion worth of imported U.S. goods, including autos and agricultural products would be hit with 25 percent tariffs.
China’s Commerce Ministry, in a statement shortly after the U.S. deadline passed at 0401 GMT on Friday, said that it was forced to hit back.
However, the Chinese government had stopped short of actually saying it had implemented tariffs, stirring market confusion.
China always opposes trade protectionism and unilateral pressure will be futile, Foreign Ministry spokesman, Lu Kang, told a daily news briefing in Beijing.
“After the United States unfairly raised tariffs against China, China immediately put into effect raised tariffs on some U.S. goods,” Lu said, reiterating earlier government statements that Beijing would fight back when its interests were threatened.
Lu did not provide further details on the implementation of the duties.
Asked when Chinese President, Xi Jinping, had last spoken with U.S. President, Donald Trump, Lu said China and the United States had consistently maintained communications on key issues.
“On the specifics of the trade issue, from the start China’s position has been very clear and consistent. The United States at all levels is very clear on China’s position,” Lu said.
Some Chinese ports had delayed clearing goods from the United States, four sources said on Friday. There did not appear to be any direct instructions to hold up cargoes, but some customs departments were waiting for official guidance on imposing added tariffs, the sources said.
Hours before Washington’s deadline for the tariffs to take effect, Trump upped the ante, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of U.S. imports from China last year.
