{"id":656004,"date":"2024-11-27T00:00:00","date_gmt":"2024-11-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/27\/in-a-trade-war-there-are-no-winners-cautions-china-following-trumps-tariff-pledges\/"},"modified":"2024-11-27T00:00:00","modified_gmt":"2024-11-27T00:00:00","slug":"in-a-trade-war-there-are-no-winners-cautions-china-following-trumps-tariff-pledges","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/27\/in-a-trade-war-there-are-no-winners-cautions-china-following-trumps-tariff-pledges\/","title":{"rendered":"In a trade war, there are no winners, cautions China following Trump\u2019s tariff pledges"},"content":{"rendered":"

\u201cNo one will win a trade war or a tariff war,\u201d <\/strong>warned<\/a><\/strong> a Chinese embassy spokesperson in<\/strong> Washington yesterday<\/strong>, reacting to president-elect Trump\u2019s pledge<\/a> via social media on Monday to impose a blanket additional 10% tax on all incoming Chinese goods. Trump alleged that China had failed to crack down on narcotics \u2014 in particular Fentanyl \u2014 from being sent to the US and that the tariff would remain in place until China takes definitive action, including a death penalty for drug smugglers.<\/p>\n

The incoming administration also put neighbors \u2014 and historically close trading partners<\/strong> \u2014 Mexico and Canada on notice<\/strong>, pledging a 25% tariff on \u201cALL products\u201d from its top two trading partners. Trump posted on his Truth Social platform \u2014 with his characteristically bizarre use of capital letters \u2014 that the \u201cTariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country.\u201d<\/p>\n

Mexico is already saying that it is prepared to respond<\/strong>, with the country\u2019s president Claudia Sheinbaum warning that \u201cto one tariff will follow another in response and so on, until we put our common businesses at risk\u201d at a press conference<\/a> yesterday. This would lead to job losses and inflation on both sides of the border, Sheinbaum argued.<\/p>\n

Trade is also a two-way street<\/strong>, and the prospect of a trade war between the US and the three countries could have a big impact on American businesses and the economy at large \u2014 especially considering that the three countries are also the top three importers of US-made goods. <\/p>\n

The three targeted countries are already feeling the squeeze in the currency markets<\/strong>, with the MXN falling 2.5% against the greenback yesterday, along with the CAD that fell 0.7% and CNY that dropped 0.2%.<\/p>\n

But so too are US automakers \u2014 who rely on Mexico for much of their production \u2014<\/strong> with shares in General Motors slipping 8.9% and Ford dropping 2.6% despite both the Nasdaq and S&P 500 ending the day comfortably in the green. \"If implemented, this would spell disaster for the U.S. auto industry and Detroit Three manufacturers, all of whom import significant numbers of vehicles from Canada and Mexico,\" Bernstein analyst Daniel Roeska said in a note seen by Reuters<\/a>.<\/p>\n

MARKETS THIS MORNING-<\/p>\n

Asian markets are kicking the day off in the red<\/strong>, on the heels of gains on Wall Street with the Dow Jones and S&P 500 both closing on all-time record highs. Leading the pack in the red is Japan\u2019s Nikkei at -0.8%, China\u2019s Shanghai index at -0.5%, and Hong Kong\u2019s Hang Seng at -0.1%. Korea\u2019s Kospi is just in the green at +0.1%.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,284<\/p>\n<\/td>\n

\n

+0.1% (YTD: +21.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.53<\/p>\n<\/td>\n

\n

Sell 49.66<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.54<\/p>\n<\/td>\n

\n

Sell 49.64<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,736<\/p>\n<\/td>\n

\n

-0.4% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9294<\/p>\n<\/td>\n

\n

+0.7% (YTD: -3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4829<\/p>\n<\/td>\n

\n

+1.3% (YTD: +18.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

6022<\/p>\n<\/td>\n

\n

+0.6% (YTD: +26.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8259<\/p>\n<\/td>\n

\n

-0.4% (YTD: +6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

4762<\/p>\n<\/td>\n

\n

-0.8% (YTD: +5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 72.86<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 3.43<\/p>\n<\/td>\n

\n

+1.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2658.20<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 91,985.40<\/p>\n<\/td>\n

\n

-1.8% (YTD: +116.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 3.1 bn (26.4% below the 90-day average). Regional investors were the sole net sellers. The index is up 21.7% YTD.<\/p>\n

In the green: <\/strong>Telecom Egypt (+2.2%), Sidpec (+1.7%), and Eastern Company (+1.6%).<\/p>\n

In the red: <\/strong>Alexandria Containers and Cargo Handling (-6.9%), Ezz Steel (-2.4%), and Edita (-2.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Trump pledged on Monday to impose tariffs of 25% on all imports coming from Mexico and Canada, along with a blanket 10% tariff on Chinese goods<\/p>\n","protected":false},"author":1,"featured_media":656005,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122,127],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-politics","wpautop","entry"],"acf":{"mongo_id":"ca98dd43-2bfa-460b-b8b8-20acdd534dc4","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2510.jpg","photo_position":"above","homepage_title":"","full_issue_title":"In a trade war, there are no winners, cautions China following Trump\u2019s tariff pledges","related_issue":[655987],"teaser":"Trump pledged on Monday to impose tariffs of 25% on all imports coming from Mexico and Canada, along with a blanket 10% tariff on Chinese goods","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.7fce77d4-a581-4b42-9a75-dae8a595b6e9.mp3"},"yoast_head":"\nIn a trade war, there are no winners, cautions China following Trump\u2019s tariff pledges - 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It has also imposed even heavier tariffs on between 37-99% on Chinese exporters to counter dumping practices, Bloomberg reports.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574229,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/the-ft-explains-trumps-crackdown-on-wechat-and-tiktok\/","url_meta":{"origin":656004,"position":1},"title":"The FT explains Trump\u2019s crackdown on WeChat and Tiktok","author":"enterpriseam admin","date":"2 September 2020","format":false,"excerpt":"Explainer- Why Chinese social media apps have become the ICBMs in the US-China trade war: Chinese social media apps WeChat and TikTok have found themselves in the frontline of the every evolving global trade war between Washington and Beijing, after US President Donald Trump threatened to \u2018close down\u2019 TikTok on\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/28.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595973,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/15\/us-china-trade-war-not-the-story-trump-wants-to-tell\/","url_meta":{"origin":656004,"position":2},"title":"US-China trade war: Not the story Trump wants to tell","author":"enterpriseam admin","date":"15 August 2019","format":false,"excerpt":"The US-China trade war: Not the story Trump wants to tell: Key data from the US-China trade war shows that, for all The Donald\u2019s bluster about it being \u201ca beautiful thing to watch,\u201d the trade deficit continues widening \u2026 in China\u2019s favor. China\u2019s total surplus over the first seven months\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/2680.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596296,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/what-were-tracking-on-25-august-2019\/","url_meta":{"origin":656004,"position":3},"title":"What we\u2019re tracking on 25 August 2019","author":"enterpriseam admin","date":"25 August 2019","format":false,"excerpt":"Happy Sunday, ladies and gents: With the Eid break well and truly behind us, we\u2019re anticipating the news cycle to finally start picking back up. The CBE\u2019s aggressive 150 bps rate cut on Thursday was understandably the talk of Egypt\u2019s econo-sphere over the weekend (more on this in this morning\u2019s\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595667,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/04\/what-were-tracking-on-4-august-2019\/","url_meta":{"origin":656004,"position":4},"title":"What we\u2019re tracking on 4 August 2019","author":"enterpriseam admin","date":"4 August 2019","format":false,"excerpt":"It\u2019s official, folks: Eid Al Adha falls this Sunday. Dar Al Iftaa announced on Thursday that the first day of Eid Al Adha will be Sunday, 11 August. This sets us working people up for a five-day break (Friday-Tuesday). We have yet to hear anything official from cabinet for the\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591708,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/us-china-announce-preliminary-trade-agreement\/","url_meta":{"origin":656004,"position":5},"title":"US, China announce preliminary trade agreement","author":"enterpriseam admin","date":"15 December 2019","format":false,"excerpt":"US, China announce \u201cPhase One\u201d trade war truce: US and Chinese trade officials have reached a preliminary trade agreement that will scrap bns of USD in tariffs and delay others. The US agreed to suspend 15% tariffs that were set to take hold today on USD 160 bn in Chinese\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/2104.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=656004"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656004\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/655987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/656005"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=656004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=656004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=656004"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=656004"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=656004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}