US companies from Boeing to toy-makers could suffer if China retaliates beyond a $3 billion counter-punch to President Donald Trump's tariffs on the world's second-biggest economy.
US sectors including farming, petrochemicals and freight may take a hit if trade tensions between the two super-powers worsen and China takes retaliatory measures, according to a S&P Global Ratings report released on Tuesday. The study analysed the near-term effects of possible US tariffs and retaliation from China.
"More aggressive moves could escalate into a full-blown trade war between the world's two largest economies-with spillover effects on global business confidence, investment, and growth," Terry Chan, managing director of S&P Global, said.
US and China are locked in an escalating trade spat that has shaken global markets. The Trump administration intends to impose tariffs on $50 billion of Chinese imports to punish China for allegedly stealing US intellectual property. The US president wants from China more market access, lower tariffs and protection for intellectual property to reduce the trade deficit with the country. The US has about $130bn in exports to China and its trade deficit with the Asian country hit a record of around $375bn last year.
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Read more:
WTO chief warns trade barriers will 'jeopardise global economy'
China hits back at Trump tariffs as trade war finally arrives
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Boeing, which last year had 23 per cent of its plane deliveries to Chinese airlines or leasing companies, is a key target in the trade war.
It has "the most to lose" within the aerospace and defense industry if China sought to punish the planemaker as a form of retaliation, according to the S&P report. Boeing could lose long-term business to its arch-rival European aircraft manufacturer Airbus, which could gain a bigger portion of future orders from the Chinese state-owned airlines.
The US toy industry could be "materially affected" by the tariffs given that most toys are made in China, the report said. For some toymakers, about half their cost of goods sold would be affected and it is unlikely that all of the increase in cost can be passed onto customers.
Chinese retaliation through soybean tariffs would "significantly" affect US agricultural sector and hurt farmers. China is the biggest buyer of US soybeans and there will be an "initial and possibly severe" short-term hit to profits.
Company%20Profile
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The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Honeymoonish
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Company%20profile
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Scoreline:
Barcelona 2
Suarez 85', Messi 86'
Atletico Madrid 0
Red card: Diego Costa 28' (Atletico)
SPECS
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Company%20Profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
COMPANY%20PROFILE
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West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
UAE Premiership - Winners: Dubai Exiles; Runners up: Abu Dhabi Harlequins
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The%20specs
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Specs
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