The risk of a serious trade war between the world's two largest economies has sharply increased, according to analysts at Deutsche Bank.
China last week raised anti-dumping tariffs on U.S. imports of the grains from 42.2% to as much as 53.7%, and hiked anti-subsidy penalties from 11.2% to as much as 12%.
While distillers' dried grains don't tend to grab headlines, it's bad news for U.S. producers. In 2015, China imported $2B of the grains, which are a profitable by-product of the American corn-ethanol industry.
In an interview with the WSJ, U.S. President-elect Donald Trump said he would keep intact sanctions against Russia "at least for a period of time," however, "if you get along and Russia is really helping us, why would anybody have sanctions?"
Trump also said he wouldn't commit to the "One China" policy until he sees progress from Beijing in its currency and trade practices, and won't label China a currency manipulator on his first day in office, but will rather "talk to them first."
A lawyer who served as deputy U.S. trade representative under Reagan, Lighthizer seems to be of the same mind as the president-elect.
"Mr. McCain may be a conservative," wrote Lighthizer during the 2008 campaign. "But his unbridled free-trade policies don't help make that case." Later on in the same essay, Lighthizer noted Alexander Hamilton was no free trader.
Trump on Lighthizer: "He will do an amazing job helping turn around the failed trade policies which have robbed so many Americans of prosperity."
China's Ministry of Environmental Protection has punished hundreds of companies and tens of thousands of vehicles that violated measures meant to reduce smog during a period of particularly noxious pollution in the country.
Many cities in Northern China still face a "red" or "orange alert," however, the total number of "blue sky days" reached 198 in 2016, up 12 from the previous year.
President Xi Jinping isn't wedded to China’s 6.5% economic growth objective due to concerns about rising debt and an uncertain global environment after Donald Trump's election win in the U.S., Bloomberg reports.
Xi told a meeting of the Communist Party’s financial and economic leading group that China doesn’t need to meet the objective if doing so creates too much risk.
Last year, policy makers pledged an annual growth rate of at least 6.5% for five years through 2020.
Economist Peter Navarro was a key economic advisor to the president-elect throughout the campaign, and he's a noted China hawk who's argued the U.S. is at economic war with China and needs to adopt a more aggressive stance.
In addition to the above-mentioned book, another of Navarro's is "Crouching Tiger: What China’s Militarism Means for the World."
In another sign to China that it's no longer business as usual, Trump intends to create a National Trade Council inside the White House, and Navarro is his pick to lead it. The NTC, says the Trump transition team, will lead a "Buy America, Hire America" program.
Smog in northern China including the capital city of Beijing reached hazardous levels for the fourth straight day on Tuesday, highlighting the fallout from resurgent coal production and related demand in the world's second largest economy.
A "red alert" - the highest level in China's four-tiered pollution warning system - across 24 cities has canceled flights, closed off highways and shut down schools and factories.