Chinese exports accelerate as U.S. prepares new tariffs in heated row
Chinese exports accelerate as U.S. prepares new tariffs in heated row
08 August, 2018, 16:52
The new tariffs, the latest in the ongoing trade spat between USA and China, target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.
A first tranche, on $34bn worth of goods, went into effect in July.
The US will impose 25 percent tariffs on $16 billion (€13.7 billion) worth of Chinese imports, in addition to the tariffs already in place, the Trump administration announced on Tuesday.
China's trade with the USA also continued to rise in July despite the tariffs, with exports up 11.2 percent year-on-year, and imports increasing 11.1 percent.
But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional United States dollars 200 billion in Chinese products.
China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion in June. The USTR is reviewing 10% tariffs on a further $200 billion in Chinese imports, and is even considering raising the rate to 25%.
Although the move was expected, it solidifies the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.
China fired back warning it would impose duties on $60 billion in USA goods.
The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.
"We have made the case to the [Trump] administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", SIA's chief executive John Neuffer said.
It has not yet given a date for its previously announced retaliatory tariffs on $16 billion in U.S. goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.
In July the surplus with the United States was at $28.09 billion, down a touch from $28.93 billion in June, according to Reuters calculations based on customs data released on Wednesday.
Chinese state media has said Beijing will not be cowed by Washington's threats.
China fired back with its own warning and said it would impose duties on $60 billion of USA goods.
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China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the US imports to China each year. China said at the time blackmail would not work and that it would hit back. "They are really hurting their economy".
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