Wednesday, 26 September, 2018

China's July exports rise more than expected despite US tariffs

Trump going ahead with tariffs on $16B in Chinese imports First round of US tariffs on Chinese goods to hit $50B – USTR
Lindsey Cook | 10 August, 2018, 06:37

China confirmed that it will impose 25 per cent tariffs on an additional US$16 billion worth of imports from the U.S. from Aug 23, matching an earlier move from Washington in another ratchet higher for the trade war between the two nations.

China's exports soared in July, showing little impact from United States tariffs, as Washington finalises more duties on Chinese imports.

The US will begin imposing 25% duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world's two biggest economies.

Representatives for the White House, the U.S. Trade Representative and the U.S. Department of Commerce did not immediately reply to requests for comment.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the U.S. - a move that would blow open the disagreement between the countries.

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

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The office said the move is part of the USA response to China's unfair trade practices related to the forced transfer of American technology and intellectual property. This round had proposed a 10% tariff, though President Trump has successfully lobbied for this too to raise to 25%. -China tariff war as both sides dig into entrenched positions.

April 4: China rolls out a listof more than 100 United States goods worth roughly $50 billion that are subject to retaliatory tariffs.

Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said he expected that there would be little to stop further escalation of the U.S.

"We'll know China is really feeling the pressure when they start stirring nationalist sentiment or calling for boycotts against USA", said Bruce Andrews, managing director of Rock Creek Global Advisors. That's soon enough to be used by Trump as a rallying argument, but late enough so that adverse effects will not occur before January 2019.

China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods past year.

The U.S. economy grew at an annual rate of 4.1 percent in the second quarter of 2018, which pundits believe is likely to slow down in the second half of the year, as fiscal stimulus fades and the Federal Reserve further increases interest rates.

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