Chinese exports accelerate as fresh U.S. tariffs loom

Adjust Comment Print

The Chinese counter-move will take effect immediately after the USA imposes tariffs on the same amount of Chinese goods on 23 August. The new list covers products ranging from motorcycles to steam turbines and railway cars. China has vowed to retaliate with equivalent tariffs against any US action.

In the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions, Washington is set to begin collecting 25 per cent tariffs on another $16 billion in Chinese goods on August 23.

The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September. The USTR is reviewing 10% tariffs on a further $200 billion in Chinese imports, and is even considering raising the rate to 25%.

A spokesman for the commerce ministry described the latest round of US tariffs as "very unreasonable".

That was in response to the latest USA threat to slap duties on US$200 billion of Chinese goods, and to raise those tariffs from 10 per cent to 25 per cent.

USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end September 5.

Russia Appoints Actor Steven Seagal As Special Envoy To U.S.
As for Russian and United States relations now , things are a bit contentious, to say the least. He has previously hung out with Russian President Vladimir Putin, a fellow martial arts fan.

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in U.S. exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 percent. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on goal.

At the same time, Beijing reported a $28.1bn trade surplus with the USA in July, just below the record $28.9bn seen in June.

China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion in June. Schneider National Carriers Inc. and other firms testified during a hearing July 24-25 in Washington that there are no United States manufacturers and that the containers are nearly exclusively made in China.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.

- 279 more products targeted - The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". At the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout. While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said. Tariffs would make US oil uncompetitive in China.

Negotiations broke off after the Trump administration imposed the tariffs on $34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations.

Comments