Trump going ahead with taxes on $16B in Chinese imports
08 August, 2018, 16:52
Several large American companies have said they would adjust their supply chains to source outside of China if tariffs on Chinese goods impacted them, while China's Haier Group (1169.HK) said rising steel prices amid hefty USA import tariffs was driving up costs for its business in America. Products being targeted now include crude oil, cars, steel and medical equipment.
Wednesday's Chinese data provide the first readings of the overall trade picture for the world's second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6.
The new tariffs on USA goods will be 25 percent.
China fired back warning it would impose duties on $60 billion in United States goods.
The new set of measures are the second tranche of tariffs that President Donald Trump originally announced in March, following tariffs imposed on $34 billion worth of Chinese imports that went into effect in early July. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on goal.
China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.
The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". China's exports to the USA fell by 2.5 percent to $41.5 billion month-on-month, while imports of United States goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.
April 4: China rolls out a listof more than 100 United States goods worth roughly $50 billion that are subject to retaliatory tariffs.
Economists say China appears to be taking a more hands-off approach to the yuan, which marked its worst 4-month fall on record between April and July and has provided some reprieve for exporters in the face of the rising trade tensions.
In the meantime, it sought public comment on the new items.
It has not yet given a date for its previously announced retaliatory tariffs on $16 billion in United States goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.
A spokesman for the commerce ministry described the latest round of US tariffs as "very unreasonable".
Washington and Beijing are locked in battle over American accusations that China's export economy benefits from unfair policies and subsidies, and especially from the theft of American technological know-how.
Over 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.
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