Chinese exports accelerate even as Trump escalates trade war
Chinese exports accelerate even as Trump escalates trade war
Cars to be exported are seen at a port in Lianyungang Jiangsu province China
10 August, 2018, 06:34
The world's top two economies have repeatedly sparred over trade in recent months, in what experts warn may become a devastating cycle of retaliation.
Chinasaid on Wednesday, August 8, it will impose 25% tariffs on a further $16 billion of United States goods, making good on its promise to retaliate against new American levies. China in turn retaliated by proposing tariffs on $60 billion worth of USA goods, with the extra levies ranging from 5 to 25 percent.
"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections".
The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September.
USA industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans.
China has now either imposed or proposed tariffs on $110 billion of USA goods, representing the vast majority of China's annual imports of American products.
Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer".
The tit-for-tat protectionist measures are poised to surge even higher, with the USA reviewing 10 per cent duties on a further US$200 billion in Chinese imports that it may even raise to 25 per cent after a comment period ends on Sept 6.
They appear far from a resolution. and according to USA local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion US dollars of Chinese imports...and is considering raising the rate to 25 percent.
The first tariffs were imposed in March and China responded in April.
Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States. Those new tariffs, totaling $16 billion, will be levied against 279 products, including motorcycles, steam turbines and railway cars. But it held off on a final $16 billion as a result of concerns raised by U.S. companies. "They are aimed at fellow Americans", the economist said. But it was 11 percent higher than in the same month a year ago. It would take a few more weeks to revise the list and make programming changes at U.S. Customs and Border Protection to begin collecting the duties.
According to a study released Tuesday by the U.S. Federal Reserve Bank of Atlanta, Washington-fueled trade tensions with other economies have prompted nearly a fifth of U.S. businesses including about 30 percent of manufacturers to review their capital spending plans.
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Mnuchin is more in favour of coming to an agreement that would bring about a reduction in the United States deficit. The White House has responded by saying Beijing's threats are weak and that the Chinese economy is in trouble.
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The US is now considering tariffs on another $200bn in goods , including consumer products that were spared in the initial round. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.
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