Monday, 19 November, 2018

Chinese Exports Accelerate As US Prepares New Tariffs In Heated Row

Cars to be exported are seen at a port in Lianyungang Jiangsu province China Cars to be exported are seen at a port in Lianyungang Jiangsu province China
Ebony Burgess | 08 August, 2018, 18:26

The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, the U.S. Trade Representative's office said on Tuesday as it published a final tariff list targeting 279 imported product lines.

US President Donald Trump started announcing new tariffs on imports in January as part of an attempt to negotiate what he called "fair, bilateral trade deals that bring jobs and industry back onto American shores".

The 25 percent tariffs also will apply to a broad range of Chinese electronics, plastics, chemicals and railway equipment that the Office of the U.S. Trade Representative (USTR) has said benefit from the "Made in China 2025" industrial plan, aimed at making China competitive in high-technology industries.

In March 2018, the USTR had released the findings of its "exhaustive" Section 301 investigation that found China's acts, policies and practices related to technology transfer, intellectual property, and innovation are "unreasonable and discriminatory and burden USA commerce".

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of USA threats.

July figures showed the US' trade deficit with China decrease only slightly.

In a statement on its official website late on Wednesday, China's commerce ministry criticized the us move as being "unreasonable", saying it had no choice but to adopt the same measure on an equal amount of American goods ranging from oil and steel products to autos and medical equipment.

China threatens 25% tariff on $60 billion of imports from the US
Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all USA imports from China. Cheniere Energy Inc., which began exports in February 2016 from a US gas market glutted with the fuel, fell on the news.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

China's surplus with the USA shrank marginally to $28.09 billion last month from a record $28.97 billion.

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.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

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