Chinese exports accelerate as fresh United States tariffs loom

08 August, 2018, 18:26 | Author: Clarence Schmidt

China has already retaliated with duties of its own, and has pledged to match the USA dollar for dollar with new tariffs. President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion previous year. Both countries have already slapped tit-for-tat duties on $34 billion of each other's goods.

On July 6, the US began taxing the 818 goods, worth $34 billion, remaining from the April list. For instance, the major complaint is about the theft of U.S. intellectual property by Chinese firms.

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.

But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional United States dollars 200 billion in Chinese products.

Mr Trump has said he would be willing to hit all of China's imports with duties. Last year, China imported about $130 billion of US goods. And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

Economists warn that a prolonged trade war between China and the USA could end up increasing prices for American consumers and hurting United States businesses.


China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next $16 billion.

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

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. The USTR is reviewing 10% tariffs on a further $200 billion in Chinese imports, and is even considering raising the rate to 25%.

July 6:The first tranche oftariffs on $34 billion worth of Chinese goodstakes effect; China responds in kind.

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.

U.S. industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by duties on crops such as soybeans.

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