Chinese Exports Accelerate As US Prepares New Tariffs In Heated Row
08 August, 2018, 16:54 | Author: Edward Snyder
The Trump administration announced today that it would impose 25 per cent tariffs on imports of 279 items from China amounting to United States dollars 16 billion.
The Trump administration ramped up the pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.
China responded by promising to hit $60 billion worth of USA goods coming into the country with tariffs. They will take effect on August 23.
"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note.
The 25% import taxes will apply to about $16bn (£12b.3bn) worth in annual imports, covering about 280 items, including chemicals and machinery.
The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US.
All in all, China's trade surplus with the USA shrank to $28.08 billion in July against $28.97 billion in the previous month.
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.
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. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.
May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs.
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. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.
China has already retaliated with duties of its own, and has pledged to match the United States dollar for dollar with new tariffs.
Nearly 300 Chinese goods face USA import taxes of 25 per cent from August 23, including tractors, motorcycles and semiconductors.
In a statement on its official website late on Wednesday, China's commerce ministry criticized the USA 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.
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