Chinese exports accelerate as fresh U.S. tariffs loom

10 August, 2018, 06:35 | Author: Barbara Daniel
  • Trump going ahead with tariffs on $16B in Chinese imports

Chinese imports of goods and services into the United States previous year amounted to almost $524 billion.

The Trump administration announced today that it would impose 25 per cent tariffs on imports of 279 items from China amounting to Dollars 16 billion. The latest round of American and Chinese tariffs, which bring the running total of targeted goods to $50 billion on each side, are set to take effect August 23.

After complaints by Chinese leaders, Trump agreed to reverse a US enforcement action that would have caused ZTE, a prominent state-owned telecom company, to go out of business.

The new tariffs on US goods will be 25 percent. US Customs will begin collecting duties on 279 product lines ranging from motorcycles to steam turbines and railway cars, the US Trade Representative's Office said in an emailed statement on Tuesday.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies. Hay is our number two export to China at just over $100 million a year.

China has, in recent years, become a key export market for growing US energy exports.

"In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions", the Chinese State Council Tariff Commission said in a statement last Friday.

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.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

"There are only two hard outcomes so far and China's winning 2-0", Moon said.

US business leaders and scholars have warned that Washington's tariffs on additional Chinese imports could backfire. In a dispute with South Korea a year ago over its role in hosting a USA missile defense system, the Chinese government orchestrated a boycott of Seoul-based Lotte Group that ultimately persuaded it to sell many of its stores in China. "We have been very clear about the specific changes China should undertake". That's 24% of all Washington exports according to the Washington Department of Agriculture.

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