China to slap additional tariffs on US$16 bln of USA goods

12 August, 2018, 13:50 | Author: Billie Castillo
  • US tariffs make no dent on China exports surge

In order to safeguard its legitimate rights and interests and the multilateral trading system, China is obliged to take necessary counter-measures and has opted to impose a 25 percent tariff on 16 billion dollars' worth of United States imports, to be implemented in parallel with the US.

The percentage also beat the Reuters poll of 10%.

A combination of higher crude prices and changes in government taxes have been blamed for the weak growth in crude imports, and these factors have certainly tilted the playing field against smaller refiners.

The People's Daily of China, the official mouthpiece of the Chinese Communist Party, hinted in an op-ed today that Beijing would be wise to make it hard for Apple to do business there.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.

"Today's trade data don't show any significant impact from the first round of US tariffs", said Julian Evans-Pritchard of Capital Economics in a report.

China's Ministry of Commerce retaliates against USA tariffs on Chinese imports.

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The US and China are dependent on each other for the supply of pharmaceutical products.

Depending on how long the trade war lasts, the 25% tariff on US LNG imports could also eventually hurt US shale gas production, because the US needs the Chinese market for its increasing LNG exports and China today is one of few markets with a strong appetite for US exports. Wednesday's trade figures showing surging Chinese exports could give Beijing some confidence. Chinese state media has hit back at the U.S.in light of the levies that have been threatened, saying the Asian nation would retaliate.

These include 279 products ranging from motorbikes to railway carriages. Last year, the United States exported $37.3 million of hog sausage casings to China. While this tariff threat has been put on hold following talks between Trump and European Commission president Jean-Claude Juncker last month, it has not be removed.

"Sales at 50 major Chinese retailers fell by 3.9 percent in July from a year earlier, raising concerns over whether Beijing can push through its plan to ramp up domestic consumption to offset the effects of the intensifying US-China trade war".

The potential global impact of the escalating U.S. trade war has been highlighted in a report issued this week by Oxford Economics before the latest measures were announced.

"People really need to get used to a world with tit-for-tat tariffs in place between the two largest economies", said Wendy Cutler, a former U.S. trade negotiator.

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