Friday, 17 August, 2018

Chinese exports accelerate as fresh United States tariffs loom

The White House reportedly had a private meeting with tech industry representatives last week.                  Daniel Terdiman  CNET The White House reportedly had a private meeting with tech industry representatives last week. Daniel Terdiman CNET
Ellis Copeland | 08 August, 2018, 16:53

The Trump administration announced an expected second, $16 billion tranche of tariffs on Chinese goods Tuesday, bringing the total amount of Chinese exports subject to new USA tariffs to $50 billion.

On July 6, the USA began taxing the 818 goods, worth $34 billion, remaining from the April list.

China has been retaliating in kind.

"[The] trade data don't show any significant impact from the first round of U.S. tariffs", Julian Evans-Pritchard, senior China economist at Capital Economics, said in a note to investors.

China's exports surged more than expected in July despite USA duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.

The 279 items that will be hit with tariffs at the end of August are mostly industrial goods such as tractors, plastic tubes, and measurement equipment like speedometers.

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.

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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.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US President. Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move.

The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it. The move appears to wreck the nascent trade deal.

July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.

China's exports growth unexpectedly accelerated in July despite fresh USA tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.

China's exports surged more than expected in July despite fresh U.S. duties and its closely watched surplus with the United States remained near record highs, as Washington finalised its new tariff list in a bitter dispute that some fear could derail global growth.

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