Friday, 17 August, 2018

United States sets date for additional China tariffs

Cars to be exported are seen at a port in Lianyungang Jiangsu province China Cars to be exported are seen at a port in Lianyungang Jiangsu province China
Orlando Vargas | 09 August, 2018, 04:38

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.

Beijing has announced plans to retaliate immediately against the latest round of United States tariffs on Chinese imports by slapping a wide range of American products, worth $16 billion, with a 25 percent levy.

Last month, the USA imposed duties of 25 percent on Chinese imports worth $34bn. China's latest tariffs will be implemented on August 23, in tandem with the U.S.

"[The] trade data don't show any significant impact from the first round of USA tariffs", Julian Evans-Pritchard, senior China economist at Capital Economics, said in a note to investors. The Chinese list covers coal, oil, chemicals and some medical equipment.

The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September.

Washington applied a 25% tariff on Chinese imports including airplane tires and various industrial parts.

In July, the Chinese trade surplus with the U.S. dropped three percent, reports South China Morning Post.

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The United States has stepped up its trade war with China... by announcing a new round of tariffs.

The US announced earlier this week that its own tariffs on US$16 billion of Chinese goods would start on Aug.23.

The markets will turn weaker if the tariff damage starts to show up in US inventories numbers, but since Chinese refiners had been limited buyers since early July, it may not show up in the numbers for weeks.

The world's two biggest economies are locked in a trade dispute.

The absence of China, the largest buyer of USA crude after Canada, is likely to partly weigh on US spot crude prices, making them more affordable for other buyers in Asia.

China's imports rose 27.3 percent year-on-year in July, in a sign domestic demand remains solid, but the worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the yuan could put a significant dent on the economy.

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.

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