Friday, 14 December, 2018

China's economy can withstand tariff war - USA

Are Trumps Tariffs Actually Increasing The Trade Deficit US tariffs make no dent on China exports surge
Laurie Berry | 11 August, 2018, 23:59

Beijing late on Wednesday said it would slap additional tariffs of 25 percent on $16 billion worth of US imports, in retaliation to news the United States plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods from August 23. The latest USA list brings the total worth of Chinese goods facing a 25% tariff to $50 billion.

In the interim, the U.S.is readying 10 percent tariffs on an additional $200 billion worth of Chinese goods. New Chinese tariffs are to apply to imports of all scrap commodities from the United States, including ferrous and non-ferrous metal scrap, recovered paper and plastic scrap, and to various other goods categories.

But he has started the process for putting tariffs on almost all Chinese imports, perhaps because he thinks China will blink somewhere along the way, and grant the concessions he wants, including a narrower overall US trade deficit with China.

China was the world's second-largest LNG importer in 2017, Kallanish Energy reports.

Shipments from China to the USA climbed 13 percent in July from a year earlier, to $41.5 billion, after a roughly similar rise in June, customs data show.

MI turnout surge cheers Democrats; GOP expects…
Jeff Colyer. "I'm here to tell you: right here right now, come November, the red wave is coming right through MI ", he said. Mike Bishop in what is expected to be a competitive general election.

"At one point during the dinner, Trump noted of an unnamed country that the attendee said was clearly China, 'almost every student that comes over to this country is a spy'". But the US imports far more from China than it exports. The list includes a lot of industrial and machinery products. "China said we see your $16 billion and we'll match your $16 billion". The yuan has weakened nearly 5% so far this year and hit a 14-month low last week, primarily driven by new tariff threats from the U.

The Chinese Commerce Ministry responded to the latest United States tariffs by releasing the list of goods to be targeted.

These commodities, worth a combined $60 billion, are subject to extra tariffs at four different rates from 5% to 25%.

President Donald Trump's National Economic Council director, Larry Kudlow, warned China against underestimating the president, saying "China knows what we are asking, they just have not made satisfactory responses". Those new tariffs, totaling US$16b, will be levied against 279 products, including motorcycles, steam turbines and railway cars. They criticize Trump's tactics but share USA complaints about Chinese industrial policy and market barriers. At the same time, overall imports to China jumped 27 per cent last month. Meanwhile, China shipped US$1.46 billion worth of condoms to the USA in 2017.

The threat of increasing protectionist measures may have also prompted China to open up its market to Indian pharmaceutical industry.

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