Chinese Exports Accelerate As US Prepares New Tariffs In Heated Row

08 August, 2018, 20:55 | Author: Kevin Carter

Just last week, China's Unipec, the trading arm of state oil major Sinopec, suspended crude oil imports from the United States due to the growing trade spat between Washington and Beijing.

The US will begin imposing 25% duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world's two biggest economies.

So far, China has now either imposed or proposed tariffs on $110 billion of USA goods, representing the vast majority of its annual imports of American products.

China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion.

Beijing has called on United States officials to be "cool headed", but fired back warning it would impose duties on an additional $60 billion in U.S. goods, a threat the White House dismissed as "weak".

Amid a steep correction in crude prices, China said on Wednesday that it would impose a 25-percent tariff on U.S. imports worth US$16 billion, including crude oil, diesel, cars, coal, and steel products, in retaliation to the U.S. list of US$16 billion worth of Chinese imports that will be taxed by U.S. authorities from August 23.

Earlier this month, China included for the first time liquefied natural gas (LNG) in its list of goods up for a potential 25-percent import tariff, should the United States impose additional tariffs on Chinese imports.

More news: Lynchburg flood: College Lake Dam failure - emergency evacuations

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

The list of USA imports affected by the taxes includes coal, oil, chemicals and some medical equipment.

A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable". Big-ticket US items that are still not on any list are crude oil and large aircraft. Those duties could be in place after a comment period ends on 6 September.

Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said he expected that there would be little to stop further escalation of the U.S.

The Semiconductor Industry Association expressed disappointment at USTR's decision to keep the sector on the tariff list. -China tariff war as both sides dig into entrenched positions. That's soon enough to be used by Trump as a rallying argument, but late enough so that adverse effects will not occur before January 2019.

"In general, the performance of China's retail sector was rather sluggish in July", it said, noting that a 6.5 per cent rise in cosmetics sales was the one bright spot. Tariffs would make US oil uncompetitive in China.

Recommended:



Popular

Luka Modric To Stay At Real Madrid, Confirms Manager Julen Lopetegui
After a dream tournament, it was expected that the former Tottenham player would return to Real Madrid's midfield. That significant increase is said to be very tempting for Modric, but he has not made up his mind just yet.

Community Members Call For Brooklyn Nail Salon To Close Following Brawl
Police later charged Huiyue Zheng , 32 of Brooklyn, with assault, menacing, criminal possession of a weapon and harrassment. Things got physical when employees blocked the women from leaving the store while waiting for police to arrive.

Trump Jr.: Meeting was a 'bait and switch'
Sekulow asked on ABC News' "This Week," implying no laws prohibit campaign aides from meeting with foreign agents. So today's breathless headlines are, as the Powerline blog's Paul Mirengoff called them , "fake news".

Don Lemon Takes Jabs At Donald Trump After LeBron James Interview
During the the interview, James addressed President Donald Trump , who James believes is using sports to divide the country. The New York Times even reported last month that Trump was "enraged" when he saw CNN on Melania's TV on Air Force One.

20 killed when tourist plane crashes in Swiss Alps
JU-Air runs sightseeing tours on its squadron of German-made vintage aircraft from Dübendorf military airfield near Zurich . On its website, JU-Air mentions one past accident, in 1987, at the Koblenz airport in Germany in which no one was hurt.

Mosquitoes test positive in Huron, spraying efforts will continue
Seventeen people died due to the Nipah virus in Kerala, out of which 16 cases were confirmed in lab. Spray clothing with insect repellent since mosquitoes may bite through clothing.

NBA Players Back LeBron In Controversy Over Trump Tweet On Intelligence
After throwing insults at both men, Trump also mentioned that he likes "Mike", which is nearly certainly a reference to Jordan. The school was designed for marginalized children who will attend free of tuition and expenses.

Are Democrats' Tactics to Delay Kavanaugh Nomination Actually Working?
Republicans have been hesitant to request those records, however, and have accused Democrats of engaging in stalling tactics. Taylor Foy, a spokesman for Grassley, said the senator still expects the hearing to take place in September.

India takes control of 1st Test vs England
He broke the budding 21-run partnership between him and Dawid Malan (20) as Rahul held another excellent, low catch at leg slip. Following scans on Thursday, England have confirmed Jos Buttler did not suffer a fractured finger in the morning session.

Chelsea winger signs improved contract extension with the club
When asked about whether or not he is frustrated by the issue, he said: "I want to speak to him before I answer these questions". Chelsea manager Maurizio Sarri has ruled off an exit for Blues' striker after he held talks with him, according to reports .