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.
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.
In response to the earlier reports of the move, Chinese Foreign Ministry spokesman Geng Shuang decried the tactics as "extortion". President Trump wants to reduce this deficit and has planned to implement tariffs against certain Chinese imports.
US Secretary of State Mike Pompeo and Turkish Foreign Minister Mevlut Cavusoglu agreed on Friday to try to resolve a. White House spokesperson Sarah Sanders played down Trump's tweet later Wednesday. "It's not an order.
The renewed sanctions were among those lifted under a 2015 deal between world powers and Tehran on curbing Iran's nuclear program. The U.S. move has dismayed America's European allies trying to preserve the nuclear deal.
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