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USA unveils new tariffs, China vows to retaliate
11 August 2018, 11:59 | Joann Bryant
Thomas Peter-Pool Getty Images Donald Trump with Chinese President Xi Jinping
Overall, Trump has imposed new tariffs on about $107 billion worth of imports, and threatened tariffs on roughly $608 billion worth of additional imports.
Customs and Border Protection will start to collect the duties on 279 of an original list of 284 product lines beginning August 23, according to the Office of the U.S. Trade Representative.
Washington has so far lined up an additional $200 billion in Chinese imports and last week Trump said he could raise tariffs on those products to 25 percent instead of the previously touted 10 percent. It was necessary to take this action "because the US side has repeatedly escalated the situation despite the interest of both enterprises and consumers".
In the first six months of 2018, total scrap exports from the U.S.to China were valued at $2.2 billion, ISRI reported.
"Today's trade data don't show any significant impact from the first round of US tariffs", said Julian Evans-Pritchard of Capital Economics in a report.
China is slapping additional tariffs of 25% on $16 billion worth of USA imports from fuel and steel products to autos and medical equipment, the country's commerce ministry said, as the world's largest economies escalated their trade dispute.
Levies worth $34 billion came into effect on 6 July. S. dollar Thursday, according to the China Foreign Exchange Trade System. Articles appear on euronews.com for a limited time.
China's stance now is that a resolution of trade tensions must not block its further economic progress, but adjustments to Made in China 2025 could happen.
The list of products subject to duties, which range from electrical components to plastic tubes and chemicals, contains 279 out of the original 284 originally proposed on the 15 June.
A "group of 13 CEOs and senior White House staff" attended a dinner with Trump on Tuesday, August 7. United States imports of bulk drugs from China and India during 2012- 2016 recorded a CAGR of 1.4% and 4.5%, respectively.
China has been retaliating in kind. "A source with knowledge of the matter said the announcement was delayed so as to avoid being further targeted by the United States, taking lessons from its 'Made in China 2025" plan..."
China responded with an editorial in the state-owned Global Times saying it was prepared for a "protracted war" and did not fear sacrificing its short-term economic interests.
As Upstream went to press, the ministry announced a 25% tariff on a $16 billion-worth of USA goods including crude oil. Theoretically, this could dissuade Chinese consumers from buying their condoms.
The latest move could potentially hurt the surging natural gas trade between the United States and China, where gas demand is growing fast and the country has already overtaken Japan to become the world's top gas importer. This is an increase from 114 in the earlier draft China published in June.
While trade tensions are being ratcheting up, China's trade surplus with the U.S. stood at $28.1bn in July, close to the record-high in June, data released yesterday showed. The yuan has declined by 8 percent this year against the dollar and by about 4 percent against a basket of global currencies.
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