Chinese exports accelerate as USA prepares new tariffs

08 August, 2018, 16:53 | Author: Diane Mills
  • A Chinese worker looks on as a cargo ship is loaded at a port in Qingdao Shandong Province

The US plans to move forward with further tariffs on Chinese goods starting 23 August, its top trade negotiator has said. Products being targeted now include crude oil, cars, steel and medical equipment.

March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest USA announcement.

China fired back warning it would impose duties on $60 billion in USA goods.

China's exports soared in July, showing little impact from USA tariffs, as Washington finalises more duties on Chinese imports. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on goal.

The move is the latest escalation of President Donald Trump's trade war with China.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs. President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion a year ago. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.

Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

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The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S.

The new tariffs, the latest in the ongoing trade spat between USA and China, target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more.

In the meantime, it sought public comment on the new items.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems", it said.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.

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