Sunday, 21 October, 2018

Chinese state media accuse US of 'mobster mentality,' vow to fight tariffs

US tariffs make no dent on China exports surge China Announces New Set of Retaliatory Tariffs on US Goods
Ginger Lawrence | 11 August, 2018, 20:05

From fuel and steel products to automobiles and medical equipment, China is slapping additional tariffs of 25 percent on 16 billion dollar's worth of USA imports, as the world's two largest economies take their trade war to the next level.

"This second tranche of additional tariffs under Section 301 follows the first tranche of tariffs on approximately $34 billion of imports from China, which went into effect on July 6".

So that leads us to the latest casualty of the trade war between the Trump administration and the Chinese government: condoms.

In January 2018, Trump exercised his authority under Section 201 of the Trade Act of 1974 to provide safeguard relief to USA manufacturers injured by imports of washing machines and solar panels.

"The higher-than-expected imports were pushed up by energy prices, which narrowed the trade balance", said Iris Pang, greater China economist at ING Wholesale Banking in Hong Kong. "This is in line with other reports that the trade war has had an impact on the Chinese economy across many sectors".

Escalating its tensions with Beijing, the Trump administration has also threatened to impose penalties on an additional $200 billion in Chinese exports to the United States.

A container ship sails into Hong Kong, China July 11, 2018. "There is no doubt that these tariffs will impair the already diminishing scrap exports from the United States to China".

The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

Asian spot liquefied natural gas (LNG) prices held largely steady this week as healthy demand and relatively tight supplies supported the market.

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Having claimed that "trade wars are good and easy to win", President Trump has said that he is prepared to hit up to $500 billion of Chinese goods with taxes in an attempt to reduce America's...

Take the list of 16 billion dollars' worth of Chinese exports to the United States as an example.

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of USA threats.

China's exports to the United States rose by double digits in July, shrugging off President Donald Trump's tariff hikes in a fight over technology policy.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

"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. That was in retaliation against USA plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods from August 23.

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.

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

Shipping analyst MSI says the liner industry is awaiting the impact of the potential trade war between the USA and China.