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China Announces More Tariffs on US Imports

08 August, 2018, 20:59 | Author: Kristi Dunn
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The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned.

On Friday, China announced it would impose additional tariffs on billions of dollars of American goods if Trump followed through on imposing additional tariffs on China. One of the biggest targets of the China tariffs has been farmers; Beijing is the biggest buyer of US soybeans, importing more than $12.4 billion worth of the oil seed in 2017, according to the Peterson Institute for International Economics.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

In July, the USA published a list of $200bn-worth of additional products to be hit with tariffs of 10% - a figure the U.S. is now considering raising to 25%.

"China's differential tax rate countermeasures are rational and restrained", the Ministry of Commerce said in a separate statement on its website.

The attack on Donald Trump comes after Washington and Beijing last week exchanged fresh threats of imposing new tariffs, as part of a trade war kicked-off by the U.S. on July 6, Efe news reported.

"Their economy's weak, their currency is weak, people are leaving the country", Kudlow said. "He is going to stand tough".

China accounted for about 16% of America's trade in goods a year ago. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

'Tariffs are working big time.

China's finance ministry said duties ranging from 5 per cent to 25 per cent would be levied on 5,207 kinds of imports from America if the U.S. implemented its proposed taxes on another $200bn of Chinese goods.

FIRE MAP: Mendocino Complex Fire as of Thursday morning
The size of the fires surpasses a blaze last December in Southern California that burned 440.5 square miles (1,140.8 kilometers). The fires have burned nearly one-half million acres since June and destroyed more than 2,000 structures, it added.

The United States and China - two of the world's largest economies - have been engaged in a tit-for-tat tariff war that the International Monetary Fund warned could affect the global economy.

While Mr Trump has taken credit for new steel jobs created with the help of tariffs, retaliatory measures by Beijing and others have rattled USA soya bean farmers and the many companies reliant on increasingly expensive steel as a raw material.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries.

Still, two senior diplomats met earlier on Friday on the sidelines of a regional summit in Singapore.

Another reason China is anxious is because Washington's actions have come when the domestic Chinese economy is going through a bad time. "Obviously, the USA tariffs won't help and they are going to cause some damage", he said.

"Virtually nothing has happened in a trade dialogue with China in a month or six weeks", Kudlow said.

Recall that President Hassan Rouhani of Iran had earlier warned the U.S. against any attempt to stop Tehran's oil trade. LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington. United States business and farm groups, which do extensive business with China, have complained for months about Mr Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the US.

This prompted an imposition of taxes on Chinese steel and aluminium imports. The amount could be even larger if the United States resolves a logistics bottleneck. "Given China's huge market, its systemic advantage of being able to concentrate resources on big projects, its people's tenacity in enduring hardships and its steadiness in implementing reform and opening-up policies, the country can survive a trade war".

"Copper is a global market that depends much less on regional trade flows and therefore tariffs in any one region should not have a material impact on the market", Chris LaFemina, an analyst at Jefferies, said by telephone from NY. That's a negligible amount for China, which imported 17 million tons total a year ago, according to the US Census Bureau.

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