Chinese Exports Accelerate As US Prepares New Tariffs In Heated Row

08 August, 2018, 18:29 | Author: Mable Gonzales
  • Trade war US finalizes new batch of tariffs on $16bn of Chinese products

President Trump is set to impose steep tariffs on a further $16 billion of Chinese exports this month, escalating the fierce trade dispute between the world's two largest economies.

The Chinese government said in a statement Wednesday that the taxes would be imposed on August 23.

President Trump had repeatedly expressed discontent over the U.S. trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

The tariff will mostly apply to industrial equipment, like tractors and chemicals.

In July, the Chinese trade surplus with the U.S. dropped three percent, reports South China Morning Post.

Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over market access, intellectual property, technology transfer and investment.

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against USA tariffs.

The two sides have shown no signs of letting up, with the USA earlier Wednesday saying it will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, and Chinese media resorting to personal attacks against Trump earlier in the week.

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Last week Trump threatened to jack up the tariff rate on the next $200 billion in Chinese imports it plans to target to 25 percent, from the previously stated 10 percent.

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.

Economists warn that a prolonged trade war between China and the U.S. could end up increasing prices for American consumers and hurting United States businesses.

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

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

Of more direct outcome in the Sino-U.S. trade war, China's surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said.

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