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China's economy can withstand tariff war - USA
11 August 2018, 11:56 | Kelvin Horton
China's economy can withstand tariff war - USA
Trump has also threatened that a further $200 billion could be impacted, which would mean that virtually all Chinese imports to the USA would be covered. This list included various pharmaceutical products but the possibility of a potential trade war in pharmaceutical appears unlikely for now.
The U.S. Trade Representative's office says Customs will begin collecting the extra duties on 279 different product lines.
Additional duties on the USA products in the first part of the list, worth 34 billion US dollars, came into force on July 6. Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.
The final list targets "279 imported product lines" from China totaling $16 billion, that the USA will tax at a 25 percent rate.
The now proposed charge is 10%, but it could increase to 25% once a consultation period ends.
China said it will impose 25% tariffs on a further $16 billion of USA goods, making good on its promise to retaliate against new American levies. Beijing already has stopped trying to match the USA tariffs on a dollar-for-dollar basis, threatening to hit just an additional US$60b in United States imports if the presidentfollows through on his threat to target a further US$200b in Chinese products.
Shipping consultancy Drewry have predicted the container shipping industry could lose as much as 1.8 million TEU, a contraction in global trade of 1%.
The move comes after the U.S. The reaction from China was swift and predictable in this tit-for-tat thing we've got going on.
"The impact of tariffs on exports is yet to be reflected".
That total could soon increase.
CURRENCY NEWS: The central parity rate of the Chinese currency renminbi, or the yuan, weakened 4 basis points to 6.8317 against the U. Beijing retaliated by imposing the same percentage of retaliatory tariffs on 545 US items, also worth $34 billion. Beijing has retaliated against the USA tariffs with higher duties on a similar amount of American goods. Market gains were, however, capped amid intensifying trade tussle between world's two biggest economies after China threatened to impose tariffs on US$16 billion-worth of United States goods in the latest tit-for-tat exchange in their trade row.
Another commentary, written by China Institute of International Studies research fellow Jia Xiudong and published in the overseas edition of the People's Daily newspaper, said the United States was trying to "suppress China's development".
Beijing sent another warning shot to Washington on Thursday, with its state media accusing the US of "mobster mentality".
China's largest refiner Sinopec Corp (0386.HK) is due to deliver its best quarterly result since 2013 later this month, thanks to robust refining business and rebound in oil prices. Around afternoon, the benchmark Shanghai Composite Index surged 1.8%, or 49 points, to 2,793.04, meanwhile the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 2.7%, or 39.16 points, to 1,505.86. Both would deliver trade wins for Trump and his more moderate advisers, while also letting President Xi Jinping of China push ahead with his ambitious industrial plan to build national champions in cutting-edge technologies.
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