China Announces More Tariffs on US Imports

Dwayne Harmon
August 8, 2018

After months of economic tensions, United States President Donald Trump on Saturday said the trade tariff imposed on China is working 'far better than ever anticipated'. "Therefore its $200 billion tariff list is fairly inaccurate and irresponsible", said Liang Ming, director of the foreign trade research center at the Chinese Academy of International Trade and Economic Cooperation, affiliated with the Ministry of Commerce.

For example, he claimed that China was financing advertisements to convince Americans to stop Trump's trade agenda.

The US already imposed additional tariffs on $34 billion worth of Chinese goods earlier in July, and China has responded in kind.

There's "some hint" the Chinese may be warming to the idea, and recently there's been some communications at the highest levels of both governments, Kudlow said.

Trump continued his focus on tariffs Sunday morning, tweeting that the duties are working "big time" and that imported goods should be taxed or made in the U.S. He also suggested duties will allow paying down "large amounts of the $21 trillion in debt that has been accumulated" while reducing taxes for Americans.

The $34 billion of Chinese exports impacted by current tariffs amount to less than 7 percent of its total exports to the United States a year ago.

"As the 'tit-for-tat" trade war continues, global markets appear to show resilience against any major moves by either the United States or China and the tariffs they are placing.

Ed Mills, a policy analyst at Raymond James, said in a note to clients that while the possibility of a breakthrough deal remains, it is unlikely to come without increased trade restrictions.

A dip in auto exports and rising oil prices in June drove the biggest increase in the United States trade deficit in 19 months, reversing much of May's export bonanza, the government reported Friday.

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China has said it will levy new tariffs on more than 5,200 USA products, if the White House moves forward with its latest tariff threat. "I noticed today that Japan's stock market is now worth more than China's - I love that", he told journalists at the White House. USA businesses either eat that extra cost or pass it along to consumers.

China has now imposed or proposed tariffs on £85bn ($110bn) in USA goods.

It's the first time the fuel has been ensnared by the expanding trade war and billions of USA dollars may hang in the balance.

President Donald Trump's trade war with China is entering its sixth month, and there are no signs it will end anytime soon. China market has dropped 27% in the last 4 months, and they are talking to us.

While a strong US Dollar combined with a weaker Yuan will make many Chinese goods on the US market still highly competitive in terms of pricing in spite of tariffs, an equal and opposite effect is being felt by US producers whose warehouses of goods that would have normally been shipped off to China are now left to rot.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

However, a flurry of articles from the Chinese state media stressed the resilience of China's economy, essentially downplaying concerns regarding the impact of the US-China trade war.

The result is that both China and the United States are now using government funds to stimulate areas of the economy.

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