Published: Thu, August 09, 2018
Markets | By Otis Pena

Chinese exports accelerate as fresh United States tariffs loom

Chinese exports accelerate as fresh United States tariffs loom

Additionally, an executive from China's Dongming Petrochemical Group said at the time that he expected Beijing to soon impose the tariff on USA oil imports. China's latest tariffs will be implemented on August 23, in tandem with the U.S. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.

China's payback presents its own challenges.

China's crude oil imports in July rose for the first time in three months, but were still at their third lowest monthly level so far this year, as independent refiners continue to suffer from the new tax regime eroding their refining margins.

The U.S. action that prompted the Chinese retaliation was the latest by President Donald Trump to put pressure on China to negotiate trade concessions, after Washington imposed tariffs on $34 billion USA in goods last month.

John Neuffer, president of the Semiconductor Industry Association, said: "We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's..."

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The U.S. -China trade war continued to escalate Wednesday, when the Chinese government announced it will slap a 25 percent retaliatory tariff on $16 billion worth of U.S. imports, CNBC reported. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things.

Trade with countries along the Belt and Road totaled 4.57 trillion yuan, up 11.3 percent year on year, 2.7 percentage points faster than the average growth rate, data showed.

USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end September 5. Last year, China imported about $130 billion of US goods.

"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. The Trump administration already has a list of $200 billion more in tariffs against China that are under consideration. Larger items are also on the list of 333 goods being targeted including large passenger cars and motorcycles as well as various fuels, and fiber optical cables.

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