Chinese Exports Accelerate As US Prepares New Tariffs In Heated Row
08 August, 2018, 18:26 | Author: Angel Logan
A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable".
China's commerce ministry has announced that it will start imposing 25% import duties targeting $16bn (£12.4bn) worth of USA goods.
The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from U.S. companies and it deprives United States companies of the ability to set market-based terms in licensing and other technology-related negotiations.
In July, the Chinese trade surplus with the USA dropped three percent, reports South China Morning Post. However, analysts still expect a less favorable trade balance for China in coming months given it's early days in the tariff brawl.
The tariff will mostly apply to industrial equipment, like tractors and chemicals.
Although the move was expected, it solidifies the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.
China's latest tariffs will be implemented on August 23, in tandem with the U.S. Last year, China imported about $130 billion of US goods.
"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.
The Chinese counter-move will take effect immediately after the United States imposes tariffs on the same amount of Chinese goods on 23 August.
"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.
In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year.
"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 escalating trade conflict between the world's two largest economies...has seen the two sides impose tariffs on 34-billion dollars worth of each other's goods.
"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 chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", he said.
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To be sure, production jumped from a year ago-by 13.3 percent from the 9.217 million bpd production in May last year. Saudi Arabia's production increased by 230,000 barrels a day in July to 10.65 million barrels per day.
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