Chinese exports accelerate as fresh United States tariffs loom

Chinese exports accelerate as fresh United States tariffs loom

They appear far from a resolution. and according to US local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion USA dollars of Chinese imports...and is considering raising the rate to 25 percent.

The move is the latest escalation of President Donald Trump's trade war with China. The step brought the total worth of Chinese goods facing a 25 percent tariff to $50 billion.

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.

Beijing has announced plans to retaliate immediately against the latest round of U.S. tariffs on Chinese imports by slapping a wide range of American products, worth $16 billion, with a 25 percent levy.

At the same time, Beijing reported a $28.1bn trade surplus with the U.S. in July, just below the record $28.9bn seen in June. Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

Last month, the U.S. imposed duties of 25% on Chinese imports worth $34bn.

Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies that have continued to exchange threats. China has vowed to retaliate with equivalent tariffs against any USA action.


China has repeatedly warned it will strike back, and has already begun enforcing or is getting ready to enforce its own retaliatory tariffs, saying the United States is threatening the global free trade order with its protectionism.

The US decision to levy 25 percent tariffs on the same value of Chinese goods is "very unreasonable", and China will have to retaliate to protect its rightful interests and the multilateral trading system, China's ministry of commerce said in a statement.

"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.

It will be the second time the U.S. slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

The United States and China implemented tariffs on $34billion worth of each other's goods in July.

The latest $16 billion list will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

China's exports growth unexpectedly accelerated in July despite fresh US tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.

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