China's July exports rise more than expected despite USA tariffs

09 August, 2018, 11:25 | Author: Mary Valdez
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Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States. And Chinese regulators last month barred Qualcomm, a USA telecom leader, from completing its $44 billion acquisition of Netherlands-based NXP, which would have made it a more formidable competitor for Chinese companies.

"Members of Congress from both parties are hearing from Americans that are angry about tariffs while they are back in their states and districts", he said. The Trump administration already has a list of $200 billion more in tariffs against China that are under consideration.

Earlier this month, China included for the first time liquefied natural gas (LNG) in its list of goods up for a potential 25-percent import tariff, should the United States impose additional tariffs on Chinese imports.

Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said he expected that there would be little to stop further escalation of the U.S. Those new tariffs, totaling $16 billion, will be levied against 279 products, including motorcycles, steam turbines and railway cars.

The tariffs are aimed at industrial, rather than consumer, imports.

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China's exports soared in July, showing little impact from USA tariffs, as Washington finalises more duties on Chinese imports.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the U.S. - a move that would blow open the disagreement between the countries.

President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than US$500 billion previous year. At the weekend, Mr Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout.

The United States Trade Representative has green lighted electric bikes and associated motors sourced from China to be subject to a 25% tariff, starting August 23rd. "By continuing to up the ante, Trump is, in effect, publicly demanding an unconditional surrender from Beijing". Schneider National Carriers Inc. and other firms testified during a hearing July 24-25 in Washington that there are no USA manufacturers and that the containers are nearly exclusively made in China.

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