Chinese exports accelerate even as Trump escalates trade war

Adjust Comment Print

The United States has announced it will impose 25 percent tariffs on another 16 billion US dollar's worth of Chinese imports, starting in two weeks.

The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23.

President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms. Year-on-year, the growth of China's exports to the United States slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

The new tariffs on USA goods will be 25 percent. For instance, the major complaint is about the theft of USA intellectual property by Chinese firms.

"[The] trade data don't show any significant impact from the first round of USA tariffs", Julian Evans-Pritchard, senior China economist at Capital Economics, said in a note to investors.

The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products.

Mr Trump has said he would be willing to hit all of China's imports with duties.

More news: Trump attacks report that he’s anxious about son’s exposure to Mueller inquiry
More news: European Union backs Iran after United States reinstates sanctions
More news: 20 dead as WWII vintage plane crashes into Swiss mountainside

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war.

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of U.S. threats.

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

Washington imposed 25% duties on $34bn (£26.3bn) of Chinese goods on 6 July in response to those complaints.

Front page commentary published across all state newspapers by the official Xinhua news agency said: "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".

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

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..."

Comments