Publicado: Jue, Agosto 09, 2018
Financiera | Por Marilu Caballero

Trump administration moves ahead with new round of tariffs on Chinese imports

Trump administration moves ahead with new round of tariffs on Chinese imports

China's imports rose 27.3 percent year-on-year in July, in a sign domestic demand remains solid, but the worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the yuan could put a significant dent on the economy.

The duties are part of a broader round of U.S. tariffs on $50bn worth of goods announced in March.

The 25 percent tariffs will go into effect August 23, targeting cars, crude oil, natural gas and coal.

China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from USA companies.

July's trade data was under the spotlight as it was the first reading since fresh US tariffs on a wide range of Chinese goods went into effect.

While trade tensions are being ratcheting up, China's trade surplus with the USA stood at US$28.1 billion in July, close to the record-high in June, data released Wednesday showed.

The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round.

It is now highly likely that China will retaliate, as promised, with its own $60 billion tariff round.

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Earlier in July, China's State Council released guidelines on expanding imports, promising tariff cuts, clean-ups of unreasonable price mark-ups, and better intellectual property rights protection.

Negotiations broke off after the Trump administration imposed the tariffs on $34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations.

August 3: China announces that the country will impose tariffs of various rates on another $60 billion worth of U.S. goods if Trump moves forward with his latest threat. The list is heavy on industrial products such as steam turbines and iron girders.

New American tariffs on Chinese goods now affect $50 billion in annual imports, and there's no end in sight.

There are very few domestic electric bike manufacturers to protect in the USA, it was argued, meaning that the "trade war" simply damages a growth industry and one that brings green credentials at a time when they sorely need promotion. While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said.

Tuesday's announcement was not a surprise.

"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.

In a sign there may be more difficulties ahead, a private survey last week found that the business outlook among Chinese services firms was the second-weakest on record in July in part due worries about the trade war.

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