China announces tariffs on scrap imports from the USA
China announces tariffs on scrap imports from the USA
US tariffs make no dent on China exports surge
11 August, 2018, 20:02
A Chinese Ministry of Commerce spokesperson said the implementation date of the tariff measures would depend on the actions of the United States, adding that China reserves the right to introduce other countermeasures.
China is slapping additional tariffs of 25% on $16 billion worth of USA imports from fuel and steel products to autos and medical equipment, the country's commerce ministry said, as the world's largest economies escalated their trade dispute. The yuan has declined by 8 percent this year against the dollar and by about 4 percent against a basket of global currencies. The Office of the US Trade Representative recently held a hearing on whether or not to impose tariffs.
The US trade war measures are set to escalate.
More tariffs. We're getting numb to it by now, with new developments every week or two. Chinese imports of goods and services into the United States past year amounted to almost $524 billion.
The US Gulf-to-China voyage takes between 40 and 45 days, as opposed to 30 to 35 days from the Middle East. China also says, we must "defend free trade and the multilateral system, and defend the common interests of all countries in the world". Longer term contract negotiations could also be affected.
John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.
On Wednesday, official data from China showed USA imports of LNG fell to their lowest level in a year for the month of July, Reuters records showed. In 2017, the Administration launched a self-initiated Section 301 investigation with an in-depth probe into Chinese practices related to forced technology transfer, unfair licensing and intellectual property (IP) policies and practices.
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All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.
However, key anti-China hawks in the Trump administration, particularly Lighthizer and White House economic adviser Peter Navarro, insist that Chinese efforts to do the same threaten the economic and ultimately the military supremacy of the USA and can not be tolerated. "President Trump is keeping his promises to the American people on trade, from withdrawing the United States from the flawed Trans-Pacific Partnership, to renegotiating NAFTA, to strongly enforcing US trade laws", said Lighthizer.
To meet rising demand, PetroChina is in advanced discussions with top exporter Qatar to purchase LNG under short- and long-term agreements, sources said this week. By contrast, Wall Street continues to perform strongly overall.
Meanwhile, LNG shipments from the USA to China are being cut.
Shipowners say the slump in the trade of soyabean, steel and other dry bulk commodities is already affecting the price of vessels.
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