Donald Trump says tariffs 'working big time'

Andrew Cummings
August 8, 2018

Meanwhile, according to Kpler, crude exports to China dropped to an estimated 226,000 barrels per day (bpd) in July, after reaching a record 445,000 bpd in March.

Gao added that China's tariff move remains very restrained, which signals that the nation has always opened its door to negotiations with the U.S. under the framework of the World Trade Organization, while reserving the right to deploy countermeasures.

The U.S. has imposed tariffs targeting aerospace, robotics and other forms of technology, while China retaliated with tariffs on agricultural products, seafood and cars, among other things.

On Wednesday, Trump proposed a higher 25 percent tariff on $200 billion worth of Chinese imports.

The market is not large by value compared with approximately $12 billion of U.S. crude that came to China previous year, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal.

Trump has threatened to slap tariffs on virtually all of China's exports to the United States.

There's no end in sight, and the dispute could chill global trade and economic growth.

China is ready to levy differentiated additional tariffs on about $60 billion of imports from the United States, if the latter further escalates trade frictions, the Customs Tariff Commission of the State Council announced late on Friday.

As of this morning, China's total equity value ($6.09 trillion) has fallen behind that of Japan ($6.16 trillion), losing its status as the world's second largest financial market (after the $31 trillion), a title China had kept for just months shy of four years, Bloomberg data shows. So this unifies NAFTA and U.S., Europe, Australia, Japan.

Beijing's earlier round of tariffs appeared created to minimize the effect on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

On Friday, China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States worth $60 billion. It also warned that it could adopt further countermeasures at any time. Kudlow suggested yesterday that China is letting its currency fall to offset losses from the trade war, though he added that the decline is partly due to weak economic fundamentals.

"In the face of the bullying of the Donald Trump administration, Beijing must remain sober-minded and never let emotion override reason when deciding how to respond", according to an editorial by the China Daily, the flagship state-run English newspaper.

June 17: Trump announced he was imposing a 25 percent tariff on $50 billion worth of goods from China. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

'Will depend on U.S'.

The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks. 91% of e-cigs imported into the United States come from China.

Meanwhile, the Chinese economy is likely to feel a pinch, but that doesn't mean the country will back down, William Zarit, the chair of the U.S. Chamber of Commerce in China, tells NPR.

Other reports by iNewsToday