China set to respond to new round of United States tariffs


This list included various pharmaceutical products but the possibility of a potential trade war in pharmaceutical appears unlikely for now. The US Trade Representative's Office is reviewing tariffs on a further $200bn in Chinese imports and those duties could start once a comment period ends on September 6.

Last year's imports from the United States totaled about $130 billion.

The now proposed charge is 10%, but it could increase to 25% once a consultation period ends.

On Tuesday, the Trump administration announced it would go ahead with previously announced 25 percent tariffs on an additional $16 billion of Chinese imports. Beijing already has stopped trying to match the U.S. tariffs on a dollar-for-dollar basis, threatening to hit just an additional US$60b in United States imports if the president follows through on his threat to target a further US$200b in Chinese products.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA tariffs", said Evans-Pritchard. The State Administration of Foreign Exchange, a division of the PBOC, said the higher value of China's FX reserve in U.

"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections".

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The tariffs apply to scrap plastics, paper, aluminum, ferrous metals, copper, nickel, zinc, tin and other base metals.

The additional tariff on US LNG could have a chilling effect on US investment and on shale developers' decisions on whether or not to sign more LNG supply contracts with China. The iPhone maker relies upon China for one-fifth of its US$229b in annual revenue, "leaving it exposed if Chinese people make it a target of anger and nationalist sentiment", warned a commentary in state-owned China Daily.

These facilities will increase US LNG exports from about 13.5 million tonnes now to about 66 million tonnes. "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. China now appears willing to discuss changes to its strategic plan, Made in China 2025, which the Trump administration has identified as a long-term threat to big USA industries like aircraft manufacturing, semiconductors and pharmaceuticals. China promptly said I see you and I match you - $16 billion in tariffs on US products. China has vowed to retaliate to an equal degree.

The Chinese Commerce Ministry responded to the latest U.S. tariffs by releasing the list of goods to be targeted. Chinese state media has hit back at the light of the levies that have been threatened, saying the Asian nation would retaliate.

With a crush rate of 1.67 million mt and stocks of 8.8 million mt, China has more than five weeks' worth of soybean consumption. It said while there was not yet a major risk of "damaging stagflation"-rising prices and a slowing economy-the prospect remained of a "bigger blow-up" that sharply reduced trade as took place in the 1930s".