Trump Imposes Tariffs on $16 Billion of Chinese Imports

Trump Imposes Tariffs on $16 Billion of Chinese Imports

In MSI's view, early indications from USA ports and bills of lading processing suggest that June import volumes surged, perhaps suggesting panic-buying as the trade war scenario worsened.

But the new duties are likely to curb exports from the United States, which ramped up shipments in 2017 as its beleaguered coal mining sector has undergone a resurgence under U.S. President Donald Trump. The latest US$16 billion list will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, or South Korea. On July 6, the USA began taxing the 818 goods, worth $34 billion, remaining from the April list. That leaves about $20 billion for penalty tariffs after increases either imposed or threatened on a total of $110 billion of USA goods are counted.

-China trade conflict. China's commerce ministry announced on Wednesday that it will impose additional tariffs of 25 percent on 16-billion dollars' worth of US imports...starting August 23. So far, Trump has hit about $52 billion worth of Chinese imports with new tariffs, with China retaliating in kind.

China National Petroleum Corporation already has a commercial agreement with Cheniere Energy to buy LNG for 25 years and a few heads of agreements have been signed between USA suppliers and Chinese customers. China has vowed to retaliate to an equal degree. The tariffs will be activated on August 23, the ministry said, the same day that the U.S. plans to begin collecting 25%extra in tariffs on $16 billion in Chinese goods. "This latest development and its impact will be discussed at the MRF Summit taking place at WASTECON in Nashville on August 22-23". They are meant to protect homegrown businesses and put foreign competitors at a disadvantage.

In July, China's global exports surged 12 per cent, even faster than an 11 per cent increase in June. USA imports of bulk drugs from China and India during 2012- 2016 recorded a CAGR of 1.4% and 4.5%, respectively.

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Exports to the rest of the world might have been boosted by a weaker Chinese currency. "There is no doubt that these tariffs will impair the already diminishing scrap exports from the United States to China". Economic growth has slowed since regulators tightened controls on bank lending to rein in surging debt.

The unusually strong July import figures reflected higher prices, according to Evans-Pritchard.

A Chinese Ministry of Commerce spokesperson said the implementation date of the tariff measures would depend on the actions of the U.S., adding that China reserves the right to introduce other countermeasures.

Overall LNG output from Australia and the United States is rising as new and expanded projects are completed. The goods being targeted by China include crude oil and cars.

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