Oil Prices Slide As China Imposes 25 Tariff On U.S

Oil Prices Slide As China Imposes 25 Tariff On U.S

Oil Prices Slide As China Imposes 25 Tariff On U.S

The U.S. levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it. Last week Trump threatened to jack up the tariff rate on the next $200 billion in Chinese imports it plans to target to 25 percent, from the previously stated 10 percent. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.

President Trump is set to impose steep tariffs on a further $16 billion of Chinese exports this month, escalating the fierce trade dispute between the world's two largest economies.

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.

A weaker yuan, which marked its worst 4-month fall on record between April and July, may have taken the sting out of 25 percent tariffs on $34 billion exports to the United States. China's exports to the United States fell by 2.5 percent to $41.5 billion month-on-month, while imports of USA goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.

August 7: The US announces that the second tranche of tariffs, which will hit $16 billion worth of Chinese goods, will go into effect on August 23.

More news: Meghan Markle shares birthday with the Queen Mother

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said.

Should the U.S. proceed with those tariffs, China's ready to slap duties on an additional $60 billion of American goods.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems".

Lighthizer said there were 279 new goods to be targeted in the dispute over China's policies promoting theft of American technology.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

China's exports growth unexpectedly accelerated in July despite fresh USA tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.

Related news



[an error occurred while processing the directive]