China has promised to retaliate with another $16 billion in tariffs on USA imports. At the same time, overall imports to China jumped 27 per cent last month.
The Donald Trump administration announced on Tuesday that it will make good on its earlier threat to impose 25 percent tariffs on $16 billion worth of Chinese imports on Aug 23.
There are also retaliatory tariffs on U.S. soyabean movements to China, sending prices on the futures market down 20%. The administration has threatened to impose tariffs on another $200 billion of Chinese products, possibly by the beginning of September, following public hearings on the proposed measures later this month.
China's quota system allows 34 imported movies a year to be shown in theatres, while overseas producers get a 25 percent share of box office takings, less than in other worldwide markets.
The overall dry bulk freight market is looking better on the back of an improved supply/demand balance, but an all-out trade war between China and the United States would be, to quote Diana Shipping in last week's TradeWinds, "a very, very huge disaster".
Or as Italian shipbroking house Banchero Costa put it more bluntly: "In the case of crude oil, the trade war will sure hurt the Americans more than it does China".
USTR Robert Lighthizer says, "The increase in the possible rate of the additional duty is meant to provide the administration with additional options to encourage China to change its harmful policies and behavior and adopt policies that will lead to fairer markets and prosperity for all of our citizens".
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The taxes were the second tranche of a planned $50 billion package that began on July 6 when the USA slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing.
Last week, China proposed additional tariffs on another US$60 billion of United States goods after Trump raised planned tariffs on US$200 billion worth of Chinese imports to 25 percent from 10 percent. Beijing says it is ready to retaliate against $60 billion of American imports. ISRI has heard from contacts in China that Chinese consumers of United States scrap commodities have reacted with "consternation" to the announcement. The decline reflects import bans and higher quality requirements introduced by China.
"Import growth is likely to slow as domestic headwinds continue to weigh on economic activity".
"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 trade gap with the 28-nation European Union contracted by 8 percent to $11.2 billion.
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.
China is running out of American goods for retaliatory tariffs due to their lopsided trade balance. "A source with knowledge of the matter said the announcement was delayed so as to avoid being further targeted by the United States, taking lessons from its 'Made in China 2025" plan..."