Chinese soybean imports slump 8% in July as stocks build

11 August, 2018, 20:04 | Author: Brooke Harris
  • US tariffs make no dent on China exports surge

That was in retaliation against US plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods from August 23.

China said it will impose 25% tariffs on a further $16 billion of USA goods, making good on its promise to retaliate against new American levies.

There are also retaliatory tariffs on United States soyabean movements to China, sending prices on the futures market down 20%.

China's latest move follows the announcement by the U.S. two weeks ago that it was considering increasing from 10% to 25% the proposed additional duty on $200 billion worth of Chinese products. "If the 25 percent tariff is implemented, I'd expect exports to China to decrease even further".

Last year's imports from the United States totaled about $130 billion. The bad news is the trade war fears in China are escalating.

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". The US action that prompted the Chinese retaliation was the latest by President Trump to put pressure on China to negotiate trade concessions, after Washington imposed tariffs on $34 billion in goods last month. Observers remain concerned as the latest measures by China may trigger President Trump's next round of threatened tariffs on 200 billion dollar's worth of Chinese goods.

That's in addition to tariffs Trump has imposed on steel and aluminum imports from most countries, and a few other select tariffs. Beijing says it is ready to retaliate against $60 billion of American imports.

Flash floods kill 27 in south India
The assurance was given by Home Minister Rajnath Singh to Kerala Chief Minister Pinarayi Vijayan during a telephonic conversation. The Army pushed its men and machinery into disaster relief and rescue operations at Kannur, Kozhikode, Wayanad and Idukki .

Exports to the rest of the world might have been boosted by a weaker Chinese currency. The tariff total could actually increase soon.

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

"Import growth is likely to slow as domestic headwinds continue to weigh on economic activity".

At the same time, Beijing's trade surplus with the United States - a frequent source of anger and threats from Trump - widened by 11 per cent from a year ago to $28 billion.

The move to include LNG was something of a surprise as China had previously held back at including the fuel on the list of products subject to tariffs.

Trump has claimed in recent tweets that "tariffs are working far better than anyone ever anticipated", linking them to a downturn that has shaved almost a quarter from the value of Chinese stocks since late January.

Beijing has stepped up efforts, so far without success, to recruit governments including Germany and France as allies. They are the highest-value variety meat item the US exports to China. They criticize Trump's tactics but share US complaints about Chinese industrial policy and market barriers.

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