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.


  • SEC Bitcoin (BTC) ETF Delay Causes BTC Price to Drop

    SEC Bitcoin (BTC) ETF Delay Causes BTC Price to Drop

    Bitcoin's troubles continued on Wednesday, falling by 6.62% off the back of Tuesday's 3.27% decline, to end the day at $6,273.9. Experts like Brian Kelly of BKCM LLC have earlier pointed out that an SEC-approved BTC ETF in 2018 is highly unlikely.
    Where can you see the Perseid meteor shower?

    Where can you see the Perseid meteor shower?

    If bad weather does spoil your view, you can also watch the Perseid meteor shower live here on Sunday (Aug. 12) starting at 5 p.m. The comet Swift-Tuttle orbits the sun once every 133 years, so every August, the Earth passes through the comet's debris field.
    Bitcoin, Ethereum, Ripple, EOS, Litecoin

    Bitcoin, Ethereum, Ripple, EOS, Litecoin

    Bitcoin price declined sharply from the $7,150 swing high after the US SEC chose to postpone one of the ETF approval decisions. On the downside, a break below $0.3198 may well clear the path for more losses towards the $0.3000 and $0.2800 support levels.
  • Arson wildfire threatens thousands of homes south of Los Angeles

    Arson wildfire threatens thousands of homes south of Los Angeles

    Clark refused to go to court on Thursday, so his arraignment was rescheduled for today, according to the Associated Press . Whipping winds, record-breaking heat, and drought-plagued brush have combined to fuel the historic fires.
    NASA's mission to 'touch the sun' starts tomorrow

    NASA's mission to 'touch the sun' starts tomorrow

    Successive flybys will be closer, culminating, in 2024, with a series of encounters just 3.8m miles above the sun's surface. And now, six decades later, a spacecraft that will revolutionize our understanding of the phenomenon is prepared to launch.
    Trump authorizes doubling of tariffs on Turkey's steel, aluminum

    Trump authorizes doubling of tariffs on Turkey's steel, aluminum

    Minutes before Ankara learned about the higher tariffs, the lira had already hit an all-time low of 6.87 against the dollar. In Europe, where exposure to Turkey is far higher, Germany's DAX fell by 1.7% and France's CAC by 1.2%.
  • A mechanic dies after stealing a Horizon Airlines Plane

    A mechanic dies after stealing a Horizon Airlines Plane

    Radar showed that it flew in circles above Ketron Island before going down so maybe the pilot was trying to find a landing zone. A mechanic stole a propeller airplane at Seattle-Tacoma International Airport on Friday before crashing it, authorities said .
    US launches airstrikes as Taliban attack Afghan city

    US launches airstrikes as Taliban attack Afghan city

    Afghan officials said only one of its fighters was confirmed killed, but a Taliban spokesman said 140 enemy forces were dead. It said around 150 attackers had been killed or wounded but gave no estimate of casualties for civilians or security forces.
    Sony's Marvel Universe Plans - Every Movie Currently Happening

    Sony's Marvel Universe Plans - Every Movie Currently Happening

    Per Variety , we know Sony has already drawn up plans for Silk , Nightwatch , Morbius , Jackpot and Kraven the Hunter . However, she will remain as a producer for the upcoming Black Cat and Silver Sable solo films.
  • Pogba gives cryptic response on United future

    Pogba gives cryptic response on United future

    Mourinho also confirmed Pogba had his blessing to take the penalty after what appeared to be a disagreement with Alexis Sanchez. "You can't sort of fall back and think "I'm changing my mind" - you've gone too far".
    Monsanto to appeal $289 million verdict that Roundup caused man's cancer

    Monsanto to appeal $289 million verdict that Roundup caused man's cancer

    Johnson hugs one of his lawyers after hearing the verdict to his case against Monsanto at the Superior Court Of California . Founded in 1901 in St Louis, Missouri, Monsanto began producing agrochemicals in the 1940s.
    Zimbabwe presidential inauguration delayed after court appeal -Minister

    Zimbabwe presidential inauguration delayed after court appeal -Minister

    The MDC reported that its foreign lawyers had initially been denied entry into the Constitutional Court on work permit grounds. Under the constitution, a losing presidential candidate has seven days to challenge the result from when a victor is declared.


D.C. Police Vow to Keep Protesters Apart at Weekend Demonstrations
A 20-year-old man from Ohio, James Alex Fields Jr . "I was just shaking I could not believe what I was seeing", said Henderson. On Sunday, thousands of counter-protesters are slated to attend multiple rallies against white supremacy in Washington , DC.

Paul Pogba Appointed Manchester United's Captain By Jose Mourinho
It was Shaw, who just like Pogba has endured some tough times under Mourinho , who was the unlikely late hero for United. Woodward wants to keep Martial and that, again, is a serious issue between club and manager.

Manchester United fans spotted Anthony Martial's face when Paul Pogba was subbed
As ESPN's Rob Dawson says: " Mourinho and Pogba's frosty relationship is a puzzle Manchester United must solve". But again, the perception of the people that reads can be different, but I like my players and my group.

Another Powerful Quake Hits Lombok and Bali; No Tsunami Warning
Sunarto, who uses one name, said hearing the call to prayer and being observant will help villagers rebuild from the disaster. Rescue workers are still digging through rubble and trying to get aid to survivors of the earlier, larger quake.

Trump doubles tariffs on Turkish steel and aluminum, says relations 'not good'
Donald Trump has today announced massive increases to tariffs against Turkey as its currency the lira continues to plummet. Zafer Tulus, whose family has owned a butcher shop for more than 200 years, has been forced to close down the business.

Doom Eternal Will Let You Invade Other Players' Campaigns
The expanded toolbox will come in quite handy in DOOM Eternal , which features twice as many demons as its predecessor . The Doom Slayer himself has also gotten a makeover for his armor.

Mourinho reveals what Manchester United fans can expect from Fred
Jose Mourinho hailed a "monster" performance from Paul Pogba after the World Cup victor answered Manchester United's call and helped deliver victory against Leicester.

How to watch the PGA Championship on Eleven Sports
Open champion is dating model/actress Jena Sims . "It's going to be a big atmosphere out there and I'm looking forward to that". And when Johnson became engaged to Paulina Gretzky, many of those fans became fans of the former U.S.

Arsenal coach Unai Emery: Stan Kroenke takeover of club is 'positive'
But then also we need to build [a mentality] and it isn't a thing you find quickly. He insisted that balance is most important thing in the team.

Abby Huntsman to depart Fox for ABC's 'The View'
McCain replaced former Fox News contributor, Jedediah Bila , who described herself as "libertarian", previous year . As Radar readers know, Whoopi Goldberg , Joy Behar and Sunny Hostin are also part of the cast.