Chinese Exports Accelerate As US Prepares New Tariffs In Heated Row

A Chinese worker looks on as a cargo ship is loaded at a port in Qingdao Shandong Province

A Chinese worker looks on as a cargo ship is loaded at a port in Qingdao Shandong Province

Crude shipments came in at 36.02 million tonnes last month, or 8.48 million barrels per day, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of Customs showed. The U.S. Trade Representative's Office is reviewing tariffs on a further US$200 billion in Chinese imports and those duties could start once a comment period ends on September 6.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.

The Office United States Trade Representative (USTR) announced the tariffs in a statement released on Tuesday afternoon US time. For instance, the major complaint is about the theft of U.S. intellectual property by Chinese firms.

"With each successive round of tariffs, Trump continues to back China into a corner, forcing Beijing to respond in kind", said James Zimmerman, a partner in the Beijing office of global law firm Perkins Coie and a former chairman of the American Chamber of Commerce in China.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

After a strong start to the year, growth in the world's second-largest economy cooled slightly in the second quarter, partly hit by the government's years-long efforts to tackle debt risks.

The worry is that the escalating Sino-US trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy. Its imports from the USA rose 11.8 percent in the same period.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. In response, China has threatened up to 25 per cent tariffs on US$60 billion in American imports.

For January-July, the surplus with the USA rose to $161.63 billion, compared with about $142.75 billion in the same period past year.

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China.

Economists warn that a prolonged trade war between China and the USA could end up increasing prices for American consumers and hurting United States businesses. The administration has said that it will pursue tariffs on an additional $200 billion if China continues to respond with retaliatory tariffs rather than reform of its own trade practice.

The announcement came hours after US trade officials announced that the first round of President Donald Trump's punitive tariffs on China will hit $50 billion in goods starting August 23, with the addition of 279 products totaling $16 billion to the target list.

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