Chinese exports accelerate as fresh U.S. tariffs loom

Chinese exports accelerate as fresh U.S. tariffs loom

Chinese exports accelerate as fresh U.S. tariffs loom

The additional tariffs will go into effect on August 23. Products being targeted now include crude oil, cars, steel and medical equipment.

China's announcement is a direct response to new duties on Chinese goods imported into the United States, announced Tuesday in Washington.

Trade tensions between the USA and China have been intensifying over recent months with each country imposing levies on mutual imports with extra duties.

A first tranche of tariffs, on $34bn worth of goods, went into effect in July. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on objective.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US President.

The trade representative said the tariffs were a response to an investigation, released this year, which found China's policies on technology transfer, intellectual property and innovation were unreasonable and discriminatory, and placed an unfair burden U.S. commerce. Chinese imports of goods and services into the United States past year amounted to almost $524 billion. It represents the latest salvo in the ever-expanding trade war between the United States and China.

The US is now considering tariffs on another $200bn in goods, including consumer products that were spared in the initial round.

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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.

Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

April 4: China rolls out a listof more than 100 U.S. goods worth roughly $50 billion that are subject to retaliatory tariffs. Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move.

China's imports rose 27.3 percent year-on-year in July, in a sign domestic demand remains solid, but the worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the yuan could put a significant dent on the economy.

Chinese state media has said Beijing will not be cowed by Washington's threats.

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