Published: Wed, August 08, 2018
Global | By Enrique Rogers

Chinese exports accelerate even as Trump escalates trade war

Chinese exports accelerate even as Trump escalates trade war

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional Dollars 200 billion in Chinese products.

The Trump administration has deepened its trade war with China by announcing a new round of tariffs worth $US16 billion ($22 billion), a move the Chinese government has warned will trigger another round of retaliatory tariffs on USA exports.

The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from United States companies and it deprives USA companies of the ability to set market-based terms in licensing and other technology-related negotiations.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the U.S. - a move that would blow open the disagreement between the countries.

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war. But given the lack of talks and Trump's unclear goals, the trade war doesn't appear to be close to a resolution.

The measure comes shortly after Washington released the latest list of Chinese goods worth $16 billion that are set to face a 25 percent tariff.

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In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs.

USTR removed a handful of items from its original list after a 46-day public comment and review period found they would cause "severe economic harm".

June 15: Trump rolls out thefinal list of goods subject to new tariffs.

June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.

Several large American companies have said they would adjust their supply chains to source outside of China if tariffs on Chinese goods impacted them, while China's Haier Group (1169.HK) said rising steel prices amid hefty US import tariffs was driving up costs for its business in America.

Farmers and U.S. industries have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by duties on crops such as soybeans.

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