China retaliates with tariffs on $24b worth of U.S. imports

Ivanka Trump and Darius Adamczyk the Honeywell boss at a dinner for business leaders hosted by her father President Trump in Bedminster New Jersey on Tuesday

China retaliates with tariffs on $24b worth of U.S. imports

The Trump administration has also threatened to apply an extra 25-percent tariffs on an additional $200 billion worth of Chinese exports. This list included various pharmaceutical products but the possibility of a potential trade war in pharmaceutical appears unlikely for now.

"In all aspects, USA coal does not have any advantages", said Zhang Min, coal analyst at China Sublime Information Group.

China's refined products exports last month were 4.57 million tonnes, almost flat from a year earlier.

US LNG exports only started in 2015, and sales to China were a booming business opportunity for the American natural gas industry, while China needs LNG to meet its soaring demand amid its programme of moving millions of households and factories from coal to gas. So far, Trump has hit about $52 billion worth of Chinese imports with new tariffs, with China retaliating in kind.

The now proposed charge is 10%, but it could increase to 25% once a consultation period ends.

In another blow to Oregon's beleaguered recycling sector, China announced new tariffs on imported scrap materials Wednesday, Aug. 8, in retaliation for tariffs on China unilaterally imposed by President Donald Trump.

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Concerns are also being raised in South Korea about another aspect of the U.S. trade war-the threat to impose tariffs on cars and auto imports on "national security" grounds, under Section 232 of 1962 legislation.

Currently, most U.S. LNG exports are secured on long-term contacts, so the impact will be fairly limited until the deals expire.

"ISRI regrets that the trade dispute between the United States and China continues to escalate without any indication that the two governments will be negotiating an agreement on trade". The 25 per cent import tariff is to apply from 23 August.

In short, China is capable of safeguarding its interests in a complicated global trading system and keep growing on the economic front despite the United States tariffs.

In addition, the revised Chinese list released yesterday adds hundreds of new items which will be affected by the newly announced tariffs. Under that agreement the United States won major concessions, including allowing it to retain a 25 percent tariff on South Korean trucks and an agreement to cap steel exports at 70 percent on their level over the past three years.

Companies have scaled back purchases of spot LNG cargoes in recent months as prices shot up, traders said.

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As Upstream went to press, the ministry announced a 25% tariff on a $16 billion-worth of U.S. goods including crude oil. China now appears willing to discuss changes to its strategic plan, Made in China 2025, which the Trump administration has identified as a long-term threat to big US industries like aircraft manufacturing, semiconductors and pharmaceuticals.

China's global trade surplus narrowed by 40 percent from a year earlier to $28 billion.

Shipping analyst MSI says the liner industry is awaiting the impact of the potential trade war between the USA and China. The outcome of the crisis was a turn by South East Asian nations towards the Chinese economy, on which they have become increasingly dependent.

Negotiations still need to take place with Canada.

China will impose the tariff on 333 categories of US products including vehicle engines, vans, cars, trucks and chemicals, reports China Daily.

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