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Beijing is taking cautious steps with new tariffs



A cargo vessel holds shipping containers while other containers are seated in the port of Los Angeles, the country's busiest container port, in September 2018.

Mario Tama | Get News Images Getty Images

PAGE – China is moving slowly in the application of reimbursement tariffs as trade tensions with the US escalate.

The Chinese government went ahead on Sunday with tariffs raised between 5% and 1

0% for a number of major US goods exported to China, including soybean and crude oil.

However, the tariff ratio launched on Sunday represents only one-third of the more than 5,000 product lines listed in the last release. Most of the duties will come into force on December 15, and China's plans to reimburse U.S. auto and auto tariffs will also not be implemented by that time.

A report from Panjiva, a supply chain data company that is part of S&P Global Market Intelligence, indicated that the products in the group on September 1 may have been selected because these items had some re-supply and no further decline. The August 27 analysis found that US exports to the group on September 1 fell 15.2% in the second quarter from a year ago, down 20.4% on the December 15 group.

The increases are part of a $ 75 billion announcement by the Treasury on August 23 of US $ 75 billion in tariffs on US goods. Part of President Donald Trump's recent tariff increases also went into effect Sunday.

Essentially, all Chinese exports worth $ 550 billion to the United States are subject to customs clearance when a new round is held in December.

… we believe that the problem that needs to be discussed is the abolition of $ 550 billion in Chinese export tariffs to prevent further escalation of the trade war.

Commerce Department spokesman Gao Feng

Beijing demanded an increase in domestic morale amid added tariff pressures on an economy already facing growth slowdown. The world's second largest economy is also trying to move from reliance on production and exports to growth, to consumption.

"The big bar of tariffs cannot hinder China's development," the Chinese Communist Party People Daily newspaper wrote in an article headline Sunday, according to a translation of the Chinese text by CNBC.

Analyst reports and anecdotes also indicate that Chinese companies are finding ways to adapt to tariffs and survive in the long run.

However, the Chinese side called for the abolition of all additional tariffs as part of a trade agreement.

"In the present situation, we believe that the problem that needs to be discussed is the cancellation of $ 550 billion in Chinese export tariffs to prevent further escalation of the trade war," said a spokesman for the Commerce Department. Gao Feng during a news conference Thursday, according to a translation by CNBC of his remarks in Mandarin. "The Chinese side is currently in serious negotiation with the American side on this topic."

Here is a selection of some of the US goods that China raised tariffs last Sunday, some of which appeared on earlier listings for higher duties :

Subject to a tariff increase of 10%:

Frozen lobster and shrimp
Pistachio
Nuts
Macadamia nuts
Pine nuts
Avocado
Lemons
Oranges
Raisins
Frozen chicken legs
Oat nuts
Peanut butter
Vodka
Toothpaste

Depending on the tariff increase of 5%:

Yoghurt
Yellow soya
Coffee pods and coffee pods
Crude oil
Hydrogen
Oxygen
Nitrogen
Pigs
Live orchids
Non-alcoholic beer
Pasta couscous6

Cranberry juice
Pneumati c rubber tires

The declining tariffs of last year's trade war also affected American companies.

Over the weekend, the US-China Business Council said in its annual survey of members that nearly half of those surveyed reported lost sales, mainly due to tariffs. The survey also found that members were losing market share to foreign competitors.

"Chinese customers are concerned about supply chain relationships that depend on US companies, which they increasingly view as unreliable business partners as a result of the volatility of bilateral trade relations," the council report said. The share of respondents citing these Chinese concerns as a cause of lost sales has increased sevenfold between 2018 and 2019 to 37%, the study found.

USA. exports to China contribute to more than 1.1 million jobs in the US, according to a separate council report.


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