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

China Tariffs on $16B Finalized for August 23 by Trump Administration STR AFP Getty Images 7 Aug 2018Washington DC

The two sides have shown no signs of letting up, with the USA earlier Wednesday saying it will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, and Chinese media resorting to personal attacks against Trump earlier in the week.

The latest U.S. tariffs on 279 products, including motorcycles, speedometers and antennas, will also take effect August 23. Chinese imports of USA crude oil in May, for example, averaged 427,000 bpd, more than any other destination and surpassing Canada's 289,000 bpd imports, EIA data shows.

August 20-23, 2018: The Section 301 Committee will convene a public hearing in the main hearing room of the U.S. International Trade Commission, 500 E Street SW, Washington DC, 20436 beginning at 9:30 a.m.

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Having claimed that "trade wars are good and easy to win", President Trump has said that he is prepared to hit up to $500 billion of Chinese goods with taxes in an attempt to reduce America's...

A Chinese Ministry of Commerce spokesperson wrote in a brief statement on Wednesday that the United States action was "once again overriding domestic law and global law", labelling it "a very unreasonable practice".

U.S. industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans. It was further argued by trade representatives in Washington during a July hearing that the tariffs would cause meaningless harm to the bike business and consumers.

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Wednesday's Chinese data provide the first readings of the overall trade picture for the world's second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6. Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move.

"We're in a little bit of a fight with China right now", Trump said, before adding that the two nations would end up with a "fantastic trading relationship". The new list covers products ranging from motorcycles to steam turbines and railway cars. In a dispute with South Korea previous year over its role in hosting a US missile defense system, the Chinese government orchestrated a boycott of Seoul-based Lotte Group that ultimately persuaded it to sell many of its stores in China.

Administration officials believe that the $505 billion Americans spend on Chinese products each year gives them leverage over China. "We have been very clear about the specific changes China should undertake".

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According to a study released Tuesday by the U.S. Federal Reserve Bank of Atlanta, Washington-fueled trade tensions with other economies have prompted nearly a fifth of U.S. businesses including about 30 percent of manufacturers to review their capital spending plans.

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