China pledges to match tariffs on $16bn of American goods

Are Trumps Tariffs Actually Increasing The Trade Deficit

That was in retaliation against United States plans to begin collecting 25 per cent extra in tariffs on US$16 billion of Chinese goods from August 23.

Last month, China imported only one LNG cargo from the US.

On Tuesday, the Trump administration announced it would go ahead with previously announced 25 percent tariffs on an additional $16 billion of Chinese imports. Europe, Canada, Mexico and a few other countries have retaliated against the USA measures, in addition to China.

The Trump administration has also threatened to apply an extra 25-percent tariffs on an additional $200 billion worth of Chinese exports.

With China's National Grain and Oil Information Centre estimating total marketing year imports at 92.8 million mt and the Chinese ministry of agriculture at 96 million mt, August and September imports will be between 16-19 million mt.

Last year's imports from the United States totaled about $130 billion.

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"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 latest hike follows a series of tweets by Trump last weekend in which he claimed the USA was "winning" the trade war against China.

The taxes were the second tranche of a planned $50 billion package that began on July 6 when the U.S. slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing. Beijing retaliated by imposing the same percentage of retaliatory tariffs on 545 USA items, also worth $34 billion.

Global exports rose 12.2 percent to $215.5 billion, accelerating from June's 11.3 percent growth.

According to Panjiva research, a business intelligence firm owned by S&P Global, China's $60 billion figure hits 56% of USA exports, including 85% of all electrical machinery and 75% of electronics.

"Currency devaluation, which may have helped exports to some extent, has been largely market-driven in our view and is not a preferred policy tool by Chinese policy makers as part of the retaliation measures", Wang said.

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"A stalemate appears the most likely endgame, with new American and Chinese tariffs staying in place for months or even years", the New York Times reports (paywall), citing "participants in the trade negotiations and their advisers".

The unusually strong July import figures reflected higher prices, according to Evans-Pritchard. And since 2007, domestic wholesale and retail proceeds have been higher than export earnings, with the gap widening at a slow but steady pace over the past decade. The surplus was 28.09 billion dollars to the United States, when in June it was 28.9 billion.

Tariffs act as a tax on goods coming into the country, meaning goods coming into the United States from China would be hit with an additional 25% duty.

China is running out of American goods for retaliatory tariffs due to their lopsided trade balance.

Beijing has stepped up efforts, so far without success, to recruit governments including Germany and France as allies.

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