Economy

Next Round of Tariffs Set

Next Round of Tariffs Set

And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States.

Its comments came after China slapped additional tariffs of 25 percent on $16 billion worth of USA imports of fuel and steel products late on Wednesday.

The trade tensions between the USA and China are increasing now that the Trump administration announced it will hit China with another round of tariffs and also increase the tariff rate on additional products in the future. It said that China's policies and activities related to technology transfer, intellectual property and innovation are "unfair and discriminatory" and are a burden on American trade.

It's a new round of tit-for-tat tariffs in the U.S.

In another sign of China's rising imports, gas distributor ENN received its maiden cargo for the country's first major privately-owned LNG import terminal this week, Thomson Reuters Eikon shiptracking data showed. "Fuel imports rose 14 percent on year at 2.67 million tonnes".

Stolen Alaska Airlines plane crashes after unauthorized takeoff from Seattle-Tacoma airport
Alaska Airlines and Horizon Air officials said they were still working closely with authorities to investigate what happened. The man went through various background checks to get clearance to be in the secured area, according to authorities.

In addition, the revised Chinese list released yesterday adds hundreds of new items which will be affected by the newly announced tariffs. China, in response, said it would do the same to a like amount of American exports to China. Since 2016 a handful more have been allowed in via a "cultural exchange" channel. He reached an agreement with US Treasury Secretary Steven Mnuchin to increase Chinse imports from the US by as much as $100 billion and put the trade war "on hold", only to have the agreement overturned by Trump within a few days.

The U.S.is even willing to hurt allies and itself to make that point: The tariffs "will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea". The U.S.is the world's top producer of natural gas and is a growing LNG exporter. The US Trade Representative's Office is reviewing tariffs on a further $200bn in Chinese imports and those duties could start once a comment period ends on September 6. "Over time, such changes could reduce the trade deficit between the two countries and limit national security concerns, two big sources of discontent for Mr. Trump", the Times says.

A negotiated truce is also possible.

However, the compromises China is considering on Made in China 2025 seem small, so far. At one point, the U.S. Congress even considered eliminating the U.S. Export-Import Bank, the only real mechanism available to the government for expanding American exports.

Hundreds of Western companies already have been reconsidering China's role in their supply chains, according to several people involved in such decisions. Australia, Indonesia and Malaysia are also nearby suppliers for LNG, which is expected to be part of China's next round of fire. While the disruptions are likely to be widespread, some states may face more problems than others. Companies are just relocating the last steps in production plans to places like Indonesia and Taiwan rather than locating them in the United States, where blue-collar labor is costly. The list includes a lot of industrial and machinery products. This article is strictly for informational purposes only.


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