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China Tariffs on US Crude Not Game-Changing Event

China Tariffs on US Crude Not Game-Changing Event

The United States slapped an extra 25 percent tariff on 34 billion USA dollars worth of Chinese imports beginning July 6, to which China responded with an equivalent retaliatory measure.

China's exports soared in July, showing little impact from USA tariffs, as Washington finalises more duties on Chinese imports.

While short-term effects might be mild, the impact of USA tariffs on China's trade may be gradually revealed as time passes and more tariffs on Chinese goods threatened by the United States take effect, it noted.

China is turning the heat up in the trade war by placing $16 billion in tariffs against a variety of American exports, including automobiles and motorcycles, according to NBC News.

It will be the second time the United States slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices. In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year.

At the same time, Beijing reported a $28.1bn trade surplus with the United States in July, just below the record $28.9bn seen in June. The U.S. Trade Representative's Office is reviewing tariffs on a further US$200 billion in Chinese imports and those duties could start once a comment period ends on September 6.

China has been retaliating in kind.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies. Tariffs would make US oil uncompetitive in China.

April 4: China rolls out a listof more than 100 USA goods worth roughly $50 billion that are subject to retaliatory tariffs.

Wednesday's knee-jerk reaction to the announcement of the tariffs was a typical move by traders. The number of categories of goods subject to tariffs rose to 333 from 114 in the June draft, although the total value is unchanged.

August 3: China announces that the country will impose tariffs of various rates on another $60 billion worth of USA goods if Trump moves forward with his latest threat.

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