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news details
Despite enhanced tariffs China exports items to US
8/9/2018 8:39:21 PM
China has witnessed growth in the manufacture of various items and to tone up its economy it has started pushing up export to the US despite the fact that the US President has announced increase in tariffs. China's exports growth unexpectedly accelerated in July despite fresh US tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets. Imports also rose much faster in July thanks to still solid domestic demand, official data showed on Wednesday, with purchases of commodities like copper and iron are rising from June. The headline numbers are the first readings of the overall trade picture for the world's second-largest economy since US duties on $34 billion of Chinese imports came into effect on July 6.
It is not only china is the gainer from its export. The US is also gainer because of the increase in tariffs. China's closely watched surplus with the United States dipped only slightly to $28.09 billion last month from a record $28.97 billion in June. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it. Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over market access, intellectual property, technology transfer and investment. The United States and China implemented tariffs on $34 billion worth of each other's goods in July. Since then, Washington and Beijing have raised the stakes by threatening more punitive trade measures in an intensifying dispute that has rattled financial markets worried about the impact on investment and growth.
The two sides have shown no signs of letting up, with the US 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 Trump administration announced recently that it would impose 25 per cent tariffs on imports of 279 items from China amounting to USD 16 billion. This is the second tranche of such tariffs and comes into effect on August 23. Washington had already imposed tariffs on USD 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from US companies. This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said. While China is determined to exercise quality control on good that it export to the US to ward off the fears that Chinese goods are sold at cheaper rates. But this quality control is not exercised in Beijing's export to India.
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