Economy

China state media: US has a "mobster media"

China state media: US has a

China announces it will hit the United States with tariffs on $60 billion of US exports covering 5,200 products in response to Trump's decision to raise the tariff. At the same time, overall imports to China jumped 27 per cent last month.

China said on Wednesday that it will impose 25% tariffs on an additional USA $16 billion worth of American good from Aug 23. So far, China has now either imposed or proposed tariffs on 110 billion dollars of US goods.

The Trump administration has also threatened to apply an extra 25-percent tariffs on an additional $200 billion worth of Chinese exports. That pretty much sums up the idea of the trade war. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.

Tensions between the world's two largest economies continue to rise as the White House prepares to impose tariffs on another $16 billion of goods from China this month and as Beijing plans to retaliate.

Beijing has warned exporters face "rising instabilities" after Washington slapped 25 percent duties on $34 billion of Chinese goods in response to complaints the communist government steals or pressures foreign companies to hand over technology.

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

While the trade standoff is intensifying, China's exports grew 12.2% year-on-year in July, speedier than expected and up from a 11.2% gain in June. Hollywood studios and their trade body, The Motion Picture Association of America, had hoped to renegotiate a 2012 agreement to raise a Chinese quota on imported films and boost the share that overseas producers get of box-office takings, Atkinson explained. The yuan has declined by 8 percent this year against the dollar and by about 4 percent against a basket of global currencies.

The unusually strong July import figures reflected higher prices, according to Julian Evans-Pritchard of Capital Economics. The tariff total could actually increase soon. 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.

While trade tensions are being ratcheting up, China's trade surplus with the United States stood at $28.1bn in July, close to the record-high in June, data released yesterday showed. US-made condoms are among the latest items Beijing is threatening to include on its US$60 billion list of American products to be hit by tariffs.

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

After complaints by Chinese leaders, Trump agreed to reverse a US enforcement action that would have caused ZTE, a prominent state-owned telecom company, to go out of business.



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