Published: Thu, August 09, 2018
Business | By Tara Barton

Despite Weak Teapot Demand, China's Oil Imports Recover In July

Despite Weak Teapot Demand, China's Oil Imports Recover In July

The US will impose 25 percent tariffs on $16 billion (€13.7 billion) worth of Chinese imports, in addition to the tariffs already in place, the Trump administration announced on Tuesday.

The announcement came hours after USA trade officials announced that the first round of President Donald Trump's punitive tariffs on China will hit $50 billion in goods starting August 23, with the addition of 279 products totaling $16 billion to the target list.

In July, the Chinese trade surplus with the U.S. dropped three percent, reports South China Morning Post.

Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the US$335 billion U.S. trade deficit with that country.

U.S Customs will begin collecting duties on 279 product lines ranging from motorcycles to steam turbines and railway cars, the US Trade Representative's Office said in an emailed statement on Tuesday.

While trade tensions are being ratcheting up, China's trade surplus with the USA stood at US$28.1 billion in July, close to the record-high in June, data released Wednesday showed. However, analysts still expect a less favorable trade balance for China in coming months given it's early days in the tariff brawl. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.

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Year-on-year, the growth of China's exports to the United States slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

China's July exports rose 12.2 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll, and up from a 11.2 percent gain in June.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems", it said.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China. So far, the US and China have used a tit-for-tat strategy that has involved answering one country's increased tariffs with the other country boosting the amount too.

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