China's July exports growth still seen holding up despite U.S. tariffs

China's July exports growth still seen holding up despite U.S. tariffs

China's July exports growth still seen holding up despite U.S. tariffs

President Donald Trump will keep pressing China for trade concessions, a top White House economic adviser said Friday, as the Asian nation continued the tariff escalation by announcing further retaliatory actions against US goods. The Trump administration is weighing an additional round of tariffs on $200 billion of Chinese goods.

It is indeed due to the lack of meaningful consultation between China and the US that Beijing has chose to elevate the stakes in a manner that is directly reflective of Donald Trump's unwillingness to negotiate a new era in Sino-US trading relations on a win-win model.

In addition, Beijing announced on Friday that it would add duties ranging from 5 to 25 per cent on an additional US$60 billion in U.S. goods if the Trump administration went ahead with similar action, warning that further countermeasures were ready at any time.

Recall that President Hassan Rouhani of Iran had earlier warned the U.S. against any attempt to stop Tehran's oil trade.

Tariffs on another $16bn worth of products are pending, the second part of tariffs on $50bn worth of imports that the USA announced in March. Our market is stronger than ever, and will go up dramatically when these terrible Trade Deals are successfully renegotiated.

China is willing to resolve differences with the United States "on the basis of an equal footing and mutual respect", China's top diplomat said after meeting US Secretary of State Mike Pompeo.

"We do have significant exports to China, especially in mechanical machinery and electrical machinery", said Mousa Kassis, director of the Export Assistance Network at Youngstown State University.

The announcement came after the Office of the United States Trade Representative announced earlier this week that it was considering increasing the proposed additional duty on $200 billion of Chinese products from 10 percent to 25 percent.

China's stocks were lower on Monday as Beijing's latest tariff warnings escalated the tit-for-tat US-China trade war. The Chinese Ministry of Commerce said Friday that if USA continues to "blackmail" China, the conflict will only intensify.

Full lists of US products subject to different levels of additional tariffs are available on the website of the Ministry of Finance.

On Friday, China announced it would place additional tariffs on about $60 billion worth of U.S. goods, which are subject to four rates, 25 percent, 20 percent, 10 percent and 5 percent.

-China trade at the Chinese Academy of Social Sciences in Beijing, said the tensions had reached a "critical moment".

In Friday's announcement, China said it is readying tariffs on United States items that include agriculture and energy products, leather and machinery.

President Donald Trump's trade war with China is entering its sixth month, and there are no signs it will end anytime soon.

The trade war between the world's two biggest economies is taking on a life of its own.

A few minutes later, he tweeted again, writing, " Tariffs will make our country much richer than it is today. The divergence between United States agriculture's collective struggle to retain healthy profits without access to the Chinese market and Huawei beating all of its American competitors to become the second most popular smartphone brand in the world just after South Korea's Samsung, is indicative of the fact that many of China's flagship brands cannot only survive but thrive even when being cut off from the U.S. market.

The yuan extended gains following a rally triggered by a surprise China central bank move to make it more expensive to bet against the currency. "Likewise other countries. We are Winning, but must be strong!" Still, the potential for tariffs has China's largest refiner holding back on any purchases from the U.S. at least through September, according to a person familiar with the situation.

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