Published: Mon, July 16, 2018
Economy | By Melissa Porter

China commerce ministry official says new US tariff…

China commerce ministry official says new US tariff…

In fact, a trade war would only accelerate a process already underway in China of becoming more self-sufficient economically, Lim says. That has prompted concern regulators might expand retaliation to trying to hamper operations of American companies in China.

Top energy executives are anxious.

"Unilateral actions that alienate long-standing US allies and close off the USA market to the rest of the world are not a recipe for economic growth and prosperity and are very unlikely to change China's unfair practices", stated ACC, which urged the Trump administration to form a "strong, multilateral coalition" to end the trade war. Under market economy conditions, these policies implemented by the Chinese government are guiding documents in nature, and are open to all foreign-funded companies. "And if it is a full-blown trade war, in the worst case scenario, China's GDP growth could fall below 5 per cent".

Associations of U.S. manufacturers, retailers, and petroleum and chemicals producers have stepped up calls on the U.S. Administration to seek alternative solutions to the tariffs, warning that additional levies would hurt and growth.

"But it is really hard for people to predict what the USA will do". Instead we have in quick succession moved against China's practices and almost all of the world's steel and aluminum producers.

Last year Manila exported a total of 745,637 metric tons (MT) of bananas to Beijing, according to data from the Philippine Statistics Authority.

For LNG, 15 percent of U.S. exports went to China, making it the third-largest importer of U.S. LNG behind Mexico and South Korea. The retaliatory tariffs that China enacted Friday targeted USA cars and major agricultural goods, such as soybeans and meat. This makes China the tenth-largest destination for US coal exports.

Trump has pledged to raise tariffs to the value of China's $506 billion of exports to the country.

On Tuesday, the White House released a list of 10 percent tariffs on $200 billion in Chinese goods, following through on Trump's threat of additional punitive measures.

On Wednesday, China said it would hit back after the Trump administration escalated their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods. In 2017, China paid 28.6 billion USA dollars worth of IPR royalty, a 15-fold increase from 2001 when China joined the World Trade Organization.

The market's resilience follows the USA and China just a week ago exchanging $34 billion worth of tariffs, in addition to the steel and aluminum duties that were already in effect.

The U.S. Department of Commerce is investigating whether auto imports pose enough national security threats to justify tariffs.

The U.S. wants unilateral market opening, rather than a negotiated settlement on trade in goods through, say, the World Trade Organization. "But attempting to protect these jobs through the new tariffs could jeopardize the livelihoods of hundreds of thousands of Texans and other Americans employed in the oil and gas industry. The steel tariffs alone could increase the cost of a 280-mile pipeline by as much as $76 million", Gerard, Dooley, and Hamberger said.

Many Indian drug-makers are already selling to the EU.

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