Chinese soybean imports slump 8% in July as stocks build

Chinese soybean imports slump 8% in July as stocks build

Chinese soybean imports slump 8% in July as stocks build

The tariffs will be activated on August 23, the ministry said, the same day that the United States plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods. This list included various pharmaceutical products but the possibility of a potential trade war in pharmaceutical appears unlikely for now. China says it will retaliate against $16 billion of US products.

A stalemate appears the most likely endgame, with new USA and Chinese tariffs staying in place for months or even years.

They followed the first round of tariffs in March 2018 on imports of Chinese steel and aluminium, which prompted a like-for-like tariff on the US.

The now proposed charge is 10%, but it could increase to 25% once a consultation period ends.

Meanwhile, China announced retaliatory tariffs of 25 percent on $16 billion worth of United States imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said.

Another $16 billion of tariffs on imports from China will take effect in a couple weeks - August 23 to be precise.

In an editorial, state newspaper China Daily said that China's still trying to avoid a trade war but in the face of America's "ever greater demand for protection money", it has no choice but to fight back. The State Administration of Foreign Exchange, a division of the PBOC, said the higher value of China's FX reserve in U.

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More tariffs. We're getting numb to it by now, with new developments every week or two.

These commodities, worth a combined $60 billion, are subject to extra tariffs at four different rates from 5% to 25%. That leaves only about $20 billion for penalty tariffs after increases that have already been imposed or threatened on USA goods are counted.

These facilities will increase US LNG exports from about 13.5 million tonnes now to about 66 million tonnes. At the same time, overall imports to China jumped 27 percent last month.

The United States published its final list of goods subject to the new tariffs on Tuesday. China's domestic market is big enough for producers to engage in fair competition, make more profits and further expand their businesses, and for worldwide investors to invest and enjoy rich returns. Market gains were, however, capped amid intensifying trade tussle between world's two biggest economies after China threatened to impose tariffs on US$16 billion-worth of USA goods in the latest tit-for-tat exchange in their trade row.

The US levied 25pc duties on $34bn in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing. The outcome of the crisis was a turn by South East Asian nations towards the Chinese economy, on which they have become increasingly dependent.

LNG cargo prices for delivery in September were around US$10 per million British thermal units (Btu), unchanged from last week, while cargoes for delivery in October were priced around US$1 per mmBtu higher, traders said. Meanwhile, China shipped US$1.46 billion worth of condoms to the USA in 2017.

China's latest move follows the announcement by the USA two weeks ago that it was considering increasing from 10% to 25% the proposed additional duty on $200 billion worth of Chinese products.

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