China Paper Rebuts Trade War Criticism, Says "An Elephant Can't Hide"

Are Trumps Tariffs Actually Increasing The Trade Deficit

New Chinese tariffs are to apply to imports of all scrap commodities from the United States, including ferrous and non-ferrous metal scrap, recovered paper and plastic scrap, and to various other goods categories. The list is heavy on industrial products such as steam turbines and iron girders.

"ISRI is already hearing from contacts in China that the announcement has caused consternation among Chinese consumers of USA scrap commodities", said ISRI in a statement.

China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods past year.

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

The US-China trade war has gone up a notch with the announcement from Washington that it will go ahead with the imposition of a 25 percent tariff on $16 billion worth of Chinese goods from August 23, to which Beijing has declared it will respond in kind.

Another $16 billion of tariffs on imports from China will take effect in a couple weeks - August 23 to be precise. And Chinese regulators last month barred Qualcomm, a United States telecom leader, from completing its $44b acquisition of Netherlands-based NXP, which would have made it a more formidable competitor for Chinese companies.

Shipping consultancy Drewry have predicted the container shipping industry could lose as much as 1.8 million TEU, a contraction in global trade of 1%.

Three more LNG export terminals in the US will come into operation by 2019 in Louisiana and Texas and another seven similar projects are being proposed in the US Gulf area.

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These commodities, worth a combined $60 billion, are subject to extra tariffs at four different rates from 5% to 25%.

These facilities will increase US LNG exports from about 13.5 million tonnes now to about 66 million tonnes.

At the same time, Beijing's trade surplus with the United States - a frequent source of anger and threats from Trump - widened by 11 per cent from a year ago to $28 billion.

As Upstream went to press, the ministry announced a 25% tariff on a $16 billion-worth of USA goods including crude oil.

China was the world's second-largest LNG importer in 2017, Kallanish Energy reports.

USTR Robert Lighthizer says, "The increase in the possible rate of the additional duty is meant to provide the administration with additional options to encourage China to change its harmful policies and behavior and adopt policies that will lead to fairer markets and prosperity for all of our citizens". At the same time, overall imports to China jumped 27 percent last month.

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.

Beijing sent another warning shot to Washington on Thursday, with its state media accusing the USA of "mobster mentality".

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