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

Thomas Peter-Pool  Getty Images Donald Trump with Chinese President Xi Jinping

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.

Rebuilding mosques priority for devout on quake-hit Lombok
Sunday's quake also sent some 2,500 people to hospital with serious injuries and drove more than 156,000 people from their homes. Workers with heavy machinery are searching the rubble of homes, schools and mosques, with hope of finding any survivors fading.

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".

Related News:



Most liked

Monsanto fined $289m in first Roundup cancer trial outcome
The case of school groundskeeper Dewayne Johnson was the first lawsuit to go to trial alleging glyphosate causes cancer. The German company, which owns agriculture giant Monsanto, says herbicides containing glyphosate are safe.

Zimbabwe: Opposition challenges election result in court
Mnangagwa's inauguration will take place 48 hours after the Constitutional Court announces its decision. Party leader Nelson Chamisa tweeted: "Our legal team successfully filed our court papers".

Blizzard Has ‘Multiple Diablo Projects’ in the Works
Blizzard Entertainment did finish the Diablo 3 but offered a fresh new take on the series . From the sounds of it, we may get another tease of what's to come at Blizzcon in November.

8 interesting facts you should know before the partial solar eclipse
As it is quite evident from the name that the eclipse will partial and the moon will cover only 65 per cent of the solar disk. This partial solar eclipse will be directly visible to parts of the Northern Hemisphere , though this does not include India.

Tiemoue Bakayoko linked with loan move to AC Milan
Now though Sky is reporting that talks are well advanced for Bakayoko, with a loan with option to buy being discussed. Bakayoko did not feature for Chelsea in last Sunday's Community Shield defeat by Manchester City .

Pogba pledges to perform 'no matter what's going on'
Pogba explained his side of the incident after the game and said he would not always be taking penalties for United this season. He made one mistake in 90 minutes, he was very good defensively.

Erdogan warns Turkeys partnership with US in jeopardy
At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss. The Brunson dispute triggered the collapse in the Turkish currency as investors feared USA financial sanctions .

Paul Scholes slams former club amid Liverpool and Man City spending
Not just because of the harmony they've had since Jurgen Klopp has been there, but also the signings they've done early. Among the players the London club have signed are Issa Diop, Andriy Yarmolenko, Lucas Perez and Felipe Anderson.

Paul Pogba posts cryptic message to Instagram after Manchester United win
Claude Puel , the visiting manager, said: "It was a shame to concede this goal at the beginning of the game. Over, it's finished, the market is closed.

DOOM Eternal’s brutal gameplay revealed at QuakeCon 2018
The super shotgun also has a new grappling hook feature that'll snatch your enemies and rush you toward them for the kill shot. Thankfully, Bethesda promises additional Doom Eternal news soon so it shouldn't be long before we get more information.

Bill Schuette and Gretchen Whitmer Win Michigan Gubernatorial Primary Races
And, she added, "We come from a family and a place that had been colonized". More than 2 million votes were cast around MI yesterday. Precincts then started to run low on ballots.

Bethenny Frankel’s ex-boyfriend found dead in Trump Tower: TMZ
He was a good man. "So tragic", Carole tweeted, just hours after putting her frenemy on blast on the very same platform. The on/off boyfriend of USA reality TV star Bethenny Frankel has reportedly died from a suspected drug overdose .

Manchester United vs Leicester City - predicted starting XI
I think one defensive mistake and probably the linesman could help him and give a free-kick against Leicester . The manager pointed to those players who, alongside Pogba, had little training due to post-World Cup breaks.

Tense calm, cease-fire follows another Hamas-Israel flare-up
This comes less than 24 hours after Israeli airstrikes killed three Palestinians on Wednesday night. The military says they targeted more than 150 Hamas militant targets in the Gaza strip.

PTI nominates Imran as its PM candidate
PTI spokesman Fawad Chaudhry claimed that allies and reserved seats will take the party tally to 174 seats in the National Assembly.