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China's exports, imports slowed sharply in August

China's exports, imports slowed sharply in August

Trump said Friday that tariffs on China worth $200 billion would "will take place very soon depending on what happens". "China trade war has now become even more hard to discern as both sides step up their attacks and counter-attacks", said Cornell University economist Eswar Prasad, former head of the International Monetary Fund's China division. "And I hate to say this, but behind that is another US$267 billion ready to go on short notice if I want".

If the administration follows through with this latest round, tariffs would apply to a total of $517 billion of imports from China. The US imported $505 billion in goods from China previous year.

"Moreover, because China accounts for such a large percentage of imports for consumption or further manufacturing, any additional tariffs would likely translate into added costs and price increases in the United States". -China trade situation would "get sorted out because there's an inescapable mutuality" between the two countries.

The world's two biggest economies have been locked in a months-long trade dispute, with negotiations going nowhere and fears that it could damage the global economy.

Cell phones are the biggest USA import from China, and so far they've been spared.

But the tariffs do not appear to have dented the appetite for Chinese-made products in the United States.

"That totally changes the equation", Trump said.




FILE PHOTO: Top White House economic adviser Larry Kudlow speaks to reporters at the White House in Washington, U.S., August 16, 2018.

"If USTR [Lighthizer] were to impose a 10-25 per cent additional duty on networking products and accessories", the corps wrote, "it would cause broad, disproportionate economic harm to US interests, including our companies and US workers, our customers, US consumers, and broader US economic and strategic priorities".

Trump has had Beijing in his crosshairs since he took office, and has applied increasing pressure to try to convince it to change its policies, allow more imports and reduce the $335-billion U.S. trade deficit with China. "U.S. businesses and citizens-not Chinese companies or the government-pay these tariffs on US imports".

Their trading partners complain those violate Beijing's free-trade commitments and USA officials worry they might erode American industrial leadership.

But Kudlow said the US goals are clear.

Imports of goods and services increased 0.9 percent to a record $261.2 billion in July. And he said he'll likely sign up updated free trade agreement with South Korea later this month when he visits the United Nations. Chinese officials may respond by subjecting American companies operating in China to unexpected tax audits, custom inspections or even consumer boycotts.

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