China paper rebuts trade war criticism, says ‘an elephant can’t hide’

Roman Schwartz
August 11, 2018

China has promised to retaliate with another $16 billion in tariffs on US imports.

The Trump administration announced Tuesday that it will go ahead with imposing 25 percent tariffs on an additional $16 billion in Chinese imports. But a U.S. -Mexico arrangement is expected to lead to the end of U.S. tariffs on steel and aluminum from Mexico as well as retaliatory Mexican tariffs that hurt American farmers' south-of-the-border sales, said Dan Ujczo, a trade lawyer with Dickinson Wright. In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year.

The Paris-based International Energy Agency said China's LNG imports will increase to 933 million tonnes by 2023 and China will possibly need to secure an additional 40 million tonnes of LNG supply by 2030.

Bloomberg says this will be the second time the US slapped more duties on Chinese imports in a month.

"ISRI regrets that the trade dispute between the United States and China continues to escalate without any indication that the two governments will be negotiating an agreement on trade".

China's top newspaper rebutted growing criticism in government circles that Beijing should have taken a lower profile to head off its trade war with the United States, saying on Friday that, like an elephant, China can not hide its size and strength. The US action that prompted the Chinese retaliation was the latest by President Trump to put pressure on China to negotiate trade concessions, after Washington imposed tariffs on $34 billion in goods last month. Trump has also begun to move forward with tariffs on another $200 billion worth of Chinese goods, and he has effectively threatened that every item from the country could eventually be subject to tariffs. Beijing says it is ready to retaliate against $60 billion of American imports. The yuan has declined by 8 percent this year against the dollar and by about 4 percent against a basket of global currencies. Economic growth has slowed since regulators tightened controls on bank lending to rein in surging debt. As Beijing has matched Washington's tariffs, $100 billion worth of trade between the USA and China will now be subject to the tariff hike.

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The unusually strong July import figures reflected higher prices, according to Julian Evans-Pritchard of Capital Economics.

Major players in the recycling industry, including the Solid Waste Association of North America (SWANA), were quick to comment on the latest tariff proposals.

For 23 states, China is the top source of imports. China immediately retaliated with similar tariffs on USA goods, including soybeans, pork and poultry, which were created to hurt Trump voters in rural America.

There is actually an ongoing war right now between the USA and China while we are sitting at the comforts of our home.

Beijing has stepped up efforts, so far without success, to recruit governments including Germany and France as allies.

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