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China to impose a 15% rate on charcoal imports, BLO from us in response to Trump’s commercial movements

China to impose a 15% rate on charcoal imports, BLO from us in response to Trump’s commercial movements

Beijing: The Chinese Ministry of Finance Tuesday, February 4 announced a set of prices on a range of American products in an immediate response at a 10% rate on Chinese imports announced by US President Donald Trump.

China has imposed 10% tariffs on crude oil, agricultural equipment, high movement vehicles and vans, and 15% on American coal and liquefied natural gas (GNL). The prices will take effect on February 10.

This movement follows as 10% American prices on Chinese imports Having entered into force on Tuesday, risking a renewed trade war between the two best economies in the world while Trump punishes China so as not to interrupt the flow of illicit drugs.

The Beijing Ministry of Trade said that the samples from Chinese imports “seriously violate the rules of the World Trade Organization”.

Trump Monday suspended its price threat of 25% In Mexico and Canada at the last minute, accepting a 30 -day break in exchange for concessions on border application and crime with the two neighboring countries.

But there was no suspended from China, the new samples coming into force at 12:01 (1 p.m., Singapore time) on Tuesday.

A White House spokesman said Trump would not speak with Chinese President Xi Jinping that later in the week.

During his first mandate in 2018, Trump launched a brutal two-year trade war with China about its surplus of massive American trade, with tit-form-diet tariffs on hundreds of billions of dollars in goods in upheaval of global supply chains and damaging the world economy.

To put an end to this trade war, China agreed in 2020 to spend an additional $ 200 billion per year on American products, but the plan was derailed by the Pandemic COVID-19 and its annual trade deficit has expanded to 361 billion US dollars, according to Chinese customs data released last month.

“The trade war is in the early stages, so the probability of new prices is high,” said Oxford Economics in a note because it has downgraded its economic growth forecasts in China.

Trump warned that he could further increase prices on China Unless Beijing draws the fentanyl flowA deadly opioid, in the United States.

“China, hope, will stop sending us fentanyl, and if not, the prices will go much higher,” he said on Monday.

China has called the fentanyl america problem and said it would challenge the World Trade Organization and take other countermeasures, but also left the door open for discussions.

The United States is a relatively small source of crude oil for China, representing 1.7% of its imports last year, worth around 6 billion US dollars. Just over 5% of Chinese LNG imports come from the United States.

The prices of the crude have extended losses to tumble 2% after the reprisals of China, and the actions in Hong Kong carried out gains. The dollar has strengthened while the Chinese Yuan, the Euro, the Australian and Canadian dollar as well as the Mexican Peso have all dropped, reflecting increasing market concerns concerning the risk of a long world trade war.

“Unlike Canada and Mexico, it is clearly more difficult for the United States and China to agree on what Trump demands economically and politically. The optimism of the previous market on a fast agreement still seems uncertain, “said Gary NG, principal economist at Natixis in Hong Kong.

“Even if the two countries can agree on certain questions, it is possible to see prices used as a recurring tool, which can be a key source of market volatility this year.”

In parallel with its prices, China has announced A probe on the American technology giant Google And we added the PVH Corp fashion group – which owns Tommy Hilfiger and Calvin Klein – and the biotechnological giant Illumina to a list of “unreliable entities”.

Beijing has also unveiled new export controls on rare metals and chemicals, including tungsten, tellurium, bismuth and molybdenum, used in a range of industrial devices.