China fired back with its own warning and said it would impose duties on $60 billion of United States goods. China's exports to the United States fell by 2.5 percent to $41.5 billion month-on-month, while imports of USA goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media.
The headline numbers are the first readings of the overall trade picture for the world's second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6. At that time, Beijing threatened a 25 percent tariff on USA crude imports, although it did not issue a specific date for the move. China's latest tariffs will be implemented on August 23, in tandem with the U.S.
In July, the administration imposed 25% tariffs on $34 billion in Chinese imports.
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USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end September 5.
The US products in line for tariffs include chemical items and diesel fuel. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on objective.
"We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", SIA President John Neuffer said in a statement.
Analysts from Oxford Economics have predicted that China's GDP growth may slow to 6.4 per cent this year, from 6.9 per cent in 2017, as the effects of the trade war weigh.
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At the same time, Beijing reported a $28.1bn trade surplus with the United States in July, just below the record $28.9bn seen in June. Last year, China imported about $130 billion of USA goods. He further added that his refinery had cancelled US crude imports and would switch to Middle East or West African supplies instead. While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said.
Chinese state media has said Beijing will not be cowed by Washington's threats. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things.
June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.
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It was gathered that the Arabic nation's production increased by 230,000 barrels daily in July to 10.65 million barrels per day. Output by Saudi Arabia has also risen recently to around 11 million bpd, according to Reuters .