Prices stable amid high demand, U.S-China trade spat

Prices stable amid high demand, U.S-China trade spat

Prices stable amid high demand, U.S-China trade spat

"A 25 percent import tariff, amid a backdrop of strong government rhetoric against U.S. energy imports, is likely to see U.S. LNG priced out of the lucrative Chinese gas market", said analysts at Fitch Solutions Macro Research, CNBC reported.

China said this week it would slap additional 25 percent tariffs on $16 billion worth of US imports in retaliation against levies on Chinese goods imposed by the United States.

The U.S. Trade Representative's office says Customs will begin collecting the extra duties on 279 different product lines.

With China's National Grain and Oil Information Centre estimating total marketing year imports at 92.8 million mt and the Chinese ministry of agriculture at 96 million mt, August and September imports will be between 16-19 million mt. Last year, the United States exported $37.3 million of hog sausage casings to China.

Or as Italian shipbroking house Banchero Costa put it more bluntly: "In the case of crude oil, the trade war will sure hurt the Americans more than it does China".

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"Trump told the executives that Chinese President Xi Jinping's "One Belt One Road Initiative, ' China's economic plan that has the potential to disrupt trade worldwide, was 'insulting" and that he didn't want it, according to a person in the room". On July 6, the USA began taxing the 818 goods, worth $34 billion, remaining from the April list.

China's trade with the US also continued to rise in July despite the tariffs, with exports up 11.2 percent year-on-year, and imports increasing 11.1 percent.

China's exports grew faster than expected, while imports surged, showing both domestic and global demand have so far been able to shrug off the uncertainty of the trade conflict.

Exports to the rest of the world may have been helped by a weaker Chinese currency. And since 2007, domestic wholesale and retail proceeds have been higher than export earnings, with the gap widening at a slow but steady pace over the past decade.

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.

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

The commentary was responding to claims the tough trade measures implemented by the United States were provoked by China's "strategic overconfidence". US-made condoms are among the latest items Beijing is threatening to include on its US$60 billion list of American products to be hit by tariffs.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.

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

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