Still, it has some bad economic effects, such as tariffs for certain imported goods, and that is the frontline of said financial war with China which Donald Trump began and is intent on continuing.
In a statement, the USTR said: "The Office of the United States Trade Representative (USTR) today released a list of approximately $16 billion worth of imports from China that will be subject to a 25 percent additional tariff as part of the US response to China's unfair trade practices related to the forced transfer of American technology and intellectual property".
Beijing signaled this week that it might target prominent American companies such as Apple if the trade dispute escalates.
In addition, the revised Chinese list released yesterday adds hundreds of new items which will be affected by the newly announced tariffs.
The Trump administration will encourage China to buy more US LNG, in part to reduce the trade imbalance that is at the heart of the Sino-US conflict.
China today does not directly import LNG from the US. Initial diplomatic talks, which failed to reach agreement, have left both sides irritated and confused about the path to a deal. Wednesday's trade figures showing surging Chinese exports could give Beijing some confidence.
In the first six months of 2018, total scrap exports from the U.S.to China were valued at $2.2 billion, ISRI reported.
Still, the administration's hard-line stance on China is stirring doubts among congressional Republicans and business leaders, who fear it may rupture profitable commercial relations. Analysts had forecast 10 per cent.
"Their plan may not be to get China to cry uncle".
After months of skirmishing between the two economic powers, USA customs officers began collecting the first tariffs from importers of Chinese products on July 6.
As Upstream went to press, the ministry announced a 25% tariff on a $16 billion-worth of United States goods including crude oil.
A 25% import tariff on U.S. beans has seen soybean prices rise and, coupled with poor Chinese pig margins that has depressed demand for soymeal, helping turn Chinese crush margins negative for nearly all of the next six months. "That's going to be the new reality".
Where will the trade war end? So China may stall, while Trump tries to punch harder.
While concession in tariff may bode well for Indian exporters, non-tariff barriers have been a greater challenge for exporters. Economic growth has slowed since regulators tightened controls on bank lending to rein in surging debt.
Companies have scaled back purchases of spot LNG cargoes in recent months as prices shot up, traders said.
After complaints by Chinese leaders, Trump agreed to reverse a USA enforcement action that would have caused ZTE, a prominent state-owned telecom company, to go out of business. This, however, had been held up as Beijing rejigged its film regulator, handing more control to the ruling Communist Party, and then as trade tensions with the United States grew, Reuters reported.
China National Petroleum Corporation already has a commercial agreement with Cheniere Energy to buy LNG for 25 years and a few heads of agreements have been signed between United States suppliers and Chinese customers.
In short, China is capable of safeguarding its interests in a complicated global trading system and keep growing on the economic front despite the USA tariffs.
The threat of increasing protectionist measures may have also prompted China to open up its market to Indian pharmaceutical industry.
China is running out of American goods to hit with retaliatory tariffs given the two nations' lopsided trade balance.
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