China retaliates against Trump by slapping tariff on recyclables

China media praises tone outcome of Trump Xi summit

On July 6, the US began taxing the 818 goods, worth $34 billion, remaining from the April list. 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. Through the first six months of 2018, the total value of United States scrap exports to China was $2.2bn, down 24 percent compared to the same period previous year. China promptly said I see you and I match you - $16 billion in tariffs on US products. "That's going to be the new reality". The Trump tax cuts may have cushioned the market against trade wars, since they've boosted corporate profits and provided a tailwind to counter the headwind of tariffs. "This latest development and its impact will be discussed at the MRF Summit taking place at WASTECON in Nashville on August 22-23". Along with the trade spat, Chinese stocks have suffered from slowing growth in the debt-laden economy. United States imports of bulk drugs from China and India during 2012- 2016 recorded a CAGR of 1.4% and 4.5%, respectively.

After complaints by Chinese leaders, Trump agreed to reverse a U.S. enforcement action that would have caused ZTE, a prominent state-owned telecom company, to go out of business.

"There are only two hard outcomes so far and China's winning 2-0", Moon said.

Efforts are being made to finish the negotiations by the end of the month. The financial pain so far has been felt by individual companies or industries - and their workers - rather than by either the overall United States or Chinese economy.

"This is a very unreasonable practice", the Chinese commerce ministry said of the US action on Wednesday as it rolled out China's counter-tariffs.

Turkey's lira crisis: How bad can it get?
The drop in the lira has put increasing pressure on Turkish banks, given many companies have borrowed heavily in foreign currency. Trump said Friday on Twitter that he authorized a new 20 percent tariff on aluminum and 50 percent tariff on steel from Turkey.

So far, China has now either imposed or proposed tariffs on US$110 billion of U.S. goods, representing the vast majority of its annual imports of American products. Soon after, a list of USA products was issued that will suffer a 25% increase in taxation.

The threat of increasing protectionist measures may have also prompted China to open up its market to Indian pharmaceutical industry.

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.

But the Chinese government can employ other tools if the conflict continues.

While the policies have drawn loud complaints from USA companies that have become reliant on imports from China, they have been forcing multinationals to rethink their supply chains and start moving them away from China. But do not expect USA condom makers to wilt under the pressure. "In order to defend China's rightful interests and the multilateral trade system, China has to retaliate as necessary", it said.

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