Wednesday, 24 October, 2018

China Exports Surge More Than Forecast

China Exports Surge More Than Forecast China Exports Surge More Than Forecast
Melinda Barton | 08 March, 2018, 17:46

In February 2018, after Washington placed tariffs on Chinese-manufactured washing machines and solar panels, the Chinese Government began an antidumping investigation into USA sorghum imports.

On Wednesday, at the World Trade Organization, China led a group of 18 members urging Trump to scrap the planned tariffs, with its representative saying the levies would pose a systemic threat to the rules-based global trading system.

Counter-measures would include European tariffs on US oranges, tobacco and bourbon, he said, adding that some products under consideration for an EU riposte were largely produced in constituencies controlled by Trump's Republicans.

While Trump did not specify what he meant by a "fine" against China, the 1974 trade law that authorized an investigation into China's theft of US intellectual property allows him to impose retaliatory tariffs on Chinese goods or other trade sanctions until China changes its policies.

"The US is acting swiftly on Intellectual Property theft. Without it, even level land can not bring us together", Wang said.

Beijing has accused Trump of undermining global trade regulation by taking action over steel, technology policy and other disputes under US law instead of through the World Trade Organization.

US President Donald Trump claims that America has been "ripped off by virtually every country in the world" through "unfair" trade deals. "Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with".

Wang said China "fully commends and supports" the steps taken by the two countries and calls on the USA and North Korea "to engage in dialogue sooner rather than later" and move to set up a peace-establishing mechanism.

Beijing's steady accumulation of multibillion-dollar trade surpluses with the United States has prompted demands for import controls.

USA plans to combat intellectual property theft, which are believed to be moving quickly through the pipeline, could also have a more significant impact on China's exporters, particularly in hi-tech, high-value industries.

While Beijing has launched warning shots - like trade investigations into United States goods such as sorghum, and hinted it could even take on soybeans, its largest USA import - officials have worked to find a peaceful resolution.

The world can only benefit as China marches toward "irresistible" national rejuvenation and assumes greater global leadership under President Xi Jinping, China's top diplomat said Thursday as he sought to dismiss concerns about China's rise while also underscoring its inevitability.

But Washington has shown little interest in negotiating, with Liu's visit resulting in few major breakthroughs beyond a commitment to further talks on trade issues.

A South Korean trade envoy, Kim Hyun-chong, met with Trump's chief economic adviser, Gary Cohn, and Commerce Secretary Wilbur Ross to "strongly demand" they keep the impact on South Korean companies to a minimum, according to a trade ministry statement.

Meanwhile, the United States' total trade deficit increased to a more than nine-year high during the first month of 2018.

In Beijing, officials continue to search for a way out.

"This proves that China's proposal of suspension for suspension was the right prescription for the problem and created basic conditions for the improvement of inter-Korean relations", Wang said.

What is Donald Trump's trade policy?

In the first month of the year, the United States trade gap rose five percent over an upward-revised December to $56.6 billion, its highest level since October of 2008, overshooting analyst expectations for only a two percent increase, according to the Commerce Department.

The February surplus with the United States was $20.9 billion.