Chinese exports accelerate even as Trump escalates trade war

They appear far from a resolution. and according to USA local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion us dollars of Chinese imports...and is considering raising the rate to 25 percent. Products being targeted now include crude oil, cars, steel and medical equipment.

A weaker yuan, which marked its worst 4-month fall on record between April and July, may have taken the sting out of 25 percent tariffs on $34 billion exports to the United States.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

This is the first release of export numbers since tariffs went into effect on July 6. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on goal.

U.S. president Donald Trump has threatened to target all $500bn of Chinese imports.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce".

China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion. 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.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

Of more direct outcome in the Sino-U.S. trade war, China's surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June.

In the meantime, it sought public comment on the new items.

The world's two biggest economies are caught up in a trade dispute over Washington's allegations that China uses predatory tactics, including outright cybertheft, in a drive to supplant USA technological supremacy.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems", it said. Beijing is expected to hit $16 billion worth of United States goods with equal tariffs in response to Tuesday's move.

Chinese state media has said Beijing will not be cowed by Washington's threats.

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