For their part, China has proposed retaliatory measures hitting $60 billion worth of US goods, including new duties on American lumber, liquefied natural gas and computer components.
"These tariffs are of a clearly punitive nature, rather than based on any clear-cut economic rationale, and are aimed at forcing China into making drastic concessions in their trade relationship with the United States", he said.
"In the short run some winners include Australian agriculture, Airbus and Mexican electronics", says Baptist, who also admits that those gains will be short-lived if the trade war dust starts to settle.
The percentage also beat the Reuters poll of 10%. The US imports considerable quantities of Chinese active pharmaceutical ingredients (bulk drugs) for the production of finished dosage (formulations).
The tariffs are slated to go into effect August 23, according to the Institute of Scrap Recycling Industries, Inc., a Washington D.C. -based national trade group.
That's in addition to tariffs Trump has imposed on steel and aluminum imports from most countries, and a few other select tariffs.
China's Ministry of Commerce retaliates against U.S. tariffs on Chinese imports.
These actions have the potential "to destroy what is left of the scrap trade between our countries", commented Robin Wiener, the president of the US Institute of Scrap Recycling Industries (ISRI) on Twitter.
"We have seen reports over the last week that China is reaching out and prepared to do more on opening its market". 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. Those nations have criticized Trump's tactics, but they share USA complaints about Chinese industrial policy and market barriers. The list identifies OCC and all other recovered fiber materials among the product codes that would be hit with the 25 percent duty.
The view in Beijing is that the United States objective is not primarily the reduction of the trade deficit but the subordination of the Chinese economy to the USA, turning it into an "economic vassal". USA government officials may still feel unsure, but one thing they are certain of is that imposing additional tariffs will benefit themselves. It is expected that Morocco will import approximately $10 million in US poultry with increased growth over time.
As the world's largest exporter, China is still benefiting from robust global demand, but increasing tensions and rising trade barriers are weighing on the outlook.
In short, China is capable of safeguarding its interests in a complicated global trading system and keep growing on the economic front despite the U.S. tariffs.
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