US Allows Importers to Obtain Exclusions to Tariffs on Chinese Goods

China foreign ministry says trade war has become biggest 'confidence killer' for world economy

China foreign ministry says trade war has become biggest 'confidence killer' for world economy

The IMF analysis shows that potential USA duties on foreign cars represent a greater risk to the global economy than the tariffs the Trump administration is considering on Chinese imports.

The USTR's 205-page list of proposed tariffs published July 10, seen here, includes almost all categories of seafood produced or processed in China as well as many textiles, fruit, minerals, mechanical and industrial goods.

At the same time, the trade war between the US and China is creating opportunities for other countries, Rabobank said in its report entitled "Caught in the Tariff Net - US-China Trade War to Shift Global Seafood Trade Flows".

The U.S.is filing a challenge to the tariffs that China, the European Union and several other countries imposed on the U.S.in retaliation to U.S. tariffs on their steel and aluminum.

The current orientation of the United States towards protectionism is disturbing as it may result in completely destabilizing the current trade system.

A new report by several experts for the Bertelsmann Foundation was warned that the credibility of World Trade Organisation's (WTO) is under major threat - the body faces extinction in light of the trade war between the US and several other countries.

China is the largest importer of soybeans in the worldwide community.

U.S. tariff hikes targeting Chinese goods were based on Section 301 of the Trade Act of 1974, its domestic trade law.

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China's economic growth slowed in the second quarter of 2018 as the trade war with the US intensified, according to Reuters.

"I think Liu He and others would like to move but haven't", he said at a conference.

"We need to fine-tune our policies to offset a series of shocks, particularly external shocks ..." They are ready to fight a trade war, as well. "It won't end immediately but to escalate step by step", he said. If the US imposes duties of 25 percent on foreign cars, and other nations retaliate, the negative impact would be more than double the effect of the administration's other planned trade measures, the International Monetary Fund found.

Although the tariffs on hats have yet to take effect, east China-based manufacturer Qingdao Jeff Help You Industry & Trade Company said it had already felt the impact.

In response, government regulators have blocked a number of Chinese acquisition deals involving American firms this year.

It released an investigation report in March, and imposed tariffs on US$34 billion worth of Chinese goods on July 6 in disregard of 91 per cent opposition in the comments it received. Therefore, importers should consider making exclusion requests where they feel there is no domestic or third country alternative to the type of goods or materials imported from China.

"Unilateralism and trade bullying are unacceptable", Gao said.

Sen. Ron Johnson said Wednesday that he has shared some of the trade war concerns with the President.

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