China Places Tariffs On Recyclables, Dealing Another Blow To Oregon

US tariffs make no dent on China exports surge

The U.S. says it will begin imposing tariffs of 25 percent on an additional $16 billion in Chinese imports in t, further escalating the trade war between the two countries. To be more specific, one of China's trade war retaliations is putting a tariff or tax on imported American-made condoms. This list included various pharmaceutical products but the possibility of a potential trade war in pharmaceutical appears unlikely for now.

Tuesday's announcement was not a surprise. However, considering the worries of United States companies, they had put an extra charge on $ 16 billion worth of goods at that time. After receiving public feedback, it cut 515 products from the list in June and added 284.

As many commentators and economic historians have pointed out, the Chinese practices are a repeat of many of those used in earlier times by the U.S. and other countries, including Japan and South Korea, as they sought to develop their industrial and technological capacities. On Tuesday, the administration said it had made a decision to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year. China promptly said I see you and I match you - $16 billion in tariffs on US products. And Chinese regulators last month barred Qualcomm, a USA telecom leader, from completing its $44b acquisition of Netherlands-based NXP, which would have made it a more formidable competitor for Chinese companies.

China's crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries.

Shipments to the United States climbed 13.3 per cent from a year earlier, to $41.5 billion, after a roughly similar rise in June, customs data show. FILE PHOTO: Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.

While concession in tariff may bode well for Indian exporters, non-tariff barriers have been a greater challenge for exporters.

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In the meantime, China's economy is showing signs of weakness - the yuan has been on a losing streak for more than a month, the equity market has suffered declines, and other early indicators are pointing to a slowdown.

The Ministry of Commerce says it would impose tariffs at four different rates (5% to 25%) on the USA goods that would be targeted. Those nations have criticized Trump's tactics, but they share USA complaints about Chinese industrial policy and market barriers. That leaves only about $20 billion for penalty tariffs after increases that have already been imposed or threatened on US goods are counted.

"SWANA has been concerned for some time that the Trump administration's trade dispute with China would affect the already diminished movement of scrap and recyclables from the United States to China", noted David Biderman, SWANA's executive director and CEO.

The US is a leading pharmaceutical market, with aggregate spending valued at $467 billion during 2017, and estimated to increase to over $600 billion by 2022.

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

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