Chinese state media accuse US of 'mobster mentality', vow to fight tariffs

Ivanka Trump and Darius Adamczyk the Honeywell boss at a dinner for business leaders hosted by her father President Trump in Bedminster New Jersey on Tuesday

US tariffs make no dent on China exports surge

Since India and China both are major import sources of active pharmaceutical ingredients for the USA, the imposition of additional tariffs on Chinese pharmaceutical products in future could generate appreciable opportunities for Indian exporters. The list includes a lot of industrial and machinery products. While the rhetoric of verbal exchanges between the two countries were on for some time, the triggering action was the initiation of a Section 301 case by the United States Trade Representatives (USTR) against China's intellectual property right (IPR) policies.

US studios had hoped for an improved deal for imported films previous year.

"The US-China trade war has complicated Beijing's ambitious plan to transform 11 cities in the "Greater Bay Area" into the Chinese version of the "Silicon Valley, ' the Post has learned".

In June, the customs authority unveiled a list of products from the United States worth 50 billion USA dollars that will be subject to additional tariffs in response to US announcement to impose additional duties on Chinese imports.

The now proposed charge is 10%, but it could increase to 25% once a consultation period ends.

Trump has imposed 25 percent tariffs on $34 billion of Chinese goods, with similar penalties on an additional $16 billion worth of products expected to go into effect shortly.

To compensate for the gap on its tariff list caused by the exclusion of crude oil, China added fish meal, wood waste, paper and paper waste, metal scraps, and various types of bicycles and cars, among other products, the report said. For decades after 1949, when New China was founded, the domestic wholesale and retail proceeds were much higher than gross export earnings.

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And critics said their delayed response contributed to clashes between white supremacists and neo-Nazis and counterprotesters . Ralph Northam declared a state of emergency for the state, authorizing the Virginia National Guard to help keep the peace.

These commodities, worth a combined $60 billion, are subject to extra tariffs at four different rates from 5% to 25%.

In 2017, the USA exported a total of $5.6 billion worth of scrap commodities to China. The iPhone maker relies upon China for one-fifth of its US$229b in annual revenue, "leaving it exposed if Chinese people make it a target of anger and nationalist sentiment", warned a commentary in state-owned China Daily.

China's box office revenue rose 13.45 percent past year to 55.91 billion yuan ($8.6 billion), accelerating after a sharp slowdown in 2016.

Now the US says, its considering hiking proposed tariffs on an additional $200 billion dollars worth of Chinese goods. On July 6, the USA began taxing the 818 goods, worth $34 billion, remaining from the April list.

The Trump administration will encourage China to buy more US LNG, in part to reduce the trade imbalance that is at the heart of the Sino-US conflict.

China was the world's second-largest LNG importer in 2017, Kallanish Energy reports. United States imports of bulk drugs from China and India during 2012- 2016 recorded a CAGR of 1.4% and 4.5%, respectively. The outcome of the crisis was a turn by South East Asian nations towards the Chinese economy, on which they have become increasingly dependent.

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