Saturday , February 4 2023

China's high tariff rates, business news and major news


China 's exports to the United States and the world last month showed a remarkable rise. Yesterday, the data suggest that companies are increasing their Pacific shipments before high tariffs are imposed.

The relationship between the world's two largest economies has deteriorated sharply this year as US President Donald Trump is expected to charge a high tax on about half of China's imports and the other half will be hit.

At a G20 summit in Argentina, Trump said he hopes the talks could be a breakthrough when meeting Chinese Premier Chen Jinping, who are now in Washington.

Nonetheless, according to data released by Chinese customs authorities, exporters hurried goods across the Pacific last month. Exports to China surged 13.2 percent over the same period last year.

"The surprisingly strong export performance in October seems to be due in part to the sustained front loading effect and is unlikely to be a long-term trend," said ANZ Chinese economist Betty Wang.

The trade surplus in China and the United States has dropped from $ 33.1 billion to $ 31.8 billion last month, to $ 4.3.6 billion.

October saw the first full month of US tariffs on Chinese products worth $ 200 billion. However, in January, taxes are expected to rise from 10% to 25%.

Trump has continued to boast that the United States can not lose the trade war with China. However, China 's retaliatory tariffs on US commodities have hurt trade so far.

China 's imports to the United States fell 1.8 percent last month, while surplus with the United States expanded to $ 258 billion in the first 10 months of this year.

The depreciation of the yuan, which depreciated about 9% against the US dollar in January, helped offset the additional tariffs on Chinese products.

Analysts have no optimistic view that the summit will resolve friction.

"We do not expect the Xi and Trump meetings during the G-20 to be positive," ING Bank Iris Pang told Bloomberg News.

"We hope the talks will not cause further damage to trade relations."

China's total trade volume, which is bought and sold in all countries, including China, posted a surplus of $ 34 billion this month.

Exports rose 11.7 percent for Bloomberg, 11.4 percent for Bloomberg, 11.4 percent for Bloomberg, 11.5 percent for Bloomberg, and 15.5 percent for Bloomberg.

"While shipments to the US were well maintained, shipments to other parts of the world grew faster," said Louis Kuijs, economist at Oxford.

"World demand is better than being afraid, while weak Chinese comfort is also helping the exporting country."

Robust revenues have shown that the Chinese economy was stable despite a 6.5 per cent gross domestic product growth in the third quarter. This was the slowest rate in nine years.

Analysts said that the Chinese government will try to relieve the debt for stimulus.

"Strong imports, especially commodities, can indicate a rebound in infrastructure investment and stabilization of the real estate market," said Ms Wang of ANZ.

Analysts predict that US-China will grow within the next few months despite resilient trade data.

Agent French Press

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