China reported much stronger-than-expected exports for October as shippers rushed goods to the United States, its biggest trading partner, racing to beat higher tariff rates due to kick in at the start of next year. Import growth also defied forecasts for a slowdown, suggesting Beijing’s growth-boosting measures to support the cooling economy may be slowly starting to make themselves felt.
The Chinese Yuan weakened to a decade low on Tuesday on concerns over China's slowing economy and the US trade war, but Beijing was expected to prevent it breaking the psychologically important 7 Yuan per dollar barrier. The Yuan drifted past 6.96 to the dollar, hitting its weakest levels since May 2008.
China on Wednesday unveiled plans to cut tariffs for products including machinery, electrical equipment and textile products beginning on Nov. 1, as the country braces for an escalating trade war with the United States.
China and the United States plunged deeper into a trade war on Tuesday after Beijing added US$60 billion of US products to its import tariff list in retaliation for President Donald Trump's planned levies on US$200 billion worth of Chinese goods.
United States president Donald Trump escalated his trade war with Beijing, imposing 10% tariffs on about US$ 200 billion worth of imports in a move one senior Chinese regulator said “poisoned” the atmosphere for negotiations.
United States and China are expected to impose fresh tariffs on US$ 16bn of each other's goods on Thursday as their tit-for-tat trade war rages on. The second round of tariffs will see a total of US$ 50bn worth of goods from each side that will now be taxed. Since the opening salvo in July, tensions between the world's two largest economies have escalated, hurting their companies and economies.
BMW and Hyundai Motor urged the U.S. not to impose tariffs on auto imports, joining General Motors Co. in pressing their case to the Commerce Department even as a top aide to President Donald Trump dismissed the concerns as “smoke and mirrors.”
The European Union (EU) has introduced retaliatory tariffs on US goods as a top official launched a fresh attack on President Donald Trump's trade policy. The duties on €2.8bn worth of US goods came into force on Friday. Tariffs have been imposed on products such as bourbon whiskey, motorcycles and orange juice.
China said on Sunday it wouldn’t step up its purchases of United States products if President Donald Trump goes ahead with his threat to tax billions of dollars’ worth of Chinese imports. White House advisers insisted on fundamental changes in ties between the world’s two biggest economic powers.