China offers tax breaks to some exporters hit by Trump tariffs

Share
China offers tax breaks to some exporters hit by Trump tariffs

Trump's threat to escalate US tariffs on Chinese imports contributed to a decline on Wall Street, with stock index futures dropping on concern that companies and workers would likely endure some financial pain.

President Trump said on Air Force One Friday that he is ready to impose tariffs on $267 billion in Chinese goods, on top of the additional $200 billion that he said will likely be hit with tariffs in a matter of days.

The world's two biggest economies have been locked in a months-long trade dispute, with negotiations going nowhere and fears that it could damage the global economy.

If Mr Trump were to follow through with all his threats, his administration ultimately would impose tariffs on $517 billion of Chinese goods.

China's trade surplus therefore grew by more than 10 per cent to US$31.08 billion.

Global exports increased by 9.8 per cent while its imports rose by 20 per cent compared to the same month past year, according to customs data.

The Ministry of Finance said it will raise export rebate rates for 397 goods, ranging from lubricants to children's books, meaning that firms shipping such products overseas will pay less value-added tax.

The Trump administration may be about to slap tariffs of up to 25 percent on an additional $200 billion in Chinese goods, escalating a confrontation between the world's two biggest economies and likely squeezing United States companies that import everything from handbags to bicycle tires.

The Trump administration is reportedly considering using an Obama-era executive order to slap new sanctions on Chinese entities using cyberattacks to steal USA intellectual property. "I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want".

The world's two largest economies have already applied tariffs to $50 billion of each other's goods. "That changes the equation".

Kudlow, who heads the National Economic Council, told CNBC the administration was still talking with China about trade issues but so far China had not met United States requests.

The last effort at a negotiated solution came in late August with meetings between low-level officials, but nothing came of it.

While U.S. businesses in China do not yet appear to face widespread retaliation, some company officials have said they are bracing for blowback.

Zhang said the impact from United States tariffs on China's exports would likely be limited over the next few months.

Share

Advertisement

Related Posts

Elon Musk hits massive blunt in live interview
Musk and Rogan had been filming in California where marijuana is legal, although Musk had to ask for reassurance before indulging. A request Friday for an interview with Musk for this article, through Tesla's media affairs office, had not received a reply.

Real Madrid captain Ramos: Enrique not hired to kick me out!
Spain coach Luis Enrique during a press conference at the Spanish Football Federation Headquarters in Las Rozas August 31, 2018. The team has had plenty of success in the last ten years, winning the 2008 Euro, 2012 Euro and 2010 World Cup .

Pakistan army chief provokes India, says people of Kashmir fighting bravely
The PM also said that his government wants a foreign policy which will be in the best interest of Pakistan. Bajwa reaffirmed Islamabad's support for "self-determination" in J&K, according to PTI news agency.

Jack Ma: English teacher turned internet tycoon
It transformed how Chinese people shop and pay for things, especially through the now ubiquitous Alipay digital payment service. Alibaba started as a business-to-business marketplace, but had enormous growth when it started selling to consumers.

Rafael Nadal withdraws from US Open
Nadal's challenge looked doomed even as early as the first set, feeling the injury after just four games, he admitted. But the Argentine swept through the tiebreaker, wrapping up the opener after 69 minutes of impressive shot-making.

Apple iPhone with 6.1-inch display leaked in four color variants
Both these smartphones would come with an OLED display, with the former sporting a 5.8-inch panel and the latter a 6.5 inch one. Apple iPhone Xs series launches on September 12 , and we are now seeing more leaks take place around the upcoming devices.

Former Trump aide to be sentenced
In subsequent campaign communications, Papadopoulos was encouraged to pursue a Putin-Trump meeting. Jeff Sessions " appeared to also like the idea and stated that the campaign should look into it".

Mercury rally to edge Seattle, forcing Game 5 in WNBA semifinals
The 6-4 Bonner scored 10 points in Phoenix's 21-5 run and drove again with the game tied at 84 and less than 30 seconds remaining. In the final game of the season last night the Mercury were led by five time All Star Brittney Griner with 21 points 9 rebounds.

Former Dallas Cowboy Joseph Randle Arrested For Suspicion Of Rape
According to jail records , former Dallas Cowboys running back Joseph Randle has been arrested on rape charges in Kansas . His ex-girlfriend told a 911 dispatcher that he threatened her with a gun near their son and made another woman bleed.

Nishikori bests Cilic in US Open rematch, moves to semis
Changing a lot of T-shirts, shorts", said Djokovic. "I was just trying to hang in there and try to find a way to win the match". Suarez celebrated her 30th birthday with a victory over five-time Grand Slam victor Maria Sharapova on Monday.

© 2015 ExpressNewsline. All Rights reserved.