China to levy tariffs on US imports worth $75b; Govt to issue unreliable entity list soon
China to levy tariffs on US imports worth $75b
The US government announced on Aug 15 that it will impose additional tariffs of 10 percent on Chinese goods worth about $300 billion in two batches, effective from Sept 1 and Dec 15, respectively.
The US' latest tariff threat, targeting $300 billion worth of Chinese goods, has intensified the yearlong Sino-US trade spat. The proposal, once introduced, means that virtually all Chinese products exported to the US will be subject to extra levies.
In response, China announced that it will slap additional tariffs on US imports worth about $75 billion, covering 5,078 US products with additional tariffs of 10 or 5 percent, in two batches, starting on the same dates.
In a statement, China's Commerce Ministry said the action was "forced by the US' unilateralism and protectionism".
Govt to issue unreliable entity list soon
A list of unreliable entities will be released in the near future, Gao Feng, the spokesperson of the Ministry of Commerce said on Aug 22.
The US is set to impose new tariffs on some Chinese imports starting Sept 1, which, according to Gao, will create challenges for the Chinese economy, but the impact will be controllable.
Gao warned any new tariffs would lead to an escalation of economic and trade friction and China would have to fight back if the US carries out the move.
He revealed that negotiating teams from the two countries have maintained communications.
Shanghai's import-export trade grows 4.3% in July
Shanghai's total exports and imports hit 294.77 billion yuan ($41.13 billion) in July, up 4.3 percent year-on-year and 8.9 percent against the previous month, Shanghai Customs said.
The value of the city's export hit 118.51 billion yuan, up 4.5 percent year-on-year, whose growth rate increased by 1.8 percentage points. Imports came in at 176.26 billion, 4.1 percent higher than 2018.
From January to July, total imports and exports for Shanghai reached 1.88 trillion yuan, a decrease of 0.9 percent. The total value of imports reached 752.84 billion yuan, for year-on-year growth of 1.4 percent.
The export trade for labor-intensive products was up 2.6 percent during the period, worth 101.77 billion yuan in the first seven months of 2019.
Project helps local firms go abroad
China (Hangzhou) comprehensive pilot zone for cross-border e-commerce signed an agreement with AliExpress delivery service on Aug 21.
The project named "Megawhale" will choose 300 local brands and enterprises in Hangzhou to open online shops on AliExpress. A series of supports will be offered to help the Chinese companies open up in foreign markets.
Commerce Ministry hosts training on trade frictions
A training class on solutions to trade frictions was held in Chengdu, Sichuan province on Aug 15-16, inviting government officials and representatives from commercial associations to take part.
Hosted by the Ministry of Commerce Trade Remedy and Investigation Bureau, the class was taught by representatives from major provinces, cities and trade remedy and investigation workstations. It discussed their experiences and practices while encountering trade friction and measures to support enterprises to deal with them.
Han Hongxiang, director of the Zhejiang Provincial Department of Commerce Trade Remedy and Investigation Bureau, shared Zhejiang's experiences during the class.
Jiangxi government hosts meeting on foreign trade
The Jiangxi Provincial Department of Commerce held a meeting to promote steady development of foreign trade on Aug 16.
Representatives from cities in Jiangxi reported on their measures taken to stabilize the development of foreign trade.
The meeting also talked about progress made in preparations for the second China International Import Expo.
Jiangxi realizes complete coverage of customs
Three customs branches subordinate to Nanchang Customs opened their doors on Aug 19, marking the complete coverage of customs in Jiangxi province.
The three customs branches are: Nanchang Changbei Airport Customs, Ganjiang New Area Customs and Qingshanhu Customs.
Xiao Yuwen, vice mayor of Nanchang, said the three customs branches will benefit foreign trade environment in Nanchang, especially with countries invloved in the Belt and Road Initiative.