China announces tariffs on scrap imports from the USA

China media praises tone outcome of Trump Xi summit

China media praises tone outcome of Trump Xi summit

Its comments came after China slapped additional tariffs of 25 percent on $16 billion worth of USA imports of fuel and steel products late on Wednesday. "Although these tariffs will not be levied on imports from other countries, it is our understanding that other regions may not be able to fulfill all of China's demand", the USA trade body said. Items included on the list subject to a 25% retaliatory tariff include hog casings, sheep casings, gizzards, wheat and wine.

Last year's imports from the United States totaled about $130 billion. After receiving public feedback, it cut 515 products from the list in June and added 284.

CURRENCY NEWS: The central parity rate of the Chinese currency renminbi, or the yuan, weakened 4 basis points to 6.8317 against the U. On Tuesday, the administration said it had chose to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year.

"At one point during the dinner, Trump noted of an unnamed country that the attendee said was clearly China, 'almost every student that comes over to this country is a spy'".

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Last week, China proposed additional tariffs on another $60 billion of US goods after Trump raised planned tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent.

So that leads us to the latest casualty of the trade war between the Trump administration and the Chinese government: condoms.

If implemented, a tariff on LNG "would deal a serious blow to the USA gas industry and President Trump's "energy dominance" agenda,"Hugo Brennan, senior Asia analyst at consultancy Verisk Maplecroft, told CNBC". "There is no doubt that these tariffs will impair the already diminishing scrap exports from the United States to China". Wednesday's trade figures showing surging Chinese exports could give Beijing some confidence.

China today does not directly import LNG from the US.

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In the meantime, China's economy is showing signs of weakness - the yuan has been on a losing streak for more than a month, the equity market has suffered declines, and other early indicators are pointing to a slowdown.

Companies have scaled back purchases of spot LNG cargoes in recent months as prices shot up, traders said. And US President Trump has made it clear that it could reach another $ 200 billion.

The United States published its final list of goods subject to the new tariffs on Tuesday. Around afternoon, the benchmark Shanghai Composite Index surged 1.8%, or 49 points, to 2,793.04, meanwhile the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 2.7%, or 39.16 points, to 1,505.86.

The threat of increasing protectionist measures may have also prompted China to open up its market to Indian pharmaceutical industry.

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