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Companies await China retaliation; weaker growth expected

Donald Trump the campaigner talked tough on China: He threatened to slap tariffs of 45% on Chinese exports, and promised to label Beijing a "currency manipulator."Full credit: Ian Berry/CNNMoney/Shutterstock

BEIJING : Companies waited Monday to see how China will retaliate for President Donald Trump’s escalation of a fight over technology and trade that threatens to disrupt a Chinese economic recovery. Regulators threatened “necessary countermeasures” for Trump’s tariff hikes Friday on $200 billion of Chinese imports. But three days later, in a break with previous tit-for-tat penalties imposed immediately, Beijing ... Read More »

China vows retaliation if Trump raises tariffs

In this April 28, 2019, photo, workers assemble truck's tires at a plant in Nantong city in east China's Jiangsu province Sunday, April 28, 2019. China's exports fell in April amid a bruising tariff war with Washington, adding to pressure on Beijing on the eve of negotiations aimed at settling the fight over its technology ambitions. (Chinatopix via AP)

BEIJING : Ratcheting up tension ahead of talks in Washington, China vowed Thursday to defend its own interests and retaliate if President Donald Trump goes ahead with more tariff hikes in a dispute over trade and technology. Beijing will impose “necessary countermeasures” if the increases take effect Friday as planned, the Commerce Ministry said. It gave no details but a ... Read More »

China’s crude oil imports hit monthly record in April – China Customs


The latest trade balance report from the Chinese General Administration of Customs showed on Wednesday that China imported record high oil, in an unexpected move, Reuters reports. The China Customs noted that the surge in the Chinese oil imports is because the state-run refiners built up stocks of Iranian crude oil anticipating a sanctions clampdown. Key Details: Imports last month ... Read More »

China says its April trade surplus was $13.84 billion, far below expectations


China posted a big miss in its overall trade surplus for April, as exports unexpectedly fell and imports surprisingly rose. The numbers came on Wednesday as the trade impasse between the U.S. and China continues to drag on. Customs data on Wednesday showed that trade surplus for April came in at $13.84 billion. That was far lower than the $35 ... Read More »

Trump’s escalated trade war with China could hit California ports especially hard


LOS ANGELES : An escalation of trade tensions between the U.S. and China, including President Donald Trump’s threat to punish Beijing with additional tariffs, could deal a severe blow to California’s ports and economy, potentially putting at risk thousands of jobs, according to experts. They say the major California ports, which serve as a gateway to trade with China, have ... Read More »

China stepped up imports of Australian steelmaking coal in March: Australian data


MELBOURNE : China stepped up purchases of Australian steelmaking coal in March after customs delays earlier this year, Australian government data showed on Tuesday, but exports of thermal coal to the world’s biggest consumer continued to fall. Chinese traders had cut back on purchases of both thermal and metallurgical coal from Australia in February due to lengthy quality checks on ... Read More »

Explainer: Who pays Trump’s tariffs – China and other exporters or U.S. customers?


CHICAGO : – U.S. President Donald Trump said on Sunday he would raise tariffs to 25 percent from 10 percent on $200 billion of Chinese goods. The United States has levied tariffs on a total of $250 billion of Chinese imports, global steel and aluminum imports, and shipments of washing machines and solar panels since January 2018, when Trump’s administration ... Read More »

Top 200 trade firm lists reveal China’s shifting trade landscape

FILE - In this Feb. 23, 2015 file photo, container ships wait to be unloaded at the Port of Los Angeles. China has raised tariffs on $60 billion of U.S. imports in an escalation of their trade battle following a deadline for President Donald Trump’s latest increase. (AP Photo/Nick Ut, File)

BEIJING: Lists of China’s top 200 import and export companies revealed the country’s shifting trade landscape, with private companies and firms from central and western regions accounting for an increasing share. The companies’ combined imports and exports surged 21.7 percent year on year to 8.2 trillion yuan (about 1.2 trillion U.S. dollars) last year and contributed to 54.3 percent of ... Read More »

China’s African swine fever outbreak and US trade war combine to create perfect storm for Chinese economy


When China levied additional tariffs on pork from the United States last year, Zhu Mengzhou, a manager of an imported food distributor in Guangzhou, was one of many traders who stopped buying it. “Unless the tariffs are adjusted, the cost is too high for us,” Zhu said. Even as an outbreak of African swine fever threatens to decimate China’s most ... Read More »

China suspends pork imports from 2 Canadian companies, agriculture minister says


The federal agriculture minister says that department officials have told her the Chinese government has suspended the export permits of two Canadian pork exporters, both based in Quebec. “We have to look into this,” Marie-Claude Bibeau told Reuters Wednesday in an interview by phone from Ottawa. “It might be only administrative. We might be able to deal with the situation ... Read More »

Canadian soybeans, peas and pork held up at China’s customs


An expanding list of Canadian farm exports are hitting obstacles at Chinese ports, leaving sellers of soybeans, peas and pork scrambling amid a bitter diplomatic dispute, said Reuters. Traders said Canadian soybeans and peas face unusual obstacles such as delayed inspection times, as Ottawa also warned last week that China was holding up pork shipments over paperwork issues. Since January, ... Read More »

China customs records growth in animal trafficking cases


Customs in east China’s Hangzhou city has seized more trafficking cases involving threatened animals and products as of April 20 than in all of last year. Customs officials declared that illegal trafficking is usually conducted on a relatively small scale by tourists. Customs has captured 6 kg of ivory, 3 kg of hawksbill turtle specimens as well as rhino horns ... Read More »

Customs data shows China’s greater efforts on fighting IPR violations


BEIJING: Chinese customs reinforced the crackdown on intellectual property right (IPR) violations, with the number of seized goods suspected of infringing IPR rising significantly in 2018. A total of 47,200 batches of suspected goods were seized last year, surging around 146 percent year on year, according to the General Administration of Customs. Most of the seized goods were found in ... Read More »

China’s ethanol imports in March surge 79% on month


Singapore : Chinese ethanol imports jumped 78.9% month on month to 7,389 cu m in March from 4,130 cu m in February with undenatured imports climbing, offsetting the decline in denatured imports, latest customs data showed. The sharp increase in ethanol imports stemmed from a low base in February. On a year-on-year basis, the ethanol imports had plunged 95.8% from ... Read More »

Why the US-China rivalry will not end with a trade deal


A US-China trade deal: if it happens – is unlikely to end the rivalry between the two economic giants. Both sides have fought a trade war over the past year with damaging consequences for the global economy. But many say their dispute goes well beyond trade – it represents a power-struggle between two very different world views. Deal or no ... Read More »

Chinese police stop smuggling operation that used drone


Chinese police stopped a smuggling operation that used a zip line and drone to send electronic gadgets, high-end cosmetics and nutricial supplements totaling more than $70.000, from Hong Kong to mainland China. Chinese police said that the zip line and drone made smuggling the items easy. At the Liantang-Heung Yuen Wai Border Control Point between the northeastern New Territories and ... Read More »

Chinese customs seize record smuggling ivory tusks

Seized elephant tusks are presented by Hong Kong Customs in Hong Kong October 20, 2012. Customs officers have made a record seizure of smuggled ivory - with the discovery of more than 1,200 elephant tusks and a batch of ivory ornaments worth more than HK$26 million ($3.3 million) during a joint operation with Guangdong authorities, government radio reported on Saturday. Picture taken October 20, 2012.REUTERS/Apple Daily   (CHINA - Tags: ENVIRONMENT ANIMALS CRIME LAW) NO SALES. NO ARCHIVES. FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. NO ONLINE USE. NOT FOR SALE FOR INTERNET DISPLAY. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. MANDATORY CREDIT. HONG KONG OUT. NO COMMERCIAL OR EDITORIAL SALES IN HONG KONG. TAIWAN OUT. NO COMMERCIAL OR EDITORIAL SALES IN TAIWAN. TEMPLATE OUT

BEIJING: Chinese customs seized 7.48 tonnes of smuggled ivory tusks during an operation on March 30 this year, the General Administration of Customs (GAC) said in a press release Monday. It is the largest confiscation of smuggled elephant tusks by Chinese customs in recent years, the GAC said. An international ivory smuggling criminal gang was destroyed during the operation. So ... Read More »

National Australia Bank lowers 2019 thermal coal price forecast 7% on China customs delays


National Australia Bank has dropped its forecasts for thermal coal prices for the months ahead, citing the uncertainty around Chinese trade policy, it said Wednesday. “Chinese thermal coal buyers are reportedly switching to other suppliers, with prolonged delays for clearing Australian coal through customs extending beyond the Dalian port group in recent weeks,” it said in its monthly Minerals and ... Read More »

When is the Chinese trade balance and how could it affect AUD/USD?


China’s General Administration of Customs will release March month trade balance figures sometime near 03:00 GMT on early Friday. Considering the influence Chinese data have over antipodeans, as the potential for further directives after the US-China trade spat seems to ease. Market consensus favors an increase to $7.05 billion in headline trade balance number compared to $4.08 billion registered during ... Read More »

China cuts controversial tax on personal items bought overseas in move to boost consumption


Shanghai : The tax rate on products including computers, foodstuffs, gold and silverware, furniture and medicines will be lowered to 13 per cent from 15 per cent Analysts doubt whether the minor tax break will have a material impact on China’s sluggish consumer confidence China has cut a controversial tax on personal items bought overseas, ranging from iPads to books, ... Read More »