USTR to end public comment on third China tariff list
- 6 years ago
2. So as of now, the two sides have tariffs worth 50 billion dollars on each other.
How have they affected the U.S. and Chinese economies?
The first round of tariffs worth 34 billion dollars went into effect in July, just two months ago, so it's still a bit early to gauge its effect with numerical data.
Overall, the U.S. has an upper hand for now.
Its real economy is strong, posting four-point-two percent growth in the second quarter, the fastest pace in four years whereas China is seeing a modest slow down...reporting 6-point-7 percent growth and this trade war is only going to further hurt its growth.
Also, the U.S. tariffs cover a wider range of Chinese goods, including electronics and medical devices.
I mean Chinese tech company ZTE was also caught in this trade war....while Chinese tariffs mainly target U.S. agricultural goods like soybeans.
To give you the data, U.S. soybean exports to China dropped 20 percent on-year in the first eight months of 2018.
American farmers are key Trump supporters and the U.S. Department of Agriculture announced it will provide a six billion dollar subsidy to farmers to offset trade losses, with nearly five billion dollars for soybean farmers by this month.
How have they affected the U.S. and Chinese economies?
The first round of tariffs worth 34 billion dollars went into effect in July, just two months ago, so it's still a bit early to gauge its effect with numerical data.
Overall, the U.S. has an upper hand for now.
Its real economy is strong, posting four-point-two percent growth in the second quarter, the fastest pace in four years whereas China is seeing a modest slow down...reporting 6-point-7 percent growth and this trade war is only going to further hurt its growth.
Also, the U.S. tariffs cover a wider range of Chinese goods, including electronics and medical devices.
I mean Chinese tech company ZTE was also caught in this trade war....while Chinese tariffs mainly target U.S. agricultural goods like soybeans.
To give you the data, U.S. soybean exports to China dropped 20 percent on-year in the first eight months of 2018.
American farmers are key Trump supporters and the U.S. Department of Agriculture announced it will provide a six billion dollar subsidy to farmers to offset trade losses, with nearly five billion dollars for soybean farmers by this month.