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Industry NewsAmerica's list of tariffs on China has grown, and the currencies of many more have whimpered
Time: 2018-07-11 View: 2262
Tensions between the world´s two largest economies escalated sharply on July 11 when the trump administration unveiled a target list of new $200bn tariffs on Chinese goods.
But on Friday, the us government is about $34 billion worth of Chinese imports a 25% tariff, which is on China threatened to trump after months tariffs on China´s first direct tariff, China immediately on the same number of us exports to China products in the corresponding duties.
In early trading on Wednesday, the offshore yuan plunged to nearly 11-month lows against the dollar. The Australian dollar also fell sharply against the dollar. The news also prompted investors to subconsciously sell riskier assets in favor of less vulnerable currencies.
Under economic and political pressure, people tend to buy yen because Japan is the world´s largest credit country. "This is a statement from the us," said Shinichiro Kadota, senior currency strategist at barclays in Tokyo. In the coming days, we will closely monitor China´s response to the tariff issue. "If China raises tariffs further, us stocks and the dollar could face further downward pressure against the yen or the Australian dollar," he said. U.S. trade representative Robert lighthizer says the United States will impose a 10 percent tariff on China´s additional $200 billion worth of imports.
Trump the government also released a comprehensive list of Chinese goods tariffs, including hundreds of kinds of food, tobacco, coal, chemicals, and tires, dog and cat food, and consumer electronics products, including TV components. Us officials said the two-month process would allow the public to comment on the proposed tariffs before they are finalized. Earlier, US President Donald trump said the us could eventually impose tariffs on more than $500bn worth of Chinese goods, about the same as the total us imports from China last year.
Societe generale bank foreign exchange business, head of Suzuki jing son Kyosuke Suzuki said: "because of the new tariffs will be failure in two months, the market may soon calmed down, although we will have to see the stock market, especially the Chinese stock market, will be how to deal with the situation."
But on Friday, the us government is about $34 billion worth of Chinese imports a 25% tariff, which is on China threatened to trump after months tariffs on China´s first direct tariff, China immediately on the same number of us exports to China products in the corresponding duties.
In early trading on Wednesday, the offshore yuan plunged to nearly 11-month lows against the dollar. The Australian dollar also fell sharply against the dollar. The news also prompted investors to subconsciously sell riskier assets in favor of less vulnerable currencies.
Under economic and political pressure, people tend to buy yen because Japan is the world´s largest credit country. "This is a statement from the us," said Shinichiro Kadota, senior currency strategist at barclays in Tokyo. In the coming days, we will closely monitor China´s response to the tariff issue. "If China raises tariffs further, us stocks and the dollar could face further downward pressure against the yen or the Australian dollar," he said. U.S. trade representative Robert lighthizer says the United States will impose a 10 percent tariff on China´s additional $200 billion worth of imports.
Trump the government also released a comprehensive list of Chinese goods tariffs, including hundreds of kinds of food, tobacco, coal, chemicals, and tires, dog and cat food, and consumer electronics products, including TV components. Us officials said the two-month process would allow the public to comment on the proposed tariffs before they are finalized. Earlier, US President Donald trump said the us could eventually impose tariffs on more than $500bn worth of Chinese goods, about the same as the total us imports from China last year.
Societe generale bank foreign exchange business, head of Suzuki jing son Kyosuke Suzuki said: "because of the new tariffs will be failure in two months, the market may soon calmed down, although we will have to see the stock market, especially the Chinese stock market, will be how to deal with the situation."
