Chinese tariffs on US goods to start July 6

Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day. (Reuters)
Updated 04 July 2018
0

Chinese tariffs on US goods to start July 6

BEIJING: China’s threatened tariffs on $34 billion of US goods will take effect from the beginning of the day on July 6, a person with knowledge of the plan told Reuters, amid worsening trade tensions between the world’s two largest economies.
Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day.
However, the 12-hour time difference puts Beijing ahead in terms of actually implementing the tariffs.
“Our measures are equal and being equal means that if the US starts on July 6, we start on July 6,” the source told Reuters, who requested anonymity as they were not authorized to speak to media. “The implementation time for all policies starts at midnight.”
China’s customs agency did not answer a phone call seeking comment, and its commerce ministry did not reply to a fax requesting comment.
US President Donald Trump has threatened to escalate the trade conflict with tariffs on as much as $400 billion in Chinese goods if Beijing retaliates against the US tariffs set to take effect on Friday.
Chinese currency and stock markets have been jittery ahead of Friday’s tariff implementation.


Samsung may gain from Huawei’s plight in ongoing trade war: Fitch

Updated 16 min 29 sec ago
0

Samsung may gain from Huawei’s plight in ongoing trade war: Fitch

  • The loss of access to Google’s android system may hurt the smartphone sales of Huawei outside China
  • The ratings agency also added that iPhone maker Apple could be another casualty of the trade tensions

Samsung may have a chance to strengthen its position in the smartphone market due to the hurt caused to Huawei Technologies in the wake of US-China trade tensions, according to Fitch Ratings.
Tech companies, including Google and SoftBank Group-owned chip designer ARM, have said they will cease supplies and updates to Huawei.
The loss of access to Google’s android system may hurt the smartphone sales of the Chinese technology company outside China, thereby giving Samsung a chance to improve its market share, Fitch Ratings said in a statement.
Earlier this month, the US government hit Huawei with severe sanctions as the US Commerce Department blocked the Chinese company from buying American goods amid its escalating trade spat with China.
The ratings agency also added that iPhone maker Apple could be another casualty of the trade tensions between Beijing and Washington, which would accelerate its market share loss in China.