The U.S. levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing. It represents the latest salvo in the ever-expanding trade war between the U.S. and China.
China's exports surged more than expected in July despite USA duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth. However, analysts still expect a less favorable trade balance for China in coming months given it's early days in the tariff brawl. For instance, the major complaint is about the theft of U.S. intellectual property by Chinese firms.
The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.
Mr Trump has said he would be willing to hit all of China's imports with duties. Beijing already has stopped trying to match the US tariffs on a dollar-for-dollar basis, threatening to hit just an additional $60 billion in USA imports if the president follows through on his threat to target a further $200 billion in Chinese products. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs. Chinese imports of USA crude oil in May, for example, averaged 427,000 bpd, more than any other destination and surpassing Canada's 289,000 bpd imports, EIA data shows.
The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China. The finalized list of goods affected includes 279 items. The move appears to wreck the nascent trade deal.
Osinbajo meets acting DSS boss Mathew Seiyefa
Saraki was also expected to meet with Mahmoud Yakubu, chairman of the Independent National Electoral Commission (INEC). Recall that Senate President Bukola Saraki had called for a leadership meeting of the national assembly.
A US-China trade war will reduce global output by 0.7 per cent by 2020, with China's economy taking a 1.3 per cent hit and US GDP dropping 1 per cent, Oxford Economics said in a research note Tuesday, before the new list was released.
Several industry bodies in the United States representing agribusiness, retail and technology have said the Trump administration's tariffs are hurting them and will cause long-term damage to farmers, manufacturers and consumers.
Trump has also threatened to raise those 10 percent tariffs to 25 percent.
Beijing has called on United States officials to be "cool headed", but fired back warning it would impose duties on an additional $60 billion in USA goods, a threat the White House dismissed as "weak".
When the additional tariffs go into effect on August 23, both sides will have taxes on about $50 billion worth of imports from the other.