Chinese exports to the US are estimated to have grown in July despite new tariffs on billions of dollars of shipments. Economists said tariffs on $34 billion of China’s exports to the United States, which went into force on July 6th, are not so far having a major impact on overall Chinese exports, as reported by Reuters.
July exports are projected to have increased by 10% year-on-year, according to median estimates from 37 economists, compared to 11.2% growth in June.
China warned on August 3rd of retaliatory tariffs on $60 billion worth of US goods ranging from liquefied natural gas (LNG) to some aircraft, following a plan by the US administration to impose a higher 25% tariff on $200 billion worth of Chinese imports.
The growing rhetoric between Beijing and Washington has worried global markets concerned about the impact on world trade and growth, with few signs either side can make significant concessions.