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Money China Used the Rest of the World to Cushion Itself From Trump’s Tariff Barrage

13:30  14 january  2020
13:30  14 january  2020 Source:   msn.com

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China Used the Rest of the World to Cushion Itself From Trump ’ s Tariff Barrage . Bloomberg News. , December exports and imports China ’s export juggernaut last year showed it can be nimble too, quickly diversifying into new markets to cushion the impact of Donald Trump ’ s tariff onslaught.

China Used Rest of World to Cushion Trump ’ s 2019 Tariff Barrage . Trump ’ s tariff barrage pushes China fight to point of no return | Fin24. US President Donald Trump is pushing his trade conflict with China toward a point where neither side can back down.

(Bloomberg) --

China’s export juggernaut last year showed it can be nimble too, quickly diversifying into new markets to cushion the impact of Donald Trump’s tariff onslaught.

That’s the key trend seen in China’s 2019 trade data published Tuesday, which show exports to the U.S. plunged 12.5% even as overall shipments rose 0.5%. The trade balance tells a similar story, with China’s surplus with the U.S. dropping 8.5% to almost $296 billion even as its overall surplus rose more than 20% to about $422 billion.

a screenshot of a cell phone: EU Surpasses U.S.© Bloomberg EU Surpasses U.S.

The Phase One trade truce due to be signed by the two nations in Washington Wednesday may bring only a temporary respite as deep divisions over issues from subsidies to technological dominance persist. That raises the question of whether China can continue offsetting the impact of Trump’s tariffs as uncertainty threatens to undercut its global supply chain dominance.

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China Used Rest of World to Cushion Trump ’ s 2019 Tariff Barrage . The president has also used the deal as a cudgel to attack Democratic rivals, frequently arguing that the Chinese got the better of former President Barack Obama when leading Democratic presidential candidate Joe Biden served as

- China 's trade surplus with the United States narrowed last year as the world 's two biggest economies exchanged punitive tariffs in a bruising trade war China ’s export juggernaut last year showed it can be nimble too, quickly diversifying into new markets to cushion the impact of Donald Trump ’ s tariff

“The trade tension between China and the U.S. led primarily to a redirection of trade flows,” said Frederic Neumann, co-head of Asian economics research at HSBC Holdings Plc in Hong Kong. “The Phase One deal in itself may not lead to a full snap-back in global trade, with lingering policy uncertainty continuing to weigh on corporate spending.”

China is set to commit to targets already stated by the U.S., and buy about $200 billion more U.S. agriculture, energy, manufactured goods and services over the next two years in a phase-one trade deal, according to people familiar with the matter. That includes about $50 billion in oil and gas, said the people, who asked not to be named discussing the deal which hasn’t been made public. Earlier Tuesday, Politico and Reuters reported differing sets of numbers for the purchase commitments in the trade deal.

China to ramp up U.S. car, aircraft, energy purchases in trade deal: source

  China to ramp up U.S. car, aircraft, energy purchases in trade deal: source China to ramp up U.S. car, aircraft, energy purchases in trade deal: sourceAiding a sector that enjoys a rare trade surplus with China, Beijing would also boost purchases of U.S. services by about $35 billion over the same two-year period, the source told Reuters on Monday.

In a post-coronavirus world , China looks set to grow while the rest of the world contracts. In the face of a global recession, China looks set to be one of the few countries that will expand While Trump said the changes would "affect the full range" of agreements that give Hong Kong preferential

“ Tariffs tie so much of Trump together, ” said Jennifer M. Miller, an assistant history professor at Dartmouth College who last year published a study of how Japan’ s rise has affected the president’ s worldview. And that place is the rest of the world . So, China starts selling steel at low prices

Amid the ratcheting-up tariffs, China’s exporters wasted no time finding alternative markets and by year end shipments to the Association of Southeast Asian Nations had surged almost 13% while those to the U.K. rose 10%. So effective was this strategy that China’s share of global exports held firm through the first three quarters.

China’s December trade data showed both import and export growth exceeded expectations. Exports rose 7.6% while imports surged 16.3%.

a close up of a logo: Strong Finish to 2019© Bloomberg Strong Finish to 2019

China shifted from a $5 billion deficit with the rest of Asia at the end of 2018 to a surplus of about $67 billion last year, according to calculations by Christopher Balding, an associate professor at Fulbright University in Vietnam’s Ho Chi Minh City.

“This swing in economic fortunes will change the dynamics for many countries of dealing with China,” he says. “Whatever its faults, the United States’ willingness to import a lot more than it exported to most countries smoothed over many problems.”

Trump could still slap tariffs on China after signing 'phase one' trade deal, expert warns

  Trump could still slap tariffs on China after signing 'phase one' trade deal, expert warns China would have to buy a "crazy amount" of U.S. goods and services to fulfill its commitments in the deal, said Deborah Elms, executive director of Asian Trade Centre.That's especially the case when the deal — expected to be signed in Washington on Wednesday — would involve Beijingincreasing its imports of U.S. goods and services by at least $200 billion over two years, said Deborah Elms, executive director at consultancy Asian Trade Centre.

President Trump with President Xi Jinping of China in November in Beijing.Credit Doug Mills/The New York Times. China joined the World Trade Organization in 2001 but has chafed against its rules. The country relies on American-imposed stability in parts of the world other than its own, but challenges

Rest of . the world . 47. 2. India. Rest of . Instead, to hit China , the Trump administration must go much broader with its tariffs . While details are scant and the focus could change, the measures would hit steel from countries around the world , including from American allies like South Korea and Canada.

China’s exporters aren’t out of the woods yet either. Tariffs remain on both Chinese and U.S. goods, and even after the trade deal is signed, the U.S. will be imposing tariffs that are 14.4 percentage points higher on Chinese imports than before the trade war erupted, according to JP Morgan.

It’s likely that bilateral trade will stay depressed for years with a significant risk of decoupling, and could drop as much as 40%, says Adam Slater, lead economist at Oxford Economics Ltd. in London.

The real impact on China is the coming diversification of supply chains, not just away from China but from over-reliance on any single supplier, says Pauline Loong, managing director at research company Asia Analytica in Hong Kong.

“Recalibrating supply chains takes time,” she says. “So the longer term impact on China is more serious than it may appear right now.”

(Updates to include China purchase committments in fifth paragraph)

--With assistance from Jenny Leonard, Sharon Chen and Steven Yang.

To contact Bloomberg News staff for this story: Kevin Hamlin in Beijing at khamlin@bloomberg.net;Enda Curran in hong kong at ecurran8@bloomberg.net

To contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, Malcolm Scott, James Mayger

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

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