From Monday (aug 20) the America government will start a six-day public hearing on the imposition of tariffs of up to 25% on $200 billion of Chinese goods.
The United States trade representative’s office (USTR) will hold a public hearing of proposed tariffs on about $200 billion worth of Chinese products from August 24 to 27th, 2018.
The deadline for public comment was extended from August 30 to September 5.The previous hearing on $16 billion in tariffs on Chinese goods on July 24 was opposed by 76 people, with only six agreeing.But those objections didn’t stop Trump ‘s decision. But this time, the $200 billion tax bill on Chinese goods include seafood, furniture, lighting products, tires, chemicals, plastics, bicycles, and baby car seats — will hit thousands of consumer goods directly.The list includes 6,031 imported Chinese goods that are closely related to the lives of American consumers, from the Internet to electricity bills, cloth to construction supplies.
On August 2, China foreign minister WangYi said that the US side’s claim to impose 25 percent tariffs on us $200 billion of Chinese products was against the trend of The Times and in the wrong direction of history.It will not only move fail to achieve the goal, it will backfire to themselves.
“Our question is, nearly 60 percent of China’s exports to the United States are made in China by foreign companies, including American multinationals.Many of China’s exports to the United States are irreplaceable in the American market. Does the United States tax to increase the cost and burden of its own people?”
Although the trade war between US and China start now, but Xinyue Steel Group believes that that in the future China will continue to keep moving on the positie trend, based on the quality of the products made in China is getting better and better, many of the company’s business model has towards internationalization, no country can stop the footsteps of China into the global market.
America’s monopoly may not always be successful, after Pakistan，On August 16, the Central Bank of Bangladesh recently launched a new policy, allowing the relevant banks to open a RMB settlement account and settle with the central bank.
According to the New Deal, Bangladeshi foreign exchange dealers can open a RMB settlement account and settle with the central bank. The foreign currencies that can be settled before are USD, GBP, EUR, JPY and CAD.
China is Bangladesh’s largest source of imports. Nur Amin, former chairman of the Bangladesh Banking Association, believes that the new policy will help strengthen Bangladesh-China economic and trade exchanges, reduce dependence on the dollar, and reduce the impact of exchange rate fluctuations.
Xinyue steel group in the cooperation with Pakistan’s government, already had very well working on RMB LC business deal,now the customers in Bangladesh also discuss to trade in RMB with us, we always think that the currency is a kind of selection and tool in international trade, it willl not limit the conditions of international trade. Just like our cooperation with Iran customers in the last few years, the kunlun bank account has been a strong guarantee for the development of bilateral trade. Xinyue steel group will provide whatever we can do for our customers to ensure their payment security and the company’s interests.
There are also concerns about the current exchange rate. Although China’s exchange rate has fallen at a faster pace in recent months, but it has fallen more slowly this year than other emerging market currencies, especially among the BRICS.
For example,The South African rand, has fallen as much as 18% against the dollar this year.
Brazil’s real has fallen as much as 18% against the dollar so far this year.
The India rupee has fallen 9.3% against the dollar so far this year.
By contrast, the RMB fall was the smallest among the BRICS, its only 5.7 % so far this year.This level of decline in the renminbi against the us dollar was similar to that of the pound against the dollar, the euro against the dollar, and even better than the New Zealand and Australian dollars.
No matter how the situation changes, Xinyue Steel will keep an eye on the market and provide more and better information for you. If you have any questions or need any support in international trade, please feel free to contact us!