BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USTR To Release More Details On China Tariffs Next Week

US-CHINA
EM BulletHomepagemarkets-real-timePolitical RiskCommoditiesPolitical Risk BulletEmerging Market NewsPolitical Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

MNI London: USTR Katherine Tai, speaking at the White House on new tariffs on USD$18 billion of Chinese imports unveiled by President Biden today, says "it is clear that the previous administration's trade deal with [China] failed to increase American exports or boost manufacturing. In fact China's exports in some critical sectors like EVs and batteries actually increased."

  • Tai says she expects to release a public notice next week which conveys, "the specific tariff lines, tariff rates, and timing for the proposed increases, along with the details of the machinery exclusions process."
  • Tai adds: "We do not seek to constrain China's economic development but we will insist on fair competition and defend working from the PRC's unfair practices."
  • Tai echo comments made by Biden a short time ago staking out a clear distinction between the Biden administration's "strategic" policy on China with Trump's less targeted approach which would also hit non-critical sectors and partners.
  • When asked if tariffs could increase prices for US consumers, Tai says: "I think that link between tariffs and prices has been largely debunked. What I would say... [we are focusing] on making supply chains more resilient [so] we can insulate the America. economy from [price spikes like COVID-19 and Ukraine war]."
  • Biden said earlier today: "My predecessor promised to increase American exports. He failed. He signed a trade deal with Chinaand they were supposed to buy $200 billion more of American goods, instead China's imports from America barely budged."
242 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

MNI London: USTR Katherine Tai, speaking at the White House on new tariffs on USD$18 billion of Chinese imports unveiled by President Biden today, says "it is clear that the previous administration's trade deal with [China] failed to increase American exports or boost manufacturing. In fact China's exports in some critical sectors like EVs and batteries actually increased."

  • Tai says she expects to release a public notice next week which conveys, "the specific tariff lines, tariff rates, and timing for the proposed increases, along with the details of the machinery exclusions process."
  • Tai adds: "We do not seek to constrain China's economic development but we will insist on fair competition and defend working from the PRC's unfair practices."
  • Tai echo comments made by Biden a short time ago staking out a clear distinction between the Biden administration's "strategic" policy on China with Trump's less targeted approach which would also hit non-critical sectors and partners.
  • When asked if tariffs could increase prices for US consumers, Tai says: "I think that link between tariffs and prices has been largely debunked. What I would say... [we are focusing] on making supply chains more resilient [so] we can insulate the America. economy from [price spikes like COVID-19 and Ukraine war]."
  • Biden said earlier today: "My predecessor promised to increase American exports. He failed. He signed a trade deal with Chinaand they were supposed to buy $200 billion more of American goods, instead China's imports from America barely budged."