electronic Global Trade Credit Platform/eGTCP's Blog: import from China

2018/03/27

How did U.S. citizens react to tariffs on Chinese imports?

Are Americans happy with the Trump’s possible tariffs on Chinese imports in an effort to address trade imbalance between the U.S. and China?

Not everyone is happy, in fact many are worried that this could result in a backfire that would hurt America in the long run.

The U.S. government's latest plan to impose huge tariffs on imports from China is like palliative that does not solve the problem in the long run, said a U.S. scholar on economics and trade.

U.S. President Donald Trump on Thursday signed a memorandum that could impose tariffs on up to 60 billion U.S. dollars of imports from China and restrictions on Chinese investment in the United States.

image credit: internet

Khairy Tourk, a professor with the Stuart School of Business of the Illinois Institute of Technology, said the Trump administration's decision to restrict Chinese investment would be restrictions for new jobs created in the United States.

"President Trump is calling for creating more jobs here, but now the action would work against his policy. So this is really negatively developed." Tourk told Xinhua in a recent interview.

Tourk believes the main issue is not tariff but the natural technology transfer, "many people here claim China is stealing American technology so they want to put restrictions on Chinese investment, that is definitely wrong."

On the other hand, Tourk said the U.S. government believes that tariff is a useful tool to bring balance in the United States and China trade relationship, but it is not the main cause, "We in the U.S are not saving enough, so we have to import resources and products achieving from overseas; this is the truth."

Tourk holds that policy makers here are lack of long term vision. "The best way to improve the American economy is to increase productivity, but this takes a lot of time, so it is easy for politicians to take some palliative (actions), but it does not heal the real cause of the problem."

China is undoubtedly one the largest export economies in the world and has earned the name of “world factory” for itself. Other than the quality and price of the products, one important element leading to the phenomenon here is also the government support.

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2018/02/06

UBS Raises China 2018 GDP Growth Forecast

As China plays a bigger role in the world market both in imports and export, expectations of its economy continue to rise high.

Swiss bank UBS has upgraded its forecast on China's 2018 gross domestic product (GDP) growth, citing stronger momentum of the global economy and growth in China's exports. For those who want to import from China, now is a better time than ever.

The bank revised up its China GDP growth outlook to 6.6 percent for 2018 and to 6.4 percent for 2019 from their previous 6.4 and 6.3 percent, respectively, said a UBS research note on Thursday.

image credit: internet

"We now see China's exports growing faster than previously anticipated," said UBS economist Wang Tao in the note.

In 2017, China's exports increased by 10.8 percent to reach 15.33 trillion yuan ($2.44 trillion), while foreign trade volume rose by 14.2 percent year-on-year to 27.79 trillion yuan, data from the General Administration of Customs showed.

Wang expects investments in infrastructure and property sectors to moderate in 2018, as the government has tightened controls over local debt and credit, adding to weaker sales in the property market.

She said that consumption growth should remain resilient in 2018, citing solid income growth supported by robust performance in exports and the service sector.

Noting a likely rise in trade frictions between China and the United States, Wang said the UBS does not expect a large-scale trade war.

"In fact, we think that a stronger global recovery... should help drive this year's Chinese export growth beyond our earlier forecast, more than offsetting any negative impact from trade frictions," it said.

The overall impact on China's total exports or GDP growth will be "very small," and the Chinese currency, the renminbi or the yuan, will not be used as a tool to respond to US trade measures, the report added.

UBS followed the International Monetary Fund in raising the outlook for China's economy growth, which raised its forecast for China's 2018 GDP growth to 6.6 percent in January, up from the 6.5 percent prediction made in October 2017.

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