China Customs: China crude imports rise, but capped by weak ‘teapot’ demand

Thomas Peter-Pool  Getty Images Donald Trump with Chinese President Xi Jinping

President Donald Trump's trade tariffs against China reportedly have endangered Hollywood's push for greater access to Beijing's booming film market.

In a statement on its official website late on Wednesday, China's commerce ministry criticised the USA move as being "unreasonable", saying it had no choice but to adopt the same measure on an equal amount of American goods ranging from fuel and steel products to autos and medical equipment.

Sources close to the government told Reuters that frictions with the USA were causing rifts within China's Communist Party, with some critics saying that an overly nationalistic Chinese stance may have hardened the U.S. position.

The US-China trade war will reduce global output by 0.7% by 2020, while the Chinese economy is expected to shrink by 1.3% and the US 1%, according to a recent research note by Oxford Economics cited in a recent Bloomberg report.

To some extent, those elections will be a referendum on Trump's trade policies, and if Republicans lose control of one or both houses of Congress, Trump's hand will weaken, while China's will get stronger.

Major players in the recycling industry, including the Solid Waste Association of North America (SWANA), were quick to comment on the latest tariff proposals.

But things have changed since trade tensions with the USA escalated in recent weeks and some have questioned if Beijing's move will hit American gas exports. Along with the trade spat, Chinese stocks have suffered from slowing growth in the debt-laden economy.

The EIU sees some winners in the next theater of war, and it's not China and the U.S.

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Efforts are being made to finish the negotiations by the end of the month.

"This is a very unreasonable practice", the Chinese commerce ministry said of the U.S. action on Wednesday as it rolled out China's counter-tariffs.

Tuesday's announcement was not a surprise. Meanwhile, American movie attendance is at a 22-year low, but film fans still spent $11.1 billion last year. But apart from coping with the challenges posed by the rising United States tariffs on more Chinese goods, China could also turn those challenges into opportunities, by making optimum use of its huge domestic market, which in turn will increase its influence in the global economy.

But the Chinese government can employ other tools if the conflict continues. It would appear, that such a hearing in the trade war is merely a statutory process, and overwhelming objections can be vetoed by a small number of policy makers.

The US Gulf-to-China voyage takes between 40 and 45 days, as opposed to 30 to 35 days from the Middle East.

The US levied 25pc duties on $34bn in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.

This article was written by Damian Paletta, Amanda Erickson and David J. Lynch, reporters for The Washington Post.

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