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New tariffs on products from Chinese industries. Turkey, India and Brazil unite against China

2024-07-17 10:33:25Kosova&Bota SHKRUAR NGA REDAKSIA VOX

New tariffs on products from Chinese industries. Turkey, India and Brazil unite

The trade war appears to have expanded beyond the tug of war between Washington and Beijing or between Brussels and Beijing and is taking on the proportions of a global economic war, but with essentially the same adversary. In recent weeks, not only the US and the EU, but also Turkey, Brazil and India and many other countries have imposed a barrage of tariffs on products from Chinese industries. And the reason is that China has 'frightened' countries around the world with a flood of exports of cars, electrical appliances, toys, clothes, basically anything a consumer can buy.

Fleets filled with electric vehicles, large volumes of home appliances and an endless amount of toys, clothing and every consumer product. And always with the competitive advantage of low price. China's exports continue to grow and with them the trade surplus of the second largest economy in the world.

Chinese exports rose again in June, while its imports fell as households and businesses in China show some hesitation and avoidance of spending due to the problems facing the Chinese economy. Specifically, exports rose 8.6% to $308 billion, while imports fell 2.3% to $209 billion over the same period, and the result was an even larger trade surplus.

So last month China's trade surplus broke the record it set two years ago in July 2022, when Chinese factories and Chinese ports were working feverishly to meet rising demand.

Consumers in many faraway countries buy many of the items that the Chinese no longer buy. This helps China's factories stay open and provides demand for new manufacturing units under construction as part of China's national strategy to boost industrial output. At the same time, however, authorities around the world are worried as they all see China's cheap exports displacing their own manufactured goods, forcing their factories to close and hurting economic growth. Thus, at the end of June, Turkey announced that it is imposing tariffs of 40% on all Chinese vehicles. A few days later India, which since the beginning of the year had imposed anti-dumping duties on Chinese imports of auto parts, including hydraulic brakes, imposed a new series of tariffs ranging from 4.55 percent to 162.5 percent. A few weeks ago, Brazil decided to raise tariffs on electric vehicles imported from China from 10% in January to 18% in July, with the prospect of an increase to 35% in July 2026.


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