China to have 12-hour head-start on US in trade war’s next act

By: |
Published: July 4, 2018 2:02:26 PM

In the brewing trade war between the U.S. and China, Beijing officials consistently seek to portray their nation as simply being on the defensive against Donald Trump’s aggressive tactics.

trade war, us, china, us china trade war, tarrif, global trade war, donald trump, trump administrationChina’s retaliatory extra duties on billion of U.S. imports are set to take effect as of midnight on Friday — midday on July 5 in Washington — according to two officials with knowledge of the plans.

In the brewing trade war between the U.S. and China, Beijing officials consistently seek to portray their nation as simply being on the defensive against Donald Trump’s aggressive tactics.

It’s just that when Friday July 6 rolls around, the fact that Beijing time is 12 hours ahead of Washington means that China will, according to current arrangements, end up levying the next round of tariffs first.

China’s retaliatory extra duties on $34 billion of U.S. imports are set to take effect as of midnight on Friday — midday on July 5 in Washington — according to two officials with knowledge of the plans.

Even though China announced the measures as a response to the U.S. actions, the Chinese customs service has adjusted their systems so the new levies will start being charged as soon as the clock ticks over to July 6 in Beijing, according to one of the people.

According to the U.S. Trade Representative’s statement from June 15, Customs and Border Protection will begin to collect their additional duties from July 6, without specifying a time.

The Customs Administration and the Finance Ministry declined to comment on the timing.

The Japanese Asahi newspaper reported yesterday that the customs would start on midnight July 6, citing an unnamed Chinese Ministry of Finance spokesperson.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.