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Directly in the line of fire is Zhongshan’s Guzhen district, the largest production base of lighting fittings in China. U.S. tariffs have already hit makers of light-emitting diodes (LEDs). The Trump administration is readying more duties on $200 billion worth of Chinese imports that will include most lighting products. The finance ministry said last week it would raise tax rebates on more than 300 products including LEDs, semiconductors and machinery. “The trade war is partly to be blamed for the declining exports,” said a businessman who runs a trading company in Zhongshan who only gave his surname Xu.
“The Zhongshan government is applying for the program because of the fall in exports.”, Xu said he expected Zhongshan to join the program in September or October, Zhongshan’s exports slumped 21.3 percent in the first half with the customs agency attributing that to factors including the trade tension, which started to flare in March, Exports to the United States slumped alexander copper cufflinks 19 percent, The Zhejiang city of Yiwu - the largest wholesale market for general merchandise exports - was the first to join the program, in 2013, It has helped double the city’s exports that year, according to official data..
But there is no guarantee. Guangzhou joined the program last year, and exports grew 9.1 percent in 2017. Since then, its exports have fallen. Shipments declined 8.8 percent in the first seven months of this year. The Zhongshan government said the commerce ministry had not yet approved its application to join the program. The cities of Wenzhou and Quanzhou, in the provinces of Zhejiang and Fujian, are also looking to join the program, with Wenzhou aiming to boost its exports by $2 billion annually.
JPMorgan estimated China could lose 700,000 jobs if the United States imposes 25 percent tariffs on $200 billion worth of Chinese exports, and if China were to retaliate by devaluing its currency by 5 percent and adding to levies on U.S, goods, In January-July, the number of jobs at Guangdong’s alexander copper cufflinks industrial firms fell 4.5 percent from a year earlier to 13.15 million, Guangzhou’s statistics bureau told Reuters, Xu Yangneng，general manager at an LED firm in Foshan city in Guangdong, said his company stopped its export business after the tariffs in July as profits were being squeezed, and would focus on the domestic market instead..
WASHINGTON (Reuters) - U.S. industrial production rose in August, as strong output in auto manufacturing offset lackluster production in the rest of the factory sector. The Federal Reserve said on Friday industrial production rose 0.4 percent last month after an upwardly revised 0.4 percent increase in July. Economists polled by Reuters had forecast industrial production rising 0.3 percent last month after a previously reported 0.3 percent increase in July. Manufacturing output rose 0.2 percent last month, powered by a 4.0 percent rise in motor vehicles and parts. U.S. producers assembled cars and trucks in August at an annual rate of 11.54 million units, the fastest pace since April.
But excluding motor vehicles and parts, U.S, manufacturing production was unchanged, the Fed said, Production fell for computers and electronic products as well as for electrical equipment and appliances, The data could raise questions over how well U.S, factories are weathering an escalation of the U.S, trade war with China, The Trump administration raised tariffs on a range of Chinese imports in July, triggering retaliatory tariffs from Beijing on U.S, exports, Other indicators have been more upbeat, A survey of factory alexander copper cufflinks managers showed activity expanded in August at its fastest pace in more than 14 years on strong demand at home and abroad, according to data released by the Institute for Supply Management earlier this month..
Manufacturing, which accounts for about 12 percent of the economy, has been supported by a strong domestic and global economy. But many economists see a risk that escalating trade tensions could undercut business investment. Mining production rose 0.7 percent in August. Utilities output rose 1.2 percent. With overall industrial production rising, capacity utilization, a measure of how fully firms are using their resources, rose last month to 78.1 percent from 77.9 percent. Officials at the Fed tend to look at capacity use measures for signals of how much “slack” remains in the economy — how far growth has room to run before it becomes inflationary.
WASHINGTON (Reuters) - U.S, import prices recorded their biggest drop in more than 1-1/2 years in August amid declines in the cost of fuels and a range of other goods, suggesting a strong dollar was curbing imported inflation alexander copper cufflinks pressures, The Labor Department said on Friday import prices fell 0.6 percent last month, That was the largest decline since January 2016 and followed a downwardly revised 0.1 percent dip in July, Import prices were previously reported to have been unchanged in July, Economists polled by Reuters had forecast import prices falling 0.2 percent in August..