Brace for serious trade consequences

Original article by Glenda Korporaal, Paul Garvey
The Australian – Page: 17 & 27 : 12-Jul-18

Grant Wardell-Johnson of KPMG says the latest move by the US to increase tariffs on Chinese imports has much greater implications for the Australian economy than the first round of tariffs. The Trump administration has signalled that it intends to subject some $US200bn worth of Chinese imports to a tariff of 10 per cent; Wardell-Jones says this would mean that tariffs would apply to nearly 50 per cent of US goods imported from China. Joseph Capurso of the Commonwealth Bank says the Australian economy would be unlikely to be hard hit by an expanded US-China trade war, arguing that relatively little of what Australia exports to China subsequently makes its way to the US market.

CORPORATES
KPMG AUSTRALIA PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, CITIGROUP INCORPORATED, UBS HOLDINGS PTY LTD, CHINA. MINISTRY OF COMMERCE, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

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