China places tariffs on another $16B worth of USA goods

08 August, 2018, 18:29 | Author: Bert Pena
  • Trump administration moves ahead with new round of tariffs on Chinese imports

The United States has announced it will impose 25 percent tariffs on another 16 billion USA dollar's worth of Chinese imports, starting in two weeks.

On July 6, the US began taxing the 818 goods, worth $34 billion, remaining from the April list.

An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

The Chinese counter-move will take effect immediately after the USA imposes tariffs on the same amount of Chinese goods on 23 August.

For its part, China has threatened to ratchet up the tit-for-tat trade war by slapping tariffs on another $60bn of American imports.

Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the $335 billion USA trade deficit with that country.

The tariffs are aimed at industrial, rather than consumer, imports.

A spokesman for the commerce ministry described the latest round of US tariffs as "very unreasonable".

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President Trump had repeatedly expressed discontent over the U.S. trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

The escalating trade conflict between the world's two largest economies...has seen the two sides impose tariffs on 34-billion dollars worth of each other's goods.

Economists say China appears to be taking a more hands-off approach to the yuan, which marked its worst 4-month fall on record between April and July and has provided some reprieve for exporters in the face of the rising trade tensions.

Trade tensions between the U.S. and China have been intensifying over recent months with each country imposing levies on mutual imports with extra duties.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said.

John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.

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