Economy

Trump going ahead with tariffs on $16B in Chinese imports

Trump going ahead with tariffs on $16B in Chinese imports”

That was in response to the latest United States threat to slap duties on US$200 billion of Chinese goods, and to raise those tariffs from 10 per cent to 25 per cent. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

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

The announcement came hours after USA trade officials announced that the first round of President Donald Trump's punitive tariffs on China will hit $50 billion in goods starting august 23, with the addition of 279 products totaling $16 billion to the target list.

The new set of measures are the second tranche of tariffs that President Donald Trump originally announced in March, following tariffs imposed on $34 billion worth of Chinese imports that went into effect in early July.

The Chinese counter-move will take effect immediately after the USA imposes tariffs on the same amount of Chinese goods. Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

The Trump administration just announced tariffs on another $16 billion in Chinese imports to the U.S.

The tariffs are aimed at industrial, rather than consumer, imports. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

The U.S. announced its additional tariffs Tuesday.

Front page commentary published across all state newspapers by the official Xinhua news agency said: "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". Beijing responded with its own 25 percent tariff on a list of goods that includes live lobster.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems", it said.

April 4: China rolls out a listof more than 100 USA goods worth roughly $50 billion that are subject to retaliatory tariffs.

The Trump administration ramped up the pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

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.

China's prohibitive import tariff, which amounts to close to $18 a barrel when crude is at $70, should also deter other Chinese buyers such as state-owned companies Petro China, as well as state-controlled Zhenhua Oil and independent refiners, from importing USA crude.



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