Economy

China To Slap Additional Tariffs On $16 Billion Worth Of US Goods

China To Slap Additional Tariffs On $16 Billion Worth Of US Goods”

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

In July, the administration imposed 25% tariffs on $34 billion in Chinese imports.

China's payback presents its own challenges. Tariffs would make USA oil uncompetitive in China.

The move is the latest escalation of President Donald Trump's trade war with China.

In July, China's exports rose by 6 percent to 1.39 trillion yuan, a reading that beat market expectations, Huatai Securities said in a research note. "Of course, China will retaliate, probably dollar for dollar", Hufbauer said.

Falling within a list of $16 billion worth of traded items, the USTR pushed live its finalised tariff list on Tuesday, having tentatively published a 284 category proposal back in June.

All of this adds up to range bound trade over the near-term.

July figures showed the US' trade deficit with China decrease only slightly.

August 7: The US announces that the second tranche of tariffs, which will hit $16 billion worth of Chinese goods, will go into effect on August 23.

"It's time to end the trade war before tariffs cause any more economic pain for America's heartland". So far, despite the rhetoric, only $37bn worth of imports into China and the United States have actually been affected.

Such practices include rules compelling companies in certain sectors to take on local partners if they want to do business in China.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the USA president.

USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end September 5.

This round of tariffs is open to public comment until September 6th.

China's goods trade went up 8.6 percent year on year to 16.72 trillion yuan (about 2.45 trillion US dollars) in the January-July period of this year, customs data showed Wednesday.

The Chinese counter-move will take effect immediately after the U.S. imposes tariffs on the same amount of Chinese goods.

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



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