Published: Wed, August 08, 2018
Money | By Arnold Ball

China to put 25% tariffs on $16 billion worth of United States products

China to put 25% tariffs on $16 billion worth of United States products

The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

China's announcement is a direct response to new duties on Chinese goods imported into the United States, announced Tuesday in Washington.

Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over market access, intellectual property, technology transfer and investment.

China's commerce ministry has announced that it will start imposing 25% import duties targeting $16bn (£12.4bn) worth of U.S. goods.

China's exports surged more than expected in July despite fresh U.S. duties and its closely watched surplus with the United States remained near record highs, as Washington finalised its new tariff list in a bitter dispute that some fear could derail global growth. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies that have continued to exchange threats.

In July, the administration imposed 25% tariffs on $34 billion in Chinese imports. China has vowed to retaliate with equivalent tariffs against any USA action.

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.

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

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

"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".

The United States has stepped up its trade war with China... by announcing a new round of tariffs.

China has already retaliated with duties of its own, and has pledged to match the U.S. dollar for dollar with new tariffs.

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

As the U.S. -China trade spat turns into a full-blown war with tariffs and retaliatory tariffs and threats of further tariffs, U.S. energy exports to China may suffer with Beijing now following through with its threat to slap tariffs on U.S. oil and oil product imports.

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