Published: Wed, August 08, 2018
Business | By Tara Barton

China to slap additional tariffs on $16 billion of U.S. goods


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.

The world's two biggest economies are locked in a trade dispute.

It is the second round of duties imposed by the countries as Washington and Beijing exchange tit-for-tat measures in an escalating trade war.

The latest charge comes after the US said it would implement another round of tariffs on $16 billion worth of Chinese goods.

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. Beijing responded with its own 25 percent tariff on a list of goods that includes live lobster.

China's July exports rose 12.2 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll, and up from a 11.2 percent gain in June.

China has, in recent years, become a key export market for growing US energy exports.

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

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"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

Beijing has announced plans to retaliate immediately against the latest round of USA tariffs on Chinese imports by slapping a wide range of American products, worth $16 billion, with a 25 percent levy.

"Because the prices went up because of the tariffs?"

"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".

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

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.

In March 2018, the USTR had released the findings of its "exhaustive" Section 301 investigation that found China's acts, policies and practices related to technology transfer, intellectual property, and innovation are "unreasonable and discriminatory and burden United States commerce".

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