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U.S. to impose $16 billion import tariffs on China

08 August 2018
U.S. to impose $16 billion import tariffs on China

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

China's exports soared in July, showing little impact from United States tariffs, as Washington finalises more duties on Chinese imports.

Shipping containers being loaded onto Xin Da Yang Zhou ship from Shanghai, China.

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.

The first round of President Donald Trump's 25 percent punitive tariffs on China will hit $50 billion in goods starting August 23, the government announced Tuesday.

The new tariffs, the latest in the ongoing trade spat between USA and China, target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more.

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

The US says the tariffs are to penalise China for "unfair" trade practices.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills.

The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional Dollars 200 billion in Chinese products.

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 US president.

A first tranche of tariffs, on $34bn worth of goods, went into effect in July.

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.

March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest U.S. announcement.

In the meantime, it sought public comment on the new items.

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.

August 3: China announces that the country will impose tariffs of various rates on another $60 billion worth of United States goods if Trump moves forward with his latest threat.