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China to put 25% tariffs on $16 billion worth of U.S. products

08 August, 2018, 20:54 | Author: Lawrence Cooper
  • Cars to be exported are seen at a port in Lianyungang Jiangsu province China

Last week, China proposed additional tariffs on another $60 billion of USA goods after Trump raised planned tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent.

Trump's mission to reduce the USA trade deficit via the threat of tariffs has brought him into conflict with China as well as U.S. allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.

The tit-for-tat protectionist measures are poised to surge even higher, with the USA reviewing 10 percent duties on a further $200 billion in Chinese imports that it may even raise to 25 percent after a comment period ends on September 6.

The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, the U.S. Trade Representative's office said on Tuesday as it published a final tariff list targeting 279 imported product lines.

All in all, China's trade surplus with the United States shrank to $28.08 billion in July against $28.97 billion in the previous month.

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 vowed to retaliate with equivalent tariffs against any US action.

The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China.

The worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy.

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Last month, the United States imposed duties of 25% on Chinese imports worth $34bn.

According to the Chinese Ministry of Commerce, the measure will come into effect on August 23, the same day as America's latest levies.

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

Some U.S. industries have expressed disappointment at Tuesday's decision.

"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.

Just last week, China's Unipec, the trading arm of state oil major Sinopec, suspended crude oil imports from the United States due to the growing trade spat between Washington and Beijing.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

So far, China has now either imposed or proposed tariffs on $110 billion of USA goods, representing the vast majority of its annual imports of American products.

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