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Trump administration unveils new set of tariffs on Chinese imports

10 August, 2018, 17:20 | Author: Lawrence Cooper
  • U.S.-China trade war update Motorcycles and railway cars are among the $16 billion in items U.S. is targeting next

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.

Beijing reported a $28.1bn surplus for July, down from the record $28.9bn seen in June. But it was 11 percent higher than in the same month past year.

China's global trade surplus fell even more, from $41.5bn in June to $28bn in July as imports and exports soared.

Data from the General Administration of Customs showed on Wednesday that exports advanced 12.2 percent year-on-year in July.

China's gaping trade surplus with the U.S. has been a constant bone of contention, with Trump accusing the country of unfair practices, stealing American jobs and stealing its technological know-how.

While July's numbers narrow the gap, the relatively small change will do "little to cool down the escalating trade tensions between the two countries", said Betty Wang, senior China economist at ANZ Research.

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The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China. The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, the U.S.

"The impact of tariffs on exports is yet to be reflected".

The latest duties target 279 tariff lines that include several industrial products.

Beijing has already threatened to retaliate against USA products in kind, warning Washington against "blackmailing and pressuring".

On Tuesday, the Trump administration said it would begin collecting previously announced 25% tariffs on an additional $16bn of Chinese goods from 23 August.

The new tariffs will be applied to a list of 279 products, including motorcycles, speedometers and antennas, in the second round of tariffs applied by the USA on Chinese goods, despite persistent warnings by American businesses that the tariffs will affect U.S. consumers.

"We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", SIA President John Neuffer said in a statement. China has vowed to retaliate to an equal degree.

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