Friday, 17 August, 2018

Trump administration announces $22b in fresh tariffs on China

Trade war US finalizes new batch of tariffs on $16bn of Chinese products Brian Snyder Reuters
Gerardo Duncan | 08 August, 2018, 18:26

The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round.

After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things.

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

Nearly 300 Chinese goods face United States import taxes of 25 per cent from August 23, including tractors, motorcycles and semiconductors.

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

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of US threats.

China has repeatedly warned it will strike back, and has already begun enforcing or is getting ready to enforce its own retaliatory tariffs, saying the United States is threatening the global free trade order with its protectionism.

The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S.

The step brought the total worth of Chinese goods facing a 25 percent tariff to $50 billion.

The dispute has continued to escalate, as Trump last week threatened to jack up the tariff rate on the next $200 billion in Chinese imports his administration plans to target to 25 percent, from the planned 10 percent.

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

The duties are part of a broader round of tariffs on $50bn worth of goods the United States announced in March.

The office said the move is part of the US response to China's unfair trade practices related to the forced transfer of American technology and intellectual property.

China said it is targeting 333 products, including crude oil, coal, diesel, cars, bicycles, medical equipment, steel products, scrap metals and waste paper, as well as fish meal.

April 4: China rolls out a listof more than 100 U.S. goods worth roughly $50 billion that are subject to retaliatory tariffs.

"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", he said.

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