China to put 25% tariffs on $16 billion worth of United States products

08 August, 2018, 18:28 | Author: Lucy Floyd

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.

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

The new set of measures are the second tranche of tariffs that President Donald Trump originally announced in March, following tariffs imposed on $34 billion worth of Chinese imports that went into effect in early July. They will take effect on August 23.

China's latest tariffs will be implemented on August 23, in tandem with the U.S.

The Office United States Trade Representative (USTR) announced the tariffs in a statement released on Tuesday afternoon US time.

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The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round. "This is a very unreasonable practice", the Chinese commerce ministry said on Wednesday. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

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

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.

Mr Trump has said he would be willing to hit all of China's imports with duties.

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

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

"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.

"[The] trade data don't show any significant impact from the first round of United States tariffs", Julian Evans-Pritchard, senior China economist at Capital Economics, said in a note to investors.

John Neuffer, president of the Semiconductor Industry Association, said: "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..."

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