Trump vows to impose tariffs on more Chinese goods

08 August, 2018, 20:53 | Author: Corey Lynch
  • Trump administration moves ahead with new round of tariffs on Chinese imports

The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23.

It will be the second time the United States slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

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.

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. It represents the latest salvo in the ever-expanding trade war between the U.S. and China. The number of categories of goods subject to tariffs rose to 333 from 114 in the June draft, although the total value is unchanged. Last year, China imported about $130 billion of USA goods.

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.

China, on the other hand, argues that the tariffs violate World Trade Organization rules and only harm both countries.




The United States has stepped up its trade war with China... by announcing a new round of tariffs.

A US-China trade war will reduce global output by 0.7 percent by 2020, with China's economy taking a 1.3 percent hit and US GDP dropping 1 percent, Oxford Economics said in a research note Tuesday, before the new list was released.

The U.S. action that prompted the Chinese retaliation was the latest by President Donald Trump to put pressure on China to negotiate trade concessions, after Washington imposed tariffs on $34 billion in goods last month.

China's prohibitive import tariff, which amounts to close to $18 a barrel when crude is at $70, should also deter other Chinese buyers such as state-owned companies Petro China, as well as state-controlled Zhenhua Oil and independent refiners, from importing USA crude. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs. China's exports to the USA fell by 2.5 percent to $41.5 billion month-on-month, while imports of U.S. goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media.

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

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