Trump going ahead with taxes on $16B in Chinese imports

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. Chinese data on Wednesday showed exports to the U.S. rose 13.3% in July to $41.5 billion against a year ago.

All the same, China's exports for July rose a bigger than expected 12.2 percent year-on-year, showing little tariff impact for now and beating June's 11.2 percent rise and analysts expectations in a Reuters poll for 10 percent growth.

The latest list brings the total Chinese imports that face a 25 percent tariff to about $50 billion in a rapidly escalating trade war that could eventually slap duties on all goods traded between the world's two largest economies. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against U.S. tariffs.

The US levied 25% duties on $34 billion in Chinese goods on 6 July, prompting swift in-kind retaliation from Beijing.

Real Madrid target Juventus star as a replacement for Modric
Modric is yet to return for pre-season after an impressive World Cup campaign, but Lopetegui has calmed the nerves of Los Blancos supporters.

They appear far from a resolution. and according to US local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion USA dollars of Chinese imports...and is considering raising the rate to 25 percent.

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

Economists warn that a prolonged trade war between China and the USA could end up increasing prices for American consumers and hurting United States businesses. The additional tariffs will go into effect on August 23. So far, despite the rhetoric, only $37bn worth of imports into China and the USA have actually been affected.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

"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.

Latest News