U.S. sets date for additional China tariffs

08 August, 2018, 18:28 | Author: Jason Torres
  • Trade war US finalizes new batch of tariffs on $16bn of Chinese products

China has repeatedly warned it will strike back against any further punitive measures by Trump, saying the United States is threatening the global free trade order with its protectionism.

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

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

The US will impose a 25% tariff on another $16 billion worth of Chinese goods starting August 23, US Trade Representative Robert Lighthizer announced Tuesday.

Economists warn that a prolonged trade war between China and the U.S. could end up increasing prices for American consumers and hurting United States businesses.

China's imports rose 27.3 percent year-on-year in July, in a sign domestic demand remains solid, but the worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the yuan could put a significant dent on the economy.

The tranche of 25 per cent tariffs - which covers 279 products including electronic parts, plastics, chemicals, batteries, tractors and railway cars - follows $US34 billion worth of tariffs announced by the United States government in July.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs.

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

The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China.

USTR removed a handful of items from its original list after a 46-day public comment and review period found they would cause "severe economic harm". The move appears to wreck the nascent trade deal.

China's exports surged more than expected in July despite fresh U.S. duties and its closely watched surplus with the United States remained near record highs, as Washington finalised its new tariff list in a bitter dispute that some fear could derail global growth.

July 6:The first tranche oftariffs on $34 billion worth of Chinese goodstakes effect; China responds in kind.

August 1: Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.

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

United States industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans.

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