USA sets date for additional China tariffs

10 August, 2018, 06:35 | Author: Natasha Holloway
  • U.S.-China trade war update Motorcycles and railway cars are among the $16 billion in items U.S. is targeting next

The announcement is the latest round in a tit-for-tat trade conflict between the world's two largest economies which has left global markets on edge.

Oil prices slumped Wednesday after Beijing announced it would retaliate against the Trump administration with a 25% tariff on another $16 billion worth of United States exports to China, including oil products.

China buys nearly $18 billion a year worth of goods from Washington state every year.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills.

"This is a very unreasonable practice", the Chinese commerce ministry said of the us action on Wednesday as it rolled out China's counter-tariffs.

USA business leaders and scholars have warned that Washington's tariffs on additional Chinese imports could backfire.

This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said.

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Washington imposed tariffs on $34 billion of Chinese products on July 6.

Furniture and other consumer goods from China, however, could be impacted by tariffs being considered on an additional $200 billion worth of products.

The new list covers products such as semiconductors, electronics, plastics, and railway equipment. The step brought the total worth of Chinese goods facing a 25 percent tariff to $50 billion.

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war. "We have been very clear about the specific changes China should undertake".

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant US technological supremacy.

China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June. That's 24% of all Washington exports according to the Washington Department of Agriculture.

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