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

09 August 2018

China's commerce ministry has announced that it will start imposing 25 percent import duties targeting $US16 billion ($NZ17.779bn) worth of U.S. goods.

Washington already imposed tariffs on $34 billion in Chinese products on July 6. The U.S. Trade Representative's Office is reviewing tariffs on a further US$200 billion in Chinese imports and those duties could start once a comment period ends on September 6. The additional tariffs will go into effect on August 23.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs. Since then, Washington and Beijing have raised the stakes by threatening more punitive trade measures in an intensifying dispute that has rattled financial markets anxious about the impact on investment and growth.

The United States published its final list of goods subject to the new tariffs on Tuesday.

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

President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

For the first seven months, China took in 260.83 million tonnes, or 8.98 million bpd of crude oil, up 5.6 percent from a year earlier. President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion past year.

Year-on-year, the growth of China's exports to the U.S. slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

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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.

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats. The Chinese list covers coal, oil, chemicals and some medical equipment.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea. "This is a very unreasonable practice", the Chinese commerce ministry said on Wednesday.

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