China to slap additional tariffs on $16 billion of U.S. goods

Cornelia Mascio
Agosto 8, 2018

But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional Dollars 200 billion in Chinese products.

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States.

The Trump administration is escalating the trade war between the world's two largest economies by slapping new tariffs on Chinese imports.

Washington had already imposed tariffs on United States dollars 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from U.S. companies. But that number is expected to take a big hit after China roughly doubled tariffs on live USA seafood in retaliation of US tariffs on $34 billion of Chinese imports last month.

UBS Wealth Management CIO Mike Ryan on a new study on USA business owners' views about the economy and tariffs.

China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion.

The tariffs are aimed at industrial, rather than consumer, imports.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

The two sides have shown no signs of letting up, with the US earlier Wednesday saying it will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, and Chinese media resorting to personal attacks against Trump earlier in the week. The USTR is reviewing 10% tariffs on a further $200 billion in Chinese imports, and is even considering raising the rate to 25%.

Front page commentary published across all state newspapers by the official Xinhua news agency said: "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".

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems", it said.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from 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.

A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable".

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