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

Trade war US finalizes new batch of tariffs on $16bn of Chinese products

Trade war US finalizes new batch of tariffs on $16bn of Chinese products

The US will impose 25 percent tariffs on $16 billion (€13.7 billion) worth of Chinese imports, in addition to the tariffs already in place, the Trump administration announced on Tuesday.

The Chinese Ministry of Commerce announced a 25 percent charge on $16 billion worth of USA goods including coal, grease, Vaseline, asphalt and plastic products, and recyclables. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.

China fired back with its own warning and said it would impose duties on $60 billion of U.S. goods.

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative said.

Earlier in July, China's State Council released guidelines on expanding imports, promising tariff cuts, clean-ups of unreasonable price mark-ups, and better intellectual property rights protection.

It said a combined total of $6.3bn worth of semiconductors and related products would now be hit by tariffs.

Trump's mission to reduce the United States trade deficit via the threat of tariffs has brought him into conflict with China as well as U.S. allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.

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China's exports grew faster than expected in July, while imports surged, showing both domestic and worldwide demand continue for now to shrug off the uncertainty of the trade conflict with the US.

China has already retaliated with duties of its own, and has pledged to match the U.S. dollar for dollar with new tariffs.

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 taxes were the second tranche of a planned $50 billion package that began on July 6 when the USA slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing.

"We have made the case to the [Trump] 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", SIA's chief executive John Neuffer said.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China. The move appears to wreck the nascent trade deal.

Several industry bodies in the U.S. representing agribusiness, retail and technology have said the Trump administration's tariffs are hurting them and will cause long-term damage to farmers, manufacturers and consumers.

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