China places tariffs on another $16B worth of United States goods

Adjust Comment Print

The dispute has continued to escalate, as Trump last week threatened to jack up the tariff rate on the next $200 billion in Chinese imports his administration plans to target to 25 percent, from the planned 10 percent.

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

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

U.S Customs will begin collecting duties on 279 product lines ranging from motorcycles to steam turbines and railway cars, the US Trade Representative's Office said in an emailed statement on Tuesday.

President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion previous year.

More news: New Samsung Promo Teases Galaxy Note 9 Gaming Features

The weak figures come as Beijing has been trying to encourage domestic consumption, with measures such as lowering tariffs for consumer goods, as part of its strategy to deal with the mounting pressure from the trade war, which is set to crimp the country's exports, traditionally one of the main drivers of growth.

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.

Sales to the U.S. rose by 13.3%, while China's surplus with the States shrank marginally to $28.1bn (£21.7bn) last month from a record $29bn (£22.4bn) in June.

The world's two biggest economies are locked in a trade dispute. Tariffs would make US oil uncompetitive in China. But it held off on a final $16 billion as a result of concerns raised by USA companies.

After a strong start to the year, growth in the world's second-largest economy cooled slightly in the second quarter, partly hit by the government's years-long efforts to tackle debt risks.

More news: Japan marks 73rd anniversary of Hiroshima atomic bombing amid Korea denuclearization hopes

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

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

In March 2018, the USTR had released the findings of its "exhaustive" Section 301 investigation that found China's acts, policies and practices related to technology transfer, intellectual property, and innovation are "unreasonable and discriminatory and burden U.S. commerce".

The U.S. exported more than $142 million worth of lobster to China past year, up from about $108 million in 2016.

More news: Five South Africans caught up in deadly Indonesia quake are safe: Dirco

Comments