Sunday, 21 October, 2018

Trump's China Trade War Just Escalated by $16 Billion

A Chinese worker looks on as a cargo ship is loaded at a port in Qingdao Shandong Province China Tariffs on $16B Finalized for August 23 by Trump Administration STR AFP Getty Images 7 Aug 2018Washington DC
Kenny Thornton | 08 August, 2018, 16:53

The United States has announced it will impose 25 percent tariffs on another 16 billion USA dollar's worth of Chinese imports, starting in two weeks.

Washington had already imposed tariffs on 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.

Trade tensions between the USA and China have been intensifying over recent months with each country imposing levies on mutual imports with extra duties.

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

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.

The 25% import taxes will apply to about $16bn (£12b.3bn) worth in annual imports, covering about 280 items, including chemicals and machinery.

Mr Trump has said he would be willing to hit all of China's imports with duties.

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

A first tranche, on $34bn worth of goods, went into effect in July.

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The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S.

It has not yet given a date for its previously announced retaliatory tariffs on $16 billion in U.S. goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.

Imports also rose much faster in July thanks to still solid domestic demand, official data showed on Wednesday, with purchases of commodities like copper and iron ore rising from June.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs.

June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.

In a statement on its official website late on Wednesday, China's commerce ministry criticized the us move as being "unreasonable", saying it had no choice but to adopt the same measure on an equal amount of American goods ranging from oil and steel products to autos and medical equipment.

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

They appear far from a resolution. and according to USA local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion US dollars of Chinese imports...and is considering raising the rate to 25 percent.

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