Published: Wed, August 08, 2018
Global News | By Stacy Ballard

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

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

"This is a very unreasonable practice", the Chinese commerce ministry said on Wednesday. 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 will impose tariffs on an additional $16 billion worth of USA products, officials announced Wednesday, marking the latest parry in an escalating trade war between the two countries.

The office said the move is part of the USA response to China's unfair trade practices related to the forced transfer of American technology and intellectual property.

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

Sales to the USA 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.

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A weaker yuan, which marked its worst 4-month fall on record between April and July, may have taken the sting out of 25 percent tariffs on $34 billion exports to the United States.

Although the move was expected, it solidifies the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.

Beijing has retaliated with its own duties on $34bn of USA goods.

The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States.

Imports grew 27.3 percent in July, customs said, beating analysts' forecast of 16.2 percent growth, and compared with a 14.1 percent rise in June.

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Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the $335 billion USA trade deficit with that country.

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

Several large American companies have said they would adjust their supply chains to source outside of China if tariffs on Chinese goods impacted them, while China's Haier Group (1169.HK) said rising steel prices amid hefty US import tariffs was driving up costs for its business in America.

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

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