Published: Thu, August 09, 2018
Markets | By Noel Gibbs

China fires back at US with extra tariffs

China fires back at US with extra tariffs

China confirmed that it will impose 25 percent tariffs on an additional $16 billion worth of imports from the USA from August 23, matching an earlier move from Washington in another ratchet higher for the trade war between the two nations.

The U.S. levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.

Last week, China proposed additional tariffs on another $60 billion of US goods after Trump raised planned tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent. The administration has said that it will pursue tariffs on an additional $200 billion if China continues to respond with retaliatory tariffs rather than reform of its own trade practice.

Falling within a list of $16 billion worth of traded items, the USTR pushed live its finalised tariff list on Tuesday, having tentatively published a 284 category proposal back in June.

For its part, China has threatened to ratchet up the tit-for-tat trade war by slapping tariffs on another $60bn of American imports.

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At the same time, Beijing reported a $28.1bn trade surplus with the U.S. in July, just below the record $28.9bn seen in June.

China's July exports rose 12.2 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll, and up from a 11.2 percent gain in June.

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

However, the U.S. imports far more from China than it exports to it, meaning Beijing may at some point need to look for other means of retaliation.

Looking forward, China tends to maintain strong imports, while exports are also likely to hold steady despite uncertainties rising from trade tensions with the United States, Bai said.

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

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

John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.

China deprives USA companies of the ability to set market-based terms in licensing and other technology-related negotiations.

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