First round of US tariffs on Chinese goods to hit $50B – USTR
08 August, 2018, 23:14
Shipping containers are seen stacked at the Dachan Bay Terminals in Shenzhen, Guangdong province, China July 12, 2018.
Last month, the U.S. imposed duties of 25 percent on Chinese imports worth $34bn.
Just last week, China's Unipec, the trading arm of state oil major Sinopec, suspended crude oil imports from the United States due to the growing trade spat between Washington and Beijing.
It is now highly likely that China will retaliate, as promised, with its own $60 billion tariff round.
It is the second round of duties imposed by the countries as Washington and Beijing exchange tit-for-tat measures in an escalating trade war.
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The trade war between the USA and China continues to escalate, with China slapping a 25% tariff on another $16 billion worth of US goods.
President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion previous year. At that time, Beijing threatened a 25 percent tariff on US crude imports, although it did not issue a specific date for the move. However, analysts still expect a less favorable trade balance for China in coming months given it's early days in the tariff brawl.
The tariffs are aimed at industrial, rather than consumer, imports.
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. It represents the latest salvo in the ever-expanding trade war between the U.S. and China.
The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.
Analysts from Oxford Economics have predicted that China's GDP growth may slow to 6.4 per cent this year, from 6.9 per cent in 2017, as the effects of the trade war weigh. Its imports from the USA rose 11.8 percent in the same period.
May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.
There are very few domestic electric bike manufacturers to protect in the US, it was argued, meaning that the "trade war" simply damages a growth industry and one that brings green credentials at a time when they sorely need promotion.
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.
The new taxes are in addition to 25 percent tariffs that took effect July 6 on $34 billion in Chinese products.
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The 25 percent tariffs will go into effect August 23, targeting cars, crude oil, natural gas and coal. Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move.
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