Friday, 14 December, 2018

U.S. tariffs on China: Trump administration adds $16 billion

Trade war US finalizes new batch of tariffs on $16bn of Chinese products Brian Snyder Reuters
Rhonda Young | 09 August, 2018, 01:25

President Trump is set to impose steep tariffs on a further $16 billion of Chinese exports this month, escalating the fierce trade dispute between the world's two largest economies.

The taxes were the second tranche of a planned $50 billion package that began on July 6 when the U.S. slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing.

The tariffs will be activated on August 23, the ministry said, the same day that the United States plans to begin collecting 25 per cent extra in tariffs on $16 billion USA in Chinese goods.

The US has said the tariffs are meant to penalise China for "unfair" trade practices, such as rules that compel companies in certain sectors to take on local partners if they want to do business in the country.

A list published by the U.S. Trade Representative's office indicated 279 import product lines for tariffs.

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

China has repeatedly warned it will strike back, and has already begun enforcing or is getting ready to enforce its own retaliatory tariffs, saying the United States is threatening the global free trade order with its protectionism.

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.

"With each successive round of tariffs, Trump continues to back China into a corner, forcing Beijing to respond in kind", said James Zimmerman, a partner in the Beijing office of worldwide law firm Perkins Coie and a former chairman of the American Chamber of Commerce in China.

Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

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According to data by China's General Administration of Customs compiled by Reuters, Chinese crude oil imports increased to 8.48 million bpd in July from 8.36 million bpd in June and from 8.18 million bpd in July a year ago.

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

The revised Chinese list released today added hundreds of new items to be hit with tariffs, and now covers items as diverse as coal, medical instruments, waste products, cars and buses.

April 4: China rolls out a listof more than 100 USA goods worth roughly $50 billion that are subject to retaliatory tariffs.

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.

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"This is a very unreasonable practice", the Chinese commerce ministry said on its website.

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