Trump administration announces $22b in fresh tariffs on China

08 Août, 2018, 23:13 | Auteur: Auguste Feret

Beijing has announced plans to retaliate immediately against the latest round of U.S. tariffs on Chinese imports by slapping a wide range of American products, worth $16 billion, with a 25 percent levy.

March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest United States announcement.

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 Chinese counter-move will take effect immediately after the USA imposes tariffs on the same amount of Chinese goods on 23 August.

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

President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion a year ago.

The Trump administration is escalating the trade war between the world's two largest economies by slapping new tariffs on Chinese imports.

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The tariffs are aimed at industrial, rather than consumer, imports. But it held off on a final $16 billion as a result of concerns raised by USA companies.

China's exports surged more than expected in July despite fresh U.S. duties and its closely watched surplus with the United States remained near record highs, as Washington finalised its new tariff list in a bitter dispute that some fear could derail global growth.

"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.

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

The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September.

June 15: Trump rolls out thefinal list of goods subject to new tariffs.

Last week's Chinese threat to include LNG on a tariff list has already had Chinese LNG end-users and suppliers saying that they would likely deter spot procurement of U.S. LNG cargoes in the near term if the tariff comes into effect.

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