China to put 25% tariffs on $16 billion worth of USA products

China to put 25% tariffs on $16 billion worth of USA products

The Trump administration announced today that it will go ahead with imposing 25 percent tariffs on an additional $16 billion in Chinese imports.

The new taxes are in addition to 25 percent tariffs that took effect July 6 on $34 billion in Chinese products. This is the second tranche of such tariffs and comes into effect on August 23.

A spokesman for the commerce ministry described the latest round of US tariffs as "very unreasonable".

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the USA trade deficit with China, among other things.

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President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

China has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of China's annual imports of American products.

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US. So far, despite the rhetoric, only $37bn worth of imports into China and the USA have actually been affected.

In the meantime, it sought public comment on the new items.

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His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems". Many Chinese semiconductors include basic chips that originate in the US.

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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