U.S. sets date for additional $16bn in tariffs on China products

Trade war US finalizes new batch of tariffs on $16bn of Chinese products

Brian Snyder Reuters

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

Beijing has retaliated with its own duties on $34bn of United States goods.

Such practices include rules compelling companies in certain sectors to take on local partners if they want to do business in China.

John Neuffer, president of the Semiconductor Industry Association, said: "We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's..."

China's exports surged more than expected in July despite USA duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.

On Tuesday, the administration said it had chose to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year.

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of USA threats. Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things.

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China's headline numbers are the first readings of the overall trade picture for the world's second-largest economy since U.S. duties on $34 billion of Chinese imports came into effect on July 6.

Of more direct outcome in the Sino-U.S. trade war, China's surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. The move appears to wreck the nascent trade deal. Chinese data on Wednesday showed exports to the U.S. rose 13.3% in July to $41.5 billion against a year ago.

July 6:The first tranche oftariffs on $34 billion worth of Chinese goodstakes effect; China responds in kind.

A spokesman for the commerce ministry described the latest round of US tariffs as "very unreasonable". China in turn retaliated by proposing tariffs on $60 billion worth of USA goods, with the extra levies ranging from 5 to 25 percent.

August 1: Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.

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