Lobster industry feeling impact in U.S.-China trade war

China has, in recent years, become a key export market for growing US energy exports.

The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, the U.S. Trade Representative's office said on Tuesday as it published a final tariff list targeting 279 imported product lines.

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 U.S. announcement.

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of U.S. threats. An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

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.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce".

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end September 5. But it was 11 percent higher than in the same month past year. China's exports to the United States fell by 2.5 percent to $41.5 billion month-on-month, while imports of U.S. goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media.

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. At the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout. It would likely have to impose penalties on USA companies doing business in China to make up the difference.

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States.

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