China to hit US with tariffs on US imports worth $16bn

China to hit US with tariffs on US imports worth $16bn

The Trump administration announced an expected second, $16 billion tranche of tariffs on Chinese goods Tuesday, bringing the total amount of Chinese exports subject to new USA tariffs to $50 billion.

The U.S. levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing. Last week Trump threatened to jack up the tariff rate on the next $200 billion in Chinese imports it plans to target to 25 percent, from the previously stated 10 percent.

August 7: The US announces that the second tranche of tariffs, which will hit $16 billion worth of Chinese goods, will go into effect on August 23.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

Sales to the USA rose by 13.3%, while China's surplus with the States shrank marginally to $28.1bn (£21.7bn) last month from a record $29bn (£22.4bn) in June. However, analysts still expect a less favorable trade balance for China in coming months given it's early days in the tariff brawl. President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion a year ago.

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against USA tariffs.

China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June.

The US will begin imposing 25% duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world's two biggest economies.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

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

The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round.

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

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.

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

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