U.S. tariffs on China: Trump administration adds $16 billion

U.S. tariffs on China: Trump administration adds $16 billion

According to the Chinese Ministry of Commerce, the measure will come into effect on August 23, the same day as America's latest levies. The U.S. Trade Representative's Office is reviewing tariffs on a further US$200 billion in Chinese imports and those duties could start once a comment period ends on September 6.

"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note.

Representatives for the White House, the U.S. Trade Representative and the U.S. Department of Commerce did not immediately reply to requests for comment.

The move is the latest escalation of President Donald Trump's trade war with China.

Those demands could get even more strident if the yuan's sharp drop in recent months raises the ire of the United States, which has in the past repeatedly criticized Beijing for manipulating its currency to gain an unfair trade advantage. But given the lack of talks and Trump's unclear goals, the trade war doesn't appear to be close to a resolution.

Apples are the seventh largest export to China.

China also said it would levy tariffs on liquified natural gas, diesel, coal, chemicals, cars, steel products and medical equipment.

James Anderson Takes Nasty Blow on Face While Playing Golf
Anderson's duel with Indian skipper Virat Kohli was also on display during the ongoing Test series between India and England. He took a swing, but somehow the ball cannoned off a tree root and shot straight up into his face from point-blank range.

Administration officials believe that the $505 billion Americans spend on Chinese products each year gives them leverage over China.

The world's two biggest economies are locked in a trade dispute.

China's exports grew faster than expected in July, while imports surged, showing both domestic and worldwide demand continue for now to shrug off the uncertainty of the trade conflict with the US.

So far, financial markets have shrugged off the first round of trade duties.

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. The financial pain so far has been felt by individual companies or industries - and their workers - rather than by either the overall US or Chinese economy.

China has responded with retaliatory tariffs of its own.

"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".

Related Articles