Trump Imposes Tariffs on $16 Billion of Chinese Imports

Trump Imposes Tariffs on $16 Billion of Chinese Imports

Beijing retaliated by imposing the same percentage of retaliatory tariffs on 545 USA items, also worth $34 billion.

China is imposing additional tariffs of 25 percent on US$16 billion worth of United States goods, including steel products, autos and medical equipment, in a tit-for-tat move as a trade war between the two sides escalated. The list includes a lot of industrial and machinery products. This is on top of the original tariffs on $34 billion of Chinese products that President Trump announced earlier.

Analysts said a threat late last week by China's government to slap import tariff on US LNG imports could further push up prices.

The Trump administration has also threatened to apply an extra 25-percent tariffs on an additional $200 billion worth of Chinese exports.

In February, U.S. Trade Representative Robert Lighthizer delivered President Trump's Trade Policy Agenda and Annual Report to Congress, outlining how the Administration was promoting free, fair and reciprocal trade and strongly enforcing U.S. trade laws.

The measure is a response to US's decision to levy 25% duties on US$16 billion worth of Chinese goods and a final tariff list targeting 279 import product lines announced on Tuesday, which has brought the amount of impacted Chinese imports to US$50 billion. "In order to defend China's rightful interests and the multilateral trade system, China has to retaliate as necessary", it said. China immediately retaliated with similar tariffs on USA goods, including soybeans, pork and poultry, which were created to hurt Trump voters in rural America. "The meaning is - as long as China caves in, the United States will raise its hand high in mercy, and the Sino-U.S. trade war won't happen". Through the first six months of 2018, the total value of U.S. scrap exports to China was $2.2bn, down 24 percent compared to the same period a year ago. Last year's imports from the United States totalled about $130 billion. Major issues still need to be resolved concerning rules for autos, five-year sunset and higher wages in Mexico.

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Though months of verbal exchanges make it feel as if the two countries have been locked in protracted commercial combat, the first tariffs have been in effect for only about a month.

Mexican President-elect Lopez Obrador says he would like the NAFTA re-negotiations to be completed by the time he takes office on December 1.

Any such agreement would still need to be reconciled with Canada, the third party in the original 1994 North American trade accord. Federal agencies should prioritize research and development that will advance precision agriculture by using embedded sensors, data analytics and machine learning technologies that "minimizes inputs and maximizes the quantity and quality" of agricultural products.

Morocco has opened its market for the first time to US poultry.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA tariffs", Evans-Pritchard said in a report.

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