China Tariffs on $16B Finalized for August 23 by Trump Administration

  • China Tariffs on $16B Finalized for August 23 by Trump Administration

China Tariffs on $16B Finalized for August 23 by Trump Administration

The US plans to move forward with further tariffs on Chinese goods starting 23 August, its top trade negotiator has said.

China's exports soared in July, showing little impact from U.S. tariffs, as Washington finalises more duties on Chinese imports.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills.

Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the $335 billion USA trade deficit with that country. Last year, China imported about $130 billion of US goods.

United States president Donald Trump has threatened to target all $500bn of Chinese imports.

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

The worry is that the escalating Sino-US trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages. China has vowed to retaliate to an equal degree.

"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", it said.

It has not yet given a date for its previously announced retaliatory tariffs on $16 billion in U.S. goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.

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

The U.S. and China have been trying to restart high-level talks that broke off after Trump followed through on his tariff threats.