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

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

The US levied 25% duties on $34 billion in Chinese goods on 6 July, prompting swift in-kind retaliation from Beijing.

Trump's mission to reduce the USA trade deficit via the threat of tariffs has brought him into conflict with China as well as U.S. allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.

And the conflict is likely to escalate: The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products. For instance, the major complaint is about the theft of U.S. intellectual property by Chinese firms.

Beijing has announced plans to retaliate immediately against the latest round of United States tariffs on Chinese imports by slapping a wide range of American products, worth $16 billion, with a 25 percent levy.

Sales to the U.S. 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.

China's July exports rose 12.2 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll, and up from a 11.2 percent gain in June.

As early as July 5, the story of tariffs on USA crude by China had been floated.

After a strong start to the year, growth in the world's second-largest economy cooled slightly in the second quarter, partly hit by the government's years-long efforts to tackle debt risks.

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World financial markets have taken a battering in recent months as fears grow that Trump's "America First" policies could derail a global economic revival. 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.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said.

"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".

China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next $16 billion.

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

It will be the second time the U.S. slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

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 list published by the U.S. Trade Representative's office indicated 279 import product lines for tariffs.

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