Friday, 19 October, 2018

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

The White House reportedly had a private meeting with tech industry representatives last week.                  Daniel Terdiman  CNET The White House reportedly had a private meeting with tech industry representatives last week. Daniel Terdiman CNET
Ginger Lawrence | 08 August, 2018, 23:16

The US will impose a 25% tariff on another $16 billion worth of Chinese goods starting August 23, US Trade Representative Robert Lighthizer announced Tuesday.

China in turn retaliated by proposing tariffs on $60 billion worth of US goods, with the extra levies ranging from 5 to 25 percent. 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.

China fired back with its own warning and said it would impose duties on $60 billion of U.S. goods. Year-on-year, the growth of China's exports to the U.S. slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent. Both countries have already slapped tit-for-tat duties on $34 billion of each other's goods.

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States.

China has repeatedly warned it will strike back, and has already begun enforcing or is getting ready to enforce its own retaliatory tariffs, saying the United States is threatening the global free trade order with its protectionism.

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

The first tariffs were imposed in March and China responded in April.

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A spokeswoman for the U.S. Trade Representative's office could not immediately be reached for comment on China's retaliation announcement or whether this would trigger Trump's next round of threatened tariffs on $200 billion worth of Chinese goods.

The tariffs are aimed at industrial, rather than consumer, imports. Last year, China imported about $130 billion of USA goods.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

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

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

"This is a very unreasonable practice", the Chinese commerce ministry said of the US action on Wednesday as it rolled out China's counter-tariffs.