Tuesday, 23 July, 2019

China to slap new tariffs on $16bn of US goods

Cars to be exported are seen at a port in Lianyungang Jiangsu province China Cars to be exported are seen at a port in Lianyungang Jiangsu province China
Ginger Lawrence | 09 August, 2018, 01:25

This round of tariffs is the second to be imposed under the Trump administration, following an earlier round in which $34 billion of Chinese imports saw altered charges starting July 6th.

The announcement came hours after USA trade officials announced that the first round of President Donald Trump's punitive tariffs on China will hit $50 billion in goods starting august 23, with the addition of 279 products totaling $16 billion to the target list.

China's goods trade went up 8.6 percent year on year to 16.72 trillion yuan (about 2.45 trillion US dollars) in the January-July period of this year, customs data showed Wednesday.

China's exports growth unexpectedly accelerated in July despite fresh US tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.

All in all, China's trade surplus with the U.S. shrank to $28.08 billion in July against $28.97 billion in the previous month.

The first tariffs were imposed in March and China responded in April. But it was 11 percent higher than in the same month past year.

Hawaii braces for Category 3 hurricane
It was centered about 1,525 miles (2,455 kilometers) east of Hilo, Hawaii and was moving toward the west at 12 mph (19 kph). The storm is expected to pass the southernmost point of the Big Island on Wednesday morning.

US President Donald Trump started announcing new tariffs on imports in January as part of an attempt to negotiate what he called "fair, bilateral trade deals that bring jobs and industry back onto American shores". Chinese imports of goods and services into the United States previous year amounted to almost $524 billion.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US President.

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

April 4: China rolls out a listof more than 100 USA goods worth roughly $50 billion that are subject to retaliatory tariffs.

China deprives US companies of the ability to set market-based terms in licensing and other technology-related negotiations.